Sunday, May 23, 2010

Income Tax Helplines for senior citizens

I-T helplines for senior citizens: Courtesy The Hindu dated 23 may 2010
Last date for filing of IT returns is 30 june 2010

The Income Tax Department will soon set up helplines and dedicated counters for senior citizens as the deadline for filing returns approaches.

This was announced here on Saturday by V.Nandakumar, Assistant Director of Income Tax.

He was delivering a talk on ‘Income Tax concessions to senior citizens,' at a meeting organised by the Probus Club, an organisation that caters to the interests of retired persons.

“Most people do not understand the difference between exemption and deduction,” he said. While the exemption limit for senior citizens is Rs.2.4 lakh, deductions can be claimed under Chapter 6(A) on non-taxable income. The last date to file IT returns for those who have a salary income is June 30.

Asking those who are entitled for a refund to fill in their bank account details and quote the MICR number carefully, Mr. Nandakumar said that since processing IT returns had become electronic and centralised, tracking a transaction was almost impossible.

Citing two specific concessions that are available for senior citizens, Mr. Nandakumar said deductions could be claimed for mediclaim insurance premium up to Rs. 20,000 (which is Rs.5,000 more than the ceiling for others). Also, persons suffering from cancer or renal failure can avail a deduction on treatment cost up to Rs.60,000.

For Chennaites
R. Subharaj, Probus Club Secretary, Chennai, said a master health check-up at a concessional rate would be conducted for senior citizens on June 21 jointly by the Club and the Health Department. To register call: 24422839, 24981099, 24995290, and 24936825.
I-T helplines for senior citizens

Sixth Pay Commission Arrears and PB-4 for Lt Cols
The IT for AY 2010- 2011 (FY 2009- 2010) will jump anywhere from tenfold to twentyfold compared to previous years (as arrears and Pension will be in the order of over Rs 7 lakhs). The new IT form SARAL I is easy to fill and submit. ESM whose income exceeds Rs 1.6 Lakhs (and senior citizens aged over 65 years exceed Rs 2.4 lakhs) will need to submit the IT return by 30 Jun 2010. Many JCOs and NCOs too will come under the taxation in view of enhanced Pension and Arrears. The ESM Organisations need to educate and guide JCOs, NCOs and Sepoys on this important aspect.

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