Mysuru: Chartered Accountant B.V. Mahesh advised elders to have ambition, but do not succumb to excessive greed. He was speaking during an awareness lecture and interaction on Income Tax organised by Elder Citizens Council, Mysuru, at  its Saraswathi Samudaya Bhavan in Jayalakshmipuram.

Addressing the gathering, Mahesh highlighted that with rapid technological advancement, instances of cyber fraud and financial miscreants are escalating. Scammers predominantly target senior citizens, enticing them with promises of lucrative returns and subsequently siphoning off all funds from their bank accounts through fraudulent websites and fake online platforms. Citing real-life case studies, he strongly advised senior citizens never to answer calls from unknown numbers and never to open unverified links received via messages.

He further explained that post-retirement, senior citizens typically deposit their life savings and retirement benefits into bank accounts for their daily sustenance. Falling prey to lucrative offers advertised on fraudulent websites lead to the tragic loss of their hard-earned money, leaving them without financial security or direction for their remaining years. Consequently, he emphasised that prior to investing money in any scheme, one must invariably consult a professional financial advisor. Falling victim to fraud ruins one’s life; while doctors preserve physical life, competent financial advisors preserve one’s livelihood through sound guidance, he noted.

Elaborating on tax compliance, Mahesh explained that while filing annual IT returns, taxpayers can choose between two frameworks: the Old Tax Regime and the New Tax Regime. For individuals with an annual income up to Rs. 12 lakh, filing returns under the New Tax Regime is the correct procedure, as rebates effectively eliminate tax liability. For annual income exceeding Rs. 12 lakh, taxpayers should compare their tax liability after claiming all legally permissible exemptions/deductions under both regimes and select the option that is most beneficial.

He clarified that individuals earning up to Rs. 4 lakh annually are not required to file tax returns, whereas filing becomes mandatory once annual income exceeds Rs. 4 lakh.

Regarding age classification, individuals between 60 and 79 years of age are categorised as senior citizens, while those aged 80 years and above are classified as Super Senior Citizens. Income up to Rs. 3 lakh for Senior Citizens and up to Rs. 5 lakh for Super Senior Citizens is completely tax-exempt.

Council President Dr. H.M. Nagaraju presided. Chairman of Elder Citizens’ Council & Trust S.V. Gowdappa, Council Secretary K.S. Krishna and Ramachandra Gowda were present.