Isavasya Upanishad
Translated by Vidyavachaspati V. Panoli
Om ! That is full; this is full, (for) from the full the full (indeed) arises.
When the full is taken from the full, what remains is full indeed.
Om! Peace! Peace! Peace!
1. Om. All this should be covered by the Lord, whatsoever moves on the earth. By such a renunciation protect (thyself). Covet not the wealth of others.
2. By performing karma in this world (as enjoined by the scriptures) should one yearn to live a hundred years. Thus action does not bind thee, the doer. There is no other way than this.
3. Those worlds of Asuras (demons) are enshrouded by blinding gloom. Those who are the slayers of
the Self go to them after death.
4. Unmoving, It is one, faster than the mind. The senses cannot reach It, for It proceeds ahead.
Remaining static It overtakes others that run. On account of Its presence, Matarsiva (the wind)
conducts the activities of beings.
5. It moves; It moves not. It is far; It is near. It is within all; It is without all.
6. He who perceives all beings in the Self alone, and the Self in all beings, does not entertain any hatred on account of that perception.
7. When a man realizes that all beings are but the Self, what delusion is there, what grief, to that
perceiver of oneness?
8. That (Self) is all-pervading, radiant, bodiless, sore less, without sinews, pure, untainted by sin, the
all-seer, the lord of the mind, transcendent and self-existent. That (Self) did allot in proper order to the eternal Prajapatis known as samvalsara (year) their duties.
9. Those who worship avidya (karma born of ignorance) go to pitch darkness, but to a greater darkness than this go those who are devoted to Vidya (knowledge of the Devatas).
10. Different indeed, they say, is the result (attained) by vidya and different indeed, they say, is the
result (attained) by avidya. Thus have we heard from the wise who had explained it to us.
11. He who knows both vidya and avidya together, transcends mortality through avidya and reaches
immortality through vidya.
12. To pitch darkness they go who worship the Unmanifested (Prakriti). To a greater darkness than this go those who are devoted to the Manifested (Hiranyagarbha).
13. Different indeed, they say, is the result (attained) by the worship of the Manifested and different
indeed, they say, is the result (attained) by the worship of the Unmanifested. Thus have we heard from the wise who had explained it to us.
14. He who knows both the Unmanifested and the destructible (Hiranyagarbha) together, transcends
death by the (worship of) the destructible and attains immortality by the (worship of ) the Unmanifested.
15. The face of the Truth (ie., Purusha in the solar orb) is veiled by a bright vessel. Mayst thou unveil it, O Sun, so as to be perceived by me whose dharma is truth.
16. O nourisher, pilgrim of the solitude, controller, absorber (of all rasas), offspring of Prajapati, cast
away thy rays, gather them up and give up thy radiating brilliance. That form of thine, most graceful, I may behold. He, the Purusha (in the solar orb), I am.
17. Let (my) vital air (prana) now attain the immortal Air (all-pervading Self); then let this body be
reduced to ashes. Om, O mind, remember – remember that which has been done, O mind, remember remember that which has been done.
18. O Fire, O Deva, knower of all our actions or all our knowledge, lead us by the good path for
enjoying the fruits of actions. Liberate us from our deceitful sins. We offer thee ever more our words of adoration.
Om! That is full; this is full, (for) from the full the full (indeed) arises.
When the full is taken from the full, what remains is full indeed.
Om ! Peace ! Peace ! Peace !
(Sukla-Yajur-Veda.)
(Swami Nirmalananda Giri)
Category: Miscellaneous
Presumptive taxation scheme (Sections 44AD, 44ADA & 44AE )
Presumptive taxation scheme (Sections 44AD, 44ADA & 44AE )
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE.
Meaning of presumptive taxation scheme
As per the Income-tax Act, a person engaged in business or profession is required to maintain regular books of account and further, he has to get his accounts audited. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, 44ADA and 44AE.
A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account and also from getting the accounts audited.
Meaning of presumptive taxation scheme
For small taxpayers the Income-tax Act has framed two presumptive taxation schemes as given below:
1) The presumptive taxation scheme of section 44AD.
