NJR MONEY

  Here in this blog, we will be discussing about latest amendment in Seventh Proviso to Section 139(1) of Income Tax Act. In following certain scenarios, it is now mandatory to file income tax return even if your taxable income is below basic exemption limit (threshold limit) as per latest amendments in Income Tax Act. Before we go further, first we will understand what is Basic exemption limit in income tax. Basic exemption limit is the maximum amount not chargeble to tax. Some time, it is also called as threshold limit. Even though the person is otherwise not required to file a return of income because his total income is below the basic exemption limit. However, if he is undertaking certain high-value transactions, he required to file income tax return compulsory. Currently, Company and Firm are compulsory required to file income tax return every year. A person other than a company or a firm is required to furnish the return of income only if their total income exceeds basic...

Senior Citizen Savings Scheme (SCSS) Eligibility: An individual of the Age of 60 years or more may open the account. An individual of the age of 55 years or more but less than 60 years who has retired on superannuation or under VRS can also open account subject to the condition that the account is opened within one month of receipt of retirement benefits and amount should not exceed the amount of retirement benefits A retired personnel of Defence Services (excluding Civilian Defence employees) shall be eligible to open an account under this Scheme on attaining the age of 50 years subject to the fulfilment of other specified conditions. Account Opening: A depositor may operate more than one account in individual capacity or jointly with spouse (husband/wife) Joint account can be opened with spouse only and first depositor in Joint account is the investor. There shall be only one deposit in the account in multiple of INR.1000/- maximum not exceeding INR 15 lakh. Account can be opened by ...