For Pensioners - Special Income Tax Effect 2023.
Defence Pensioners and Civil pensioners both
may get burden of Income tax if the pension amount exceeds Rs 3,00,000/- per
annum. here are details of some eligible duductions and Special Income
Tax Effect 2023 for Pensioners. So, you must aware of income tax savings tips :
Save
Income Tax by Investing in Tax-Saving Schemes
Pensioners can invest in
tax-saving schemes such as Public Provident Fund (PPF), National Pension System
(NPS), and Equity-Linked Saving Scheme (ELSS) to claim tax deductions under
Section 80C of the Income Tax Act.
Rent
out a house to Save Income Tax
If a pensioner owns a house that
is not self-occupied, they can earn rental income from it, which is eligible
for a tax deduction under Section 24 of the Income Tax Act.
Medical
expenses are Exempted from Income Tax
Pensioners can claim a tax
deduction for medical expenses, including the cost of health check-ups,
treatments, and surgeries. These deductions are eligible under Section 80D of
the Income Tax Act.
Income Tax
Exemption : Maintenance of dependent parents
Pensioners can claim deductions
for the maintenance of their dependent parents under Section 80DDB of the
Income Tax Act.
Tax
benefits on National Saving Certificates (NSCs)
National Saving Certificates
(NSCs) offer tax benefits under Section 80C of the Income Tax Act.
Benefit
of Income Tax with Home loan interest
If a pensioner has taken a home
loan, the interest paid on it is eligible for a tax deduction under Section 24
of the Income Tax Act.
Clubbing
of income to avail Tax Savings Benefit
Pensioners can club the income of
their spouse or dependent children with their own income, which can help lower
their overall tax liability.
Keep
records and claim all eligible deductions
Pensioners must maintain all the
records of the investments and expenses they have made so they can claim all
the deductions they are eligible for.
c
Disability
pension of Armed Forces Pensioners are fully Exempted from Income Tax
Disability pension comprised of
two element viz (1) Service elementt (equal to Service pension) and (2)
Disability Element (Depends on % of disability and Basic Pay. Both the element
is exempted and to be shown while you file e-filing in the Income Tax Portal at
the Exempted Income Category Section under the suitable Head (Military Medical
Disability Pension)
It’s important to consult a chartered
accountant or tax advisor to understand how these tips apply to your specific
circumstances, and how the latest tax laws and regulations may affect your tax
planning.
- AGNIPATH
- Check your Pension
- CPPC
- CSD
- Disability Pension
- ECHS
- Family Pension
- Guidelines for Pensioners
- Knowledge
- OROP
- Pension
- Sparsh
- Welfare of Ex servicemen
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