FY 1/4/2017--31/3/2018 coming to a close,care to address concerns re IT for FY 2017-18/AY 2018-19

DEAR ALL,

 A  POLITE  REMINDER  & AN ALERT TO FULFIL  ASPIRATIONS FOR BEST& PRODUCTIVE INVESTMENT  TO

MIMIMISE INCOME TAX & TO DERIVE MAXIMUM BENEFIT USING IT PROVISIONS IN FULL before 28 March ,2018;TIME RUNNING OUT      -- R.B.KISHORE,VP,AIRIEF

I )  FY 2017-18/AY 2018-19

Income Tax Slab for Senior Citizens (60 Years Old Or More but Less than 80 Years Old) for FY 2017-18 – Part II

Income Tax Slab Tax Rate Sec 80C Investments

Income up to Rs 3,00,000* No tax  

Income from Rs 3,00,000 – Rs 5,00,000 5% Tax,

Income from Rs 5,00,000 – 10,00,000 20% Tax                                                                                            

Income more than Rs 10,00,000 30% Tax                                                                                                                                                              Income Tax Slab for Senior Citizens(80 Years Old Or More) for FY 2017-18 – Part III

Income Tax Slab Tax Rate

Income up to Rs 5,00,000* No tax  

Income from Rs 5,00,000 – 10,00,000 20% Tax

Income more than Rs 10,00,000 30% Tax

 

*INCOME TAX Exemption Updates... For every Tax payer  For FY:17-18 to help the Tax Planning.

 

🔱 80 C:- Max limit

150000/- (Life Insurance Premium, MF , FD , NSC, PPF , Home Loan Principal , etc.)

 

🔱 80CCD:-50000/- (NPS)

 

🔱 80CCG:- 25000/- or 50% of your investment which ever is less

 

🔱 80D:-25000/-

( Mediclaim Policy for self spouse, children)

 

🔱 30000/- for dependent parents u/s-80D. Medical reimbursement :- 15000/- US 17(2)

 

🔱 80DDB:- Medical expense occurred on dependent for specified illment

 

🔱80TTA:- Up to 10000/- for Interest saving bank account

 

🔱 Gift tax :- Exempted upto 50000/-. Above 50k full amount taxable (FY) from other than Blood relation.. Gift from Blood relation is 100%Exempted...

 

🔱 Transport allowance :- 19200/- (FY)

C.E.A. :- 2400/- (FY)

 

🔱 HRA :- as per the calculation

 

🔱 24(b) :- 200000/- (home loan interest :even if you have multiple house the limit is still going to be Rs 2 Lakh only and the ceiling limit is not per house property)

 

🔱 80G :- full amount in few selected organisation. This exemption is 50%.

 

🔱80GG :-  Rs 60,000 per annum. Section 80GG is applicable for all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance).

 

🔱 80GGB :- 100% exemption for political parties

 

🔱 80EE :- unlimited (interest on education loan)....

 

🔱 80U :- 75000/- (in case of taking care of a Handicapped depends)..

 

II )

*

FOR THE FINANCIAL YEAR 2018-19 ON WARDS PENSIONERS ALSO ELIGIBLE FOR STANDARD DEDUCTION OF RS.40,000 ON PENSION  + UPTO RS.50,000 ON INTEREST INCOME REG. DEPOSITS WITH BANKS AND POST OFFICES.  BUT FORM 15 H NOT ACCEPTED IN BANK SYSTEMS WHERE PENSION INCOME AND/OR INTEREST INCOME EXCEEDS RS.3 LAKHS (rs.5 lakhs for super srcitizens).

 

better to report rental income, share gains losses and sale of property incomes as with aadhar and pan linking IT dept gets every information from bank accounts ,regn offices, stock exchanges etc.  to avoid notices later.

 

III)Please hurry up & ensure that you fulfil your plan & strategy for various investments  to fulfil aspirations of family, to have least INCOME TAX or NO TAX as the case may be

FYear 2018-19/ AY 2019-20  as indicated above in  II) ,as per Budget, bestows some benefits & saving too in tax & interest of Rs 50,000 exempt + Rs 40,000 Standard deduction ,a boon indeed to Elders & Sr Citizens.

 

III)Please note that 29^th March & 30^th March 2018 are HOLIDAYS ,Mahaveer Jayanthi & Good Friday respectively  & 31 March 2018 is Saturday .

GREETINGS & GOODLUCK,

R.B.KISHORE

VP,AIRIEF  13/3/2018