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Income tax deduction on interest on bank deposits
Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post offices or cooperative banks. The deduction is allowed for a maximum interest income of up to Rs 50,000 earned by the senior citizen. Both the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.
Also, u/s 194A of the Income Tax Act, no tax is deducted at source (TDS) on interest payment of up to Rs 50,000 by the bank, post office or co-operative bank to a senior citizen. This limit is to be computed for every bank individually.
Relief from payment of Advance Tax
As per Section 208, every person whose estimated tax liability for the year is Rs 10,000 or more, shall pay his tax in advance, in the form of advance tax. But, Section 207 gives relief from payment of advance tax to a resident senior citizen. Thus, a resident senior citizen, not having any income from business or profession, is not liable to pay advance tax.
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Wealth of Wisdom - WOW
Timeless Lessons for Wealth Creation
https://srikavimoney.blogspot.com/2024/05/avoid-these-mistakes-for-massive-wealth.htmlDonations are eligible for deduction under the below categories:
Without any limit
100% deduction
50% deduction
Subject to qualifying limit
100% deduction
50% deduction
80C
A combined deduction limit of Rs 1,50,000
Life Insurance Premium
Provident Fund
Subscription to certain equity shares
Tuition Fees
National Savings Certificate
Housing Loan Principal
Other various items
Section 24(b)
Deduction from Income from house property on interest paid on housing and housing improvement loans. In the case of self-occupied property, the upper limit for deduction of interest paid on a housing loan is Rs 2 lakh. However, this deduction is not available for people opting for the new tax Regime.
Here are some key things to watch out for when filing your ITR for 2024:
Gather All Necessary Documents: Make sure you have all your income statements, deduction proofs, and other relevant documents ready before you start the filing process.
Not Keeping Records: Maintain records of all documents, receipts, and proofs related to income, investments, and deductions. These may be required for verification or in case of any future tax scrutiny.
Double-Check Personal Information: Ensure that your name, address, PAN, and bank account details are correct. Any discrepancies here can cause issues.
Accurate Income Reporting: Include all sources of income, such as salary, rental income, interest from savings, and investments. Omitting any income can lead to penalties.
Correctly Claim Deductions and Exemptions: Be thorough in claiming eligible deductions under various sections like 80C, 80D, etc. Incorrect claims can result in rejections or legal troubles.
Match TDS Details with Form 26AS: Verify that the TDS (Tax Deducted at Source) details in Form 16 match with those in Form 26AS. Any mismatch can lead to discrepancies in your tax calculation.
Choose the Right ITR Form: Select the appropriate ITR form based on your income sources. Using the wrong form can invalidate your return.
Not Verifying the ITR: Failure to verify may render the filing invalid. Don’t miss this step or your return will be considered invalid.
Verify Before Submission: Always recheck your return for any errors before submitting it.
Consult a tax professional if needed. Don’t be reluctant to seek help.
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y father has a house on home loan; if he gifts (registered gift deed) it to me
🔹Will I be eligible to claim tax benefits?
Father cannot gift you property until & unless he repays the home loan👇
Home loan must be sanctioned in your name for you to claim tax benefits
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