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1) The Income Tax Act identifies a senior citizen as a person who is 65 year of age or more at any time during the previous year. It provides for special benefits for such persons.
2) As per the IT Act, senior citizens who have an income up to Rs 2.4 lakh per annum are eligible for tax exemption.
3) Senior citizens receive a higher interest (up to 50 bps) on a 5-year fixed deposit, which is eligible for deduction from the total income under Section 80C.
4) Senior citizens can claim exemption on the tax deducted at source (TDS) on interest income earned on deposits. It can be done by submitting Form 15H under Section 197 of the IT Act.
5) Under Section 80D, the limit on the premium paid for medical insurance goes up to Rs 20,000 if the person covered under the policy is a senior citizen.
1. Form corpus
Use a capital asset to establish the corpus of the HUF. This can be ancestral property, assets gifted by relatives and friends, or received by the HUF through a will. If you give a personal asset to the HUF, the income will be clubbed with your own. Gifts of over 50,000 a year received by HUF will be taxable. The best way is for the HUF to receive assets as part of a will.
2. Make a deed
You have to prepare a deed on stamp paper declaring the formation of the HUF. It should have all the details, including the name of karta, co-parceners , address and source of funds in the corpus. Once the declaration deed is made, the karta should apply for a permanent account number (PAN) for the HUF. This is mandatory because all financial transactions must carry PAN.
3. Open bank A/C
After you are allotted a PAN, open a bank account in the name of the HUF. It is also advisable to get some stationery printed for official communication. The HUF is now functional . The karta will have to invest in taxsaving instruments and file tax returns on behalf of the HUF
9.Consequences of failure to deduct or to pay tax.—
(1) If an employer (not being an officer of Government) fails to pay the tax as required by or under this Act, he shall without prejudice to any other consequences and liabilities which he may incur, be deemed to be an assessee in default in respect of the tax.
(2) Without prejudice to the provisions of sub-section (1), an employer referred to in that sub-section shall be liable] to pay simple interest at one and a quarter per cent of the amount of the tax payable for each month for the period for which the tax remains unpaid.
i.e 15 %
8. Payment of Tax.—
( 1 ) The tax payable under this Act shall be paid in the prescribed manner.
(2) The amount of tax due from enrolled persons for each year as specified in their enrollment certificates shall be paid:—
(a) in respect of a person who stands enrolled before the commencement of a year or is enrolled on or before the 31 st May of a year
Before 30th June ofthat year or such later date as the Commissioner may by notification in the Official Gazette, specify in respect of that year.
(b) in respect of a person who is enrolled after the 31 st May of a year
Within one month of the date of enrolment.
(c) in respect of a person who is enrolled and the rate of tax at which he is liable to pay tax is revised.
Within one month of the date of such revision.
(b) If any such lump sum payment is not made on or before Such date, but is made on or before the end of the year, such person shall be liable to pay an additional lump sum amount for the period of delay at the rate of rupees 200 per month, in addition to the amount of lump sum payable under clause (a).
Whether the value of SIM cards is liable to be included in the value of taxable services being provided by cellular companies?
Yes. As per the clarification received from the Board vide circular No. 137/41/2011 dtd. 06.04.2011, the SIM cards are never sold as goods independent from services provided by the cellular telephone company. The value of the SIM cards forms a part of the activation charges and the taxable value is calculated on the gross total amount received by the operator from the subscribers. Hence the amount received by the cellular telephone company from its subscribers towards SIM cards will form a part of the taxable value for levy of service tax.
FOLLOWING SAYS NOT TAXABLE