2) The presumptive taxation scheme of section 44ADA.
3) The presumptive taxation scheme of section 44AE.
Presumptive Taxation Scheme of Section 44AD
For whom the presumptive taxation scheme of section 44AD is designed?
The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE).
The presumptive taxation scheme of section 44AD can be adopted by following persons :
1) Resident Individual
2) Resident Hindu Undivided Family
3) Resident Partnership Firm (not Limited Liability Partnership Firm)
In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm).
This scheme cannot be adopted by a person who has made any claim towards deductions under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year.
Businesses not covered under the presumptive taxation scheme of section 44AD
The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses:
> Business of plying, hiring or leasing of goods carriages referred to in section 44AE.
> A person who is carrying on any agency business.
> A person who is earning income in the nature of commission or brokerage
Apart from above discussed businesses, a person carrying on profession as referred to in section 44AA(1)is not eligible for presumptive taxation scheme.
An insurance agent cannot adopt the presumptive taxation scheme of section 44AD
A person who is earning income in the nature of commission or brokerage cannot adopt the presumptive taxation scheme of section 44AD. Insurance agents earn income by way of commission and, hence, they cannot adopt the presumptive taxation scheme of section 44AD.
A person engaged in a profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD
A person who is engaged in any profession as prescribed under section 44AA(1) cannot adopt the presumptive taxation scheme of section 44AD.
A person whose total turnover or gross receipts for the year exceed Rs. 2,00,00,000 cannot adopt the presumptive taxation scheme of section 44AD
The presumptive taxation scheme of section 44AD can be opted by the eligible persons, if the total turnover or gross receipts from the business do not exceed Rs. 2,00,00,000. In other words, if the total turnover or gross receipt of the business exceeds Rs. 2,00,00,000 then the scheme of section 44AD cannot be adopted.
Manner of computation of taxable business income under the normal provisions of the Income-tax Act, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD
Generally, as per the Income-tax Act, the taxable business income of every person is computed as follows:
| Particulars | Amount |
| Turnover or gross receipts from the business | XXXXX |
| Less : Expenses incurred in relation to earning of the income | (XXXXX) |
| Taxable Business Income | XXXXX |
Manner of computation of taxable business income under the normal provisions of the Income-tax Act, i.e., in case of a person not adopting the presumptive taxation scheme of section 44AD
For the purpose of computing taxable business income in the above manner, the taxpayers have to maintain books of account of the business. Income will be computed on the basis of the information revealed in the books of account.
The manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AD
In case of a person adopting the provisions of section 44AD, income is computed on presumptive basis at the rate of 8% of the turnover or gross receipts of the eligible business for the year.
In order to promote digital transactions and to encourage small unorganized business to accept digital payments, section 44AD is amended with effect from the assessment year 2017-18 to provide that income shall be computed at the rate of 6% instead of 8% if turnover/gross receipt is
received by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account during the previous year or before the due date of filing of return under section 139(1).
Hence, in case of a person adopting the provisions of section 44AD, income will not be computed in normal manner as discussed earlier (i.e., Turnover less Expenses) but will be computed @ 6% or 8%, as the case may be, of the turnover or gross receipt.
However, a person may voluntarily disclose his business income at more than 8% or 6%, as the case may be, of turnover or gross receipt.
The presumptive income computed as per the prescribed rate is the final income and no further expenses will be allowed or disallowed
Under the normal provisions of the Income-tax Act, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Act and after disallowing expenses which are not deductible as per the Income-tax Act.
In case of a person who is opting for the presumptive taxation scheme of section 44AD, the provisions of allowance/disallowances as provided for under the Income-tax Act will not apply and income computed at the presumptive rate of 6% or 8% will be the final taxable income of the business covered under the presumptive taxation scheme. In other words, the income computed as per the prescribed rate will be the final taxable income of the business covered under the presumptive taxation scheme and no further expenses will be allowed or disallowed.
While computing income as per the provisions of section 44AD, separate deduction on account of depreciation is not available. However, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 is claimed and has been actually allowed.
