Income Tax for Senior Citizens Interview Questions & Answers

Below we have listed all the Income Tax for Senior Citizens Interview Questions and answers. Feel free to comment on any Income Tax for Senior Citizens Interview Questions or answer by the comment feature available on the page.

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Senior Citizens have special benefits and deductions available for Income Tax payments so that they have more disposable income left with them for their personal usage. An income tax is a tax imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer. Details vary widely by jurisdiction. Many jurisdictions refer to income tax on business entities as companies tax or corporate tax. Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year.