Showing posts from July 11, 2023

9 Key Facts on Income Tax in India that You Should Know About

    Photo by Tara Winstead:   A good percentage of seniors in India retire or stop working when they turn 60. They become officially a ‘senior’ as the retirement age at the majority of workplaces is 60 years. Professionals like doctors, lawyers, chartered accountants etc with their own practice will of course stop working only when they wish to. For the bulk of seniors income dwindles after retirement. Those who had been in government service would receive an inflation-adjusted pension. For the rest, income would be from their investments in Fixed Deposits, Post Office schemes, Pension Plans, Bonds, Mutual Funds and company shares. Senior or not, Retired or not, Income Tax is payable on Income Earned, subject to certain limits. The Government of India treats Senior Citizens in a separate, and slightly benign way! More Tax concessions are given to Senior Citizens as against other age groups. Presumably taking cognizance of the decreased earnings and earning potential and i