No need to maintain books of account as prescribed under section 44AA
Section 44AA deals with provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business/profession according to the provisions of section 44AA.
In case of a person engaged in a business and opting for the presumptive taxation scheme of section 44AD, the provisions of section 44AA relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AD and declares income @ 6% or 8% (as the case may be) of the turnover, then he is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD.
Payment of advance tax in respect of income from business covered under section 44AD
Any person opting for the presumptive taxation scheme under section 44AD is liable to pay whole amount of advance tax on or before 15thMarch of the previous year. If he fails to pay the advance tax by 15th March of previous year, he shall be liable to pay interest as per section 234C.
Note: Any amount paid by way of advance tax on or before 31st day of March shall also be treated as advance tax paid during the financial year ending on that day.
Provisions to be applied if a person does not opt for the presumptive taxation scheme of section 44AD and declares income at a lower rate, i.e., at less than 8%
A person can declare income at lower rate (i.e., at less than 6% or 8%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
Consequences if a person opts out from the presumptive taxation scheme of section 44AD
If a person opts for presumptive taxation scheme then he is also require to follow the same scheme for next 5 years. If he failed to do so, then presumptive taxation scheme will not be available for him for next 5 years. [For example, an assessee claims to be taxed on presumptive basis under Section 44AD for AY 2017-18. For AY 2018-19 and 2019-20 and he offers income on basis of presumptive taxation scheme. However, for AY 2020-21, he did not opt for presumptive taxation Scheme. In this case, he will not be eligible to claim benefit of presumptive taxation scheme for next five AYs, i.e. from AY 2021-22 to 2025-26.]
Further, he is required to keep and maintain books of account and he is also liable for tax audit as
per section 44AB from the AY in which he opts out from the presumptive taxation scheme. [If his total income exceeds maximum amount not chargeable to tax]
Presumptive Taxation Scheme of Section 44ADA
For whom the presumptive taxation scheme of section 44ADA is designed?
The presumptive taxation scheme of section 44ADA is designed to give relief to small taxpayers engaged in specified profession.
Eligible persons who can take advantage of the presumptive taxation scheme of section 44ADA
A person resident in India engaged in following professions can take advantage of presumptive taxation scheme of section 44ADA:-
1) Legal
2) Medical
3) Engineering or architectural
4) Accountancy
5) Technical consultancy
6) Interior decoration
7) Any other profession as notified by CBDT
Manner of computation of taxable income in case of a person adopting the presumptive taxation scheme of section 44ADA
In case of a person adopting the provisions of section 44ADA, income will be computed on presumptive basis, i.e. @ 50% of the total gross receipts of the profession. However such person can declare income higher than 50%.
In other words, in case of a person adopting the provisions of section 44ADA, income will not be computed in normal manner but will be computed @50% of the gross receipts.
The presumptive income computed @ 50% is the final income and no further expenses will be allowed
A person who adopts the presumptive taxation scheme is deemed to have claimed all deduction of expenses. Any further claim of deduction is not allowed after declaring profit @ 50%.
While computing income as per the provisions of section 44ADA, separate deduction on account of depreciation is not available. However, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 is claimed and has been actually allowed.
Payment of advance tax in respect of income from professions covered under section 44ADA
Any person opting for the presumptive taxation scheme under section 44ADA is liable to pay whole amount of advance tax on or before 15th March of the previous year. If he fails to pay the advance tax by 15th March of previous year, he shall be liable to pay interest as per section 234C.
Maintenance of books of account if a person opts for presumptive taxation scheme of section 44ADA
In case of a person engaged in a specified profession as referred in section 44AA(1) and opts for presumptive taxation scheme of section 44ADA, the provision of section 44AA relating to maintenance of books of account will not apply. In other words, if a person opt for the provisions
of section 44ADA and declares income @50% of the gross receipts, then he is not required to maintain the books of account in respect of specified profession.
