Posts in: March, 2018

Pradhan Mantri Vaya Vandana Yojana (PMVVY) – Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Pradhan Mantri Vaya Vandana Yojana (PMVVY)Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age.

Government has launched the ‘Pradhan Mantri Vaya Vandana Yojana (PMVVY)’ to provide social security during old age and to protect elderly persons aged 60 years and above against a future fall in their interest income due to uncertain market conditions. The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

The scheme provides an assured return of 8% per annum for 10 years. The differential return, i.e. the difference between returngenerated by LIC and the assured return of 8% per annum would be borne by Government

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No Income Tax Return can be filed after 31st March 2018 – Income Tax Offices to Remain Open on 29th, 30th and 31st March, 2018

QWho are required to file Income tax return as per the provisions of Income Tax Act,1961?

A – Following persons are mandatorily required to file their Income tax return within the due date –

1. All companies Registered under Companies Act,1956 or Companies Act,2013

2. All Partnership Firms registered under The Partnership Act,1932

3. All LLPs (Limited Liability Partnership) registered under LLP Act 2008

4. Trust, Associations and Political parties (Whose income prior to claim of exemptions exceeds the minimum amount chargeable to Tax)

5. Individual and Hindu Undivided Family (HUF) having Income more than Rs. 2,50,000 during the relevant financial Year. However for Senior citizen having age of 60 years upto 80 Years its threshold limit is Rs.3,00,000 and senior citizens above 80 Years the base limited for filing of ITR

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