Navigating Income Tax Returns as a Senior Citizen: How Do I Claim Deductions and Refunds?

I am an Income Tax payer and paid I-tax during the last financial year to the tune of Rs. 25,966.00. I was an employee until December 2012 and used to get Form 16 filled out and issued by my employer, which certified my payment to LIC for my son and wife, Mediclaim premium for the family, college fees for my son, etc. in Form 16, which I submitted online and was accepted.

I am no longer employed but continue to pay LIC premiums for my son and wife, Mediclaim premium for the family, and Varistha Mediclaim for myself. I have fixed deposits in a bank through which I earn an amount of Rs. 2,72,000.00, which is my only source of income. I don’t receive a pension.

The PSU Bank where my fixed deposits are concentrated is deducting I-Tax at 10% of the interest earned, and for the last three quarters, they have deducted Rs. 20,800.00 as TDS and will be deducting another Rs. 6,927.00 in the final quarter.

I am filing my I-Tax return online to CPC, Bengaluru, and this year I prefer to do the same myself.

My Queries

• I have Form 16A from the bank where TDS has been deposited but not Form 16. How do I get certification for LIC premium payment and Mediclaim premium payment for the family?

• For claiming a refund, am I required to fill out any other form, and if yes, please specify.

• How quickly can I get the refund?

I AM A SENIOR CITIZEN.

You must have the insurance receipts. You can file a return based on the documents you have. Keep the originals with you, and the copies do not need to be sent to the IT office. The same procedure can be followed as when you were employed. A refund is typically processed within 2-3 months.

Regards,
Pon

Income Tax Document Submission Query

I am an employee of a Limited Company, and my employer is asking me to submit all documents for Income Tax purposes. My employer is providing a medical exemption of ₹15,000 and is requesting the submission of Medical Bills and House Rent Receipts. Can I submit a Medical Declaration form and Rent Declaration form instead of Medical Bills and Rent Receipts? Could someone please advise me on this?

If I can do this, kindly send me the Medical Declaration format and Rent Declaration format to [Email Removed For Privacy Reasons]. Please help me.

Regards,
Syed

You can check online on the income tax site whether your Form 26AS has been uploaded. Once the TDS deducted by banks is deposited, it gets reflected in your account as Form 26AS. This is a must for a refund of TDS. You can file your return online after Form 26 is uploaded.

Tax Benefits for Senior Citizens

As a senior citizen, you have different tax slabs. For a Mediclaim policy, you can claim up to Rs. 20,000 as a senior citizen. If your parents are included in the Mediclaim, you can get a rebate of up to another Rs. 20,000 (Section 80D). If you have a preventive medical check-up plan, you can claim up to Rs. 5,000 within the above Rs. 20,000 limit.

You are likely to get a refund of the entire TDS collected by the bank. You can register on the online ITAX site now and from April, keep checking whether Form 26 is uploaded for up to March 2014. Once uploaded, you can file your return.

Regards

Dear Mr. Sudhirde, you don't need to produce any receipts with the return; they will be required only if there is a query later. However, an employer can demand proofs to allow you rebates, which is not applicable in your case. Please refer to the February 23 issue of "The Week" for further clarity.