Provisions to be applied if a person does not opt for the presumptive taxation scheme of section 44ADA and declares his income from profession at lower rate (i.e. less than 50%)
A person can declare income at lower rate (i.e. less than 50%), however, if he does so, and his income exceeds the maximum amount which is not chargeable to tax, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited as per section 44AB.
Presumptive Taxation Scheme of Section 44AE Applicability of the presumptive taxation scheme of section 44AE
The scheme of section 44AE is designed to give relief to small taxpayers engaged in the business of plying, hiring or leasing of goods carriages.
Eligible taxpayer and eligible business for the purpose of the presumptive taxation scheme of section 44AE
The provisions of section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.).
The presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year.
A person who owns more than 10 goods vehicles cannot adopt the presumptive taxation scheme of section 44AE
The presumptive taxation scheme of section 44AE can be adopted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than 10 goods vehicles at any time during the year.
The important criterion of the scheme is the restriction on owning of not more than 10 goods vehicles at any time during the year. Thus, if a person owns more than 10 goods vehicles at any time during the year, then he cannot take advantage of this scheme.
The manner of computation of taxable business income in case of a person adopting the presumptive taxation scheme of section 44AE
In case of a person who is willing to opt for the presumptive taxation scheme of section 44AE, income will be computed on an estimated basis.
For Heavy Goods Vehicle, income will be computed at the rate of Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by taxpayer. In case of vehicles other than heavy goods vehicle, income will be computed at the rate of 7,500 for every month or part of a month during which the goods carriage is owned by taxpayer. Part of the month would be considered as full month.
Note 1 : If the actual income is higher than the presumptive rate, i.e., higher than Rs. 1,000/Rs. 7,500, then such higher income can be declared.
Note 2 : “Heavy Goods Vehicle” means any goods carriage having gross vehicle weight exceeding 12,000 kilograms.
Illustration
Mr. Khush is engaged in the business of plying, hiring or leasing of goods carriage. Throughout the year 2018-19 he owned 9 goods vehicles (other than heavy goods vehicles). What will be the taxable income from the business of plying, hiring or leasing of goods carriages if he adopts the provisions of section 44AE?
**
As per the provisions of section 44AE, for Heavy Goods Vehicle, income will be computed at the rate of Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by taxpayer. In case of vehicles other than heavy goods vehicle, income will be computed at the rate of 7,500 for every month or part of a month during which the goods carriage is owned by taxpayer.
In the present case, Mr. Khush owned 9 goods vehicles (other than heavy goods vehicles) throughout the year and, hence, income will be computed as follows:
| Particulars | Amount (Rs.) |
| Income per month per goods vehicle | 7,500 |
| (×) No. of goods vehicles | 9 |
| Monthly income as per the provisions of section 44AE from 9 goods vehicles | 67,500 |
| (×) No. of months in the year during which the vehicles were owned | 12 |
| Total income from business of plying, hiring or leasing goods carriages as per the provisions of section 44AE | 8,10,000 |
Illustration
Mr. Sunil engaged in the business of plying, hiring or leasing goods carriages. He owned 5 heavy goods vehicle having gross weight of 13,000 kilograms and 4 other goods vehicle during the previous year 2018-19. What will be his taxable income as per the provisions of section 44AE?
**
As per the provisions of section 44AE, for Heavy Goods Vehicle, income will be computed at the rate of Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by taxpayer. In case of vehicles other than heavy goods vehicle, income will be computed at the rate of 7,500 for every month or part of a month during which the goods carriage is owned by taxpayer.
