Mysore/Mysuru: An awareness programme was held for senior citizens on optimising income tax relief recently where Chartered Accountant Keshav Dongre delineated various provisions of the Income Tax Act, urging attendees to stay informed.
The talk was organised by the Elder Citizens Council in Jayalakshmipuram. Dongre advised seniors with annual incomes below Rs. 7 lakh to leverage full tax exemptions under the latest scheme. However, those exceeding this threshold, in addition to benefiting from a Rs. 50,000 rebate for standard deduction, may face taxes from lower slabs.
Highlighting the security and reliability of nationalised banks or post offices despite potentially lower returns compared to private banks, Dongre recommended these avenues for deposits. Additionally, he emphasised the suitability of savings schemes like PPF, mutual funds SIP and health insurance for availing relief under IT provisions such as 80C (up to Rs. 1.50 lakh) and 80D, while stressing the importance of filing IT returns.
Further discussing available IT relief, Dongre advised tax-payers to calculate actual taxes payable under both old and new schemes, considering all permissible rebates, to maximise benefits.
Regarding deposits in cooperative and private banks for higher returns, despite perceived risks, Dongre noted that public deposits in these banks are often secured by Deposit Credit Guarantee Insurance (up to 5 lakhs in cooperative banks and more in others) by the RBI.
Dongre cautioned against accepting transfers of money from children into the senior citizen’s bank account to evade taxes, as this could lead to complications and scrutiny from the IT Department. During the session, Dongre addressed queries from attendees seeking clarifications on IT relief provisions.
The programme was presided over by Council President Dr. H.M. Nagaraju. K.S. Krishna – Secretary, Prof. Javare Gowda – Treasurer, Gowdappa, Chairman of the Elder Citizens Trust, were also present alongwith other members such as Madegowda, L.N. Achar, Venkateshaiah, D.R. Srinivas, Latha, Ramanna and Manonmani.
This post was published on February 9, 2024 7:38 pm