Tax Laws for Senior Citizens

Taxation for Senior citizens Senior citizens have always had a special place in Indian society. This aspect has been acknowledged and respected even by the Indian tax laws, which attempt to cushion our elders by easing the tax paying and compliance process for them through certain benefits and deductions. Under the Income-tax Act, 1961, a 'Senior Citizen' has been defined as an individual who attains the age of 60 years at any time during a financial year, while an individual who is 80 years or more is categorised as 'Very Senior Citizen'. These categories of individuals enjoy some additional benefits…... Read More

Investment Options for Retired People

Would you want to enjoy life in your retirement days or let these unplanned events ruin your peace time to time? Imagine yourself in your 60’s, having morning tea with your beloved spouse in the garden of your house. This is a peaceful moment you always wanted to share with your life partner, without having to worry about numerous liabilities. Suddenly your daughter and son – in – law inform you about their upcoming vacation plan, which they want to spend with you. Conflicting situation isn’t it? You can enjoy with your children for few days. At the same time,…... Read More