In the present case, Mr. Sunil owned total 9 goods vehicles in which 5 are heavy goods vehicles having gross weight of 13,000 Kilograms. Hence, income will be computed as follows:
| Particulars | Rs. |
| Income per month per heavy goods vehicle ( 13,000 kilograms i.e., 13 ton) | 1,000 x 13 |
| (x) No. of heavy goods vehicle | 5 |
| Monthly income in case of heavy goods vehicleas per the provisions of section 44AE | 65,000 |
| (x) No. of months in a year | 12 |
| Total income as per the provisions of section 44AE from heavy goods vehicle (A) | 7,80,000 |
| Income per month per goods vehicle (other than heavy vehicle) | 7,500 |
| (x) No. of vehicles other than heavy goods vehicle | 4 |
| Monthly income as in case of vehicles other than heavy goods vehicleas per the provisions of section 44AE | 30,000 |
| (*) No. of months in a year | 12 |
| Total income as per the provisions of section 44AE from vehicles other than heavy goods vehicle(B) | 3,60,000 |
| Total income from business of plying, hiring or leasing goods carriages as per the provisions of section 44AE (A+B) | 11,40,000 |
The presumptive income computed at the rate of Rs. 1,000 per ton or Rs. 7,500 per goods vehicle per month is the final income and no further expenses will be allowed or disallowed
Under the normal provisions of the Income-tax Act, taxable business income will be computed after allowing deduction in respect of expenses which are deductible as per the Income-tax Act and after disallowing expenses which are not deductible as per the Income-tax Act.
In case of a person who is opting for the presumptive taxation scheme of section 44AE, the provisions of allowance/disallowances as provided for under the Income-tax Act, will not apply and income computed at the presumptive rate of Rs. 1,000/Rs. 7,500 will be the final income. In other words, the income computed at the rate of Rs. 1,000/Rs. 7,500 per goods vehicle per month will be the final taxable income of the business and no further expenses will be allowed or disallowed.
However, in case of a taxpayer, being a partnership firm, opting for the presumptive taxation scheme, from the income computed at the presumptive rate of Rs. 7,500 per goods vehicle per month, further deduction can be claimed on account of remuneration and interest paid to partners (computed as per the Income-tax Act).
While computing income as per the provisions of section 44AE, separate deduction on account of depreciation is not available, however, the written down value of any asset used in such business shall be calculated as if depreciation as per section 32 is claimed and has been actually allowed.
No need to maintain books of account as prescribed under section 44AA
Section 44AA of the Income-tax Act, 1961 has provisions relating to maintenance of books of account by a person engaged in business/profession. Thus, a person engaged in business/profession has to maintain books of account of his business/profession according to the provisions of section 44AA.
No need to maintain books of account as prescribed under section 44AA
In case of a person opting for the presumptive taxation scheme of section 44AE, the provisions of section 44AA relating to maintenance of books of account will not apply. In other words, if a person adopts the provisions of section 44AE and declares his income at the rate of Rs. 7,500 per goods vehicle per month, then he is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AE.
Applicability of the provisions relating to payment of advance tax
There is no concession as regards payment of advance tax in case of a person who adopts the presumptive taxation scheme of section 44AE and, hence, he will be liable to pay advance tax even if he adopts the presumptive taxation scheme of section 44AE.
Provisions to be applied if a person does not opt for the presumptive taxation scheme of section 44AE and declares income at a lower rate, i.e., at less than Rs. 1,000 per ton or Rs. 7,500 per goods vehicle per month
A person can declare his income at lower rate (i.e., at less than Rs. 1,000 per ton or Rs. 7,500 per goods vehicle per month). However, if he does so, then he is required to maintain the books of account as per the provisions of section 44AA and has to get his accounts audited under section 44AB
Bhagavad-gita: How you have entered into this cosmic manifestation? (The Universal Form, Text 3, Chapter 11)
arjuna uvaca
evam etad yathattha tvam
atmanam paramesvara
drastum icchami te rupam
aisvaram purusottama
atmanam paramesvara
drastum icchami te rupam
aisvaram purusottama
(The Universal Form, Text 3, Chapter 11)
Meaning: O greatest of all personalities , O supreme form, though I see You here before me in Your actual position, as You have described Yourself, I wish to see how You have entered into this cosmic manifestation. I want to see that form of Yours.
Bhagavad-gita: How you have entered into this cosmic manifestation? (The Universal Form, Text 3, Chapter 11)
Bhagavad-gita: How you have entered into this cosmic manifestation? (The Universal Form, Text 3, Chapter 11)
Bhagavad-gita: I have realized your inexhaustible glories (The Universal Form, Text 2, Chapter 11)
arjuna uvaca
bhavapyayau hi bhutanam
srutau vistaraso maya
tvattah kamala-patraksa
mahatmyam api cavyayam
(The Universal Form, Text 2, Chapter 11)
Meaning: O lotus-eyed one, I have heard from you in detail about the appearnace and disappearance of every living entity and have realized Your inexhaustible glories.
Bhagavad-gita: I have realized your inexhaustible glories (The Universal Form, Text 2, Chapter 11)
Bhagavad-gita: I have realized your inexhaustible glories (The Universal Form, Text 2, Chapter 11)
Bhagavad-gita: My illusion has been dispelled by hearing most confidential spiritual subjects (The Universal Form, Text 1, Chapter 11)
arjuna uvaca
mad-anugrahaya paramam
guhyam adhyatma-samjnitam
yat tvayoktam vacas tena
moho’ yam vigato mama
(The Universal Form, Text 1, Chapter 11)
Meaning: Arjuna said : By my hearing the instructions You have kindly given me about these most confidential spiritual subjects, my illusion has now been dispelled.
Bhagavad-gita: My illusion has been dispelled by hearing most confidential spiritual subjects (The Universal Form, Text 1, Chapter 11)
Bhagavad-gita: My illusion has been dispelled by hearing most confidential spiritual subjects (The Universal Form, Text 1, Chapter 11)
Income tax benefits for senior citizens (FY 2018-19)
Income tax benefits for senior citizens (FY 2018-19)
1. Higher Basic Exemption Limits for senior citizens under income tax
For ordinary individual tax payers the basic exemption limit, upto which he is not required to pay any tax, is presently capped at Rs. 2.50 Lakhs. However for resident senior individual citizens who have completed the age of 60 years and yet to complete 80 years the limit is Rs. 3 lakhs. For resident individual tax payer over 80 years does not have to pay any tax upto Rs. 5 lakhs annual income.
2. Higher Deduction limit under Section 80D for senior citizens under income tax
For all senior citizens deduction upto Rs. 50,000/- for health insurance premium can be claimed by themselves or their children. From current year, in case the senior citizen does not have any medical insurance, deduction upto Rs.50,000/- can be claimed for any medical expenses including day to day expenses as well as for hospitalization. Earlier this benefit was available to only for the senior citizens who had completed 80 years of age.
3. Higher Deduction Limit for interest from Banks and Post Office under Section 80TTB for senior citizens under income tax
Upto last year a deduction upto Rs. 10,000 was available in respect of interest from saving bank account but from current year all the senior citizen can claim deduction not only for saving bank interest but also for interest on any deposit with post office or bank and that upto Rs. 50,000/- in a financial year. So now from current year senior citizens will be able to claim enhanced deduction upto not only on fixed deposits but also on the deposits made under Senior Citizen Savings Scheme(SCSS). The law has also been changed to provide that the no tax deduction at source will happen for senior citizen as long as interest on all these deposits for all the branches of a bank taken together does not exceed Rs. 50,000/- in a year. While arriving at the amount of Rs. 50,000/- interest on saving bank account shall be excluded as there is no provision for tax deducting at source on it irrespective of amount credited during the year. So a senior citizen has to submit form No. 15H only if he wants to receive the interest without deduction of tax at source and such interest exceeds Rs.50,000 in a year.
| Particulars | Section 80TTA | Section 80TTB |
| Applicability | Applicable to individuals and HUF except senior citizens | Applicable to senior citizens |
| Specified income | Interest on savings account only | Interest on all kinds of deposits |
| Quantum of deduction | Upto Rs 10,000 | Upto Rs 50,000 |
4. Higher Deduction limit under Section 80DDB for senior citizens under income tax
Tax laws allow the tax payers a deduction in respect of expenses incurred for medical treatment of self or dependent relatives. For general tax payers the amount of deduction available is Rs. 40,000/- but in case the expenses are incurred in respect of a senior citizen the entitlement goes to Rs. 1 lakh in a year.
5. Exemption from Payment of advance tax to senior citizens under income tax
In case your tax liability after reducing the amount of TDS is more than Rs. 10,000/- in a year, you are required to pay advance tax in four instalments. However senior citizens are exempted from requirement of payment of advance tax provided they do not have any income under the head “Profits and Gains of Business or Profession”. The senior citizen can discharge their tax liability at the time of filing their ITR.
Bhagavad-gita: With a single fragment of Myself I pervade and support this entire universe (The Opulence of the Absolute, Text 42, Chapter 10)
Sri-Bhagavan Uvaca
atha va babunaitena
kim jnatena tavarjuna
vistabhyaham idam krtsnam
ekamsena sthito jagat
(The Opulence of the Absolute, Text 42, Chapter 10)
Meaning: But what need is there, Arjuna, for all this detailed knowledge? With a single fragment of Myself I pervade and support this entire universe.
Bhagavad-gita: With a single fragment of Myself I pervade and support this entire universe (The Opulence of the Absolute, Text 42, Chapter 10)
Bhagavad-gita: With a single fragment of Myself I pervade and support this entire universe (The Opulence of the Absolute, Text 42, Chapter 10)
Bhagavad-gita: All glorious or beautiful exitence is fragmental manifestation of Divine opulence(The Opulence of the Absolute, Text 41, Chapter 10)
Sri-Bhagavan Uvaca
yad yad vibhutimat sattvam
srimad urjitam eva va
tat tad evavagaccha tvam
mama tejo-msa-sambhavam
(The Opulence of the Absolute, Text 41, Chapter 10)
Meaning: Know that all opulent, beautiful and glorious creations spring from but a spark of My splendor.
Note: Any glorious or beautiful exitence should be understood to be but a fragmental manifestation of Divine opulence, whether it be in the spiritual or material world. Anything extraordinarily opulent should be considered to represent divine’s opulence.
Note: Any glorious or beautiful exitence should be understood to be but a fragmental manifestation of Divine opulence, whether it be in the spiritual or material world. Anything extraordinarily opulent should be considered to represent divine’s opulence.
Bhagavad-gita: All glorious or beautiful exitence is fragmental manifestation of Divine opulence(The Opulence of the Absolute, Text 41, Chapter 10)
Bhagavad-gita: There is no end to My divine manifestations (The Opulence of the Absolute, Text 40, Chapter 10)
Sri-Bhagavan Uvaca
nanto’ sti mama divyanam
vibhutinam parantapa
esa tuddesatah prokto
vibhuter vistaro maya
(The Opulence of the Absolute, Text 40, Chapter 10)
Meaning: O mighty conqueror of enemies, there is no end to My divine manifestations. What I have spoken to you is but a mere indication of My infinite opulences.
Bhagavad-gita: There is no end to My divine manifestations (The Opulence of the Absolute, Text 40, Chapter 10)
Bhagavad-gita: I am the generating seed of all existences (The Opulence of the Absolute, Text 39, Chapter 10)
Sri-Bhagavan Uvaca
yac capi sarva-bhutanam
bijam tad aham arjuna
na tad asti vina yat syan
maya bhutam caracaram
(The Opulence of the Absolute, Text 39, Chapter 10)
Meaning: Furthermore, O Arjuna, I am the generating seed of all existences. There is no being-moving or nonmoving-that can exist without Me.
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Everything has a cause, and that cause or seed of manifestation is divine. Without divine’s energy , nothing can exist; therefore he is called omnipotent. Without his potency, neither the movable nor the immovable can exist. Whatever existence is not founded on the energy of divine is called maya ” that which is not”.
Bhagavad-gita: I am the generating seed of all existences (The Opulence of the Absolute, Text 39, Chapter 10)
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Everything has a cause, and that cause or seed of manifestation is divine. Without divine’s energy , nothing can exist; therefore he is called omnipotent. Without his potency, neither the movable nor the immovable can exist. Whatever existence is not founded on the energy of divine is called maya ” that which is not”.
Bhagavad-gita: I am the generating seed of all existences (The Opulence of the Absolute, Text 39, Chapter 10)
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