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Senior Citizens Income Tax Benefits

Any individual between the ages group 60 to 80 is termed as a ‘senior citizen.’ An individual over 80 years of age is a very senior citizen. There are several income tax benefits available for senior and very senior citizens of India. It includes higher exemption limits, deductions, and interests earned on deposits, and more […]

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Any individual between the ages group 60 to 80 is termed as a ‘senior citizen.’ An individual over 80 years of age is a very senior citizen. There are several income tax benefits available for senior and very senior citizens of India. It includes higher exemption limits, deductions, and interests earned on deposits, and more (1). 

The compiled list of income tax benefits for senior and very senior citizens of India:

Higher Exemption Limit For Senior Citizens

Compared to an average and non-senior citizen taxpayer, senior citizens and very senior citizen gets higher exemption limit. The exemption limit is the level of income you are not liable to pay tax to the government. For the fiscal year 2020-21, the senior citizens get a 3,00,000 INR exemption limit. Whereas, the very senior citizens have 5,00,000 INR exemption limit. A non-senior citizen is liable to pay to the government if his income exceeds 2,50,000 INR.

Paying Advance Tax Exemption

According to the 208 section, people who have an estimated tax liability for the year is 10,000 INR or more, shall pay his tax in advance. Individuals pay it in the Form of ‘advance tax.’ However, a senior citizen with no business or professional income is not liable to pay advance tax as per section 207. 

Senior Citizen Paper Filing ITR

A very senior citizen can file his income tax return in paper mode. It is applicable in Form ITR 1 or ITR 4. It means that if a very senior citizen is submitting an income tax return form ITR 1 or 4, e-filling is not mandatory for him. He may also e-file as per his preferences. 

Furthermore, an interest up to 50,000 INR earned on saving deposits and fixed deposits in banks, post-office, or co-operative banks by a senior citizen is eligible for deduction. Senior Citizens can avail of this deduction under Section 80TTB. There will be no deduction of tax up to 50,000 INR at the source. The limit has to be calculated individually for every bank.


Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She’s currently working as a content writer and is always interested in a challenge.

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Source: https://timesnext.com/senior-citizens-income-tax-benefits/

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Is coronavirus a prelude to war? New video surfaces of China’s nuclear-capable H-6 bomber carrying a large hypersonic missile

Is coronavirus a prelude to war? With this question, we’re not suggesting that coronavirus was engineered in a lab as a bioweapon or being used as a bioweapon. The point is more about the lack of preparedness and the fact that […]

The post Is coronavirus a prelude to war? New video surfaces of China’s nuclear-capable H-6 bomber carrying a large hypersonic missile appeared first on Tech News | Startups News.

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Is coronavirus a prelude to war? With this question, we’re not suggesting that coronavirus was engineered in a lab as a bioweapon or being used as a bioweapon. The point is more about the lack of preparedness and the fact that everyone was caught off guard. Not many people saw it coming.

Now, something bigger may be on the horizon–China’s war with Taiwan. As Professor Li FEI of Taiwan Research Institute of Xiamen University (China) pointed out, “China’s war with Taiwan is much more likely than a military confrontation with the United States. As the rest of the world battle with coronavirus, China continues to arm for war, becoming ever more dangerous.”

Back in September, we wrote about China after the Chinese Air Force released a two minute and 15-second video showing its H-6 bombers carrying out a simulated attack on what appears to be Andersen Air Force Base on the U.S. Pacific island of Guam. The video, which was released on Saturday on the People’s Liberation Army Air Force Weibo account, came as China carried out the second day of drills near Chinese-claimed Taiwan, to express anger at the visit of a senior U.S. State Department official to Taipei. The video is called “The god of war H-6K goes on the attack!”

Now, a little over a month later, a new video circulating on social networks shows a Chinese H-6N bomber with a weapon system. Since the new type of X-6 bomber debuted only last year, military insiders said the new weapon system is a new hypersonic cruise missile. As China stepped up its war preparations with Taiwan, the Chinese Air Force is deploying hypersonic missiles at several military bases across from Taiwan. This new type of missile gives the Chinese Airforce a significant advantage over Taiwan’s anti-ballistic missile shield due to the glide vehicle’s unpredictable ballistic trajectory.

A Chinese civilian recorded the bomber as it was landing at Neixiang Ma’ao air base in central China. In the video, the H-6N bomber is seen carrying a large missile with the telltale nose shape of a weapon that can travel faster than Mach 5. The missile itself appears to have a sharp, wedge-like nose similar to those seen on a new Chinese hypersonic weapon system. The weapon may even be nuclear-armed, making the blazing-fast projectile particularly deadly.

In another social media video, China military aviation researcher Rupprecht Deino wrote:

“For the first time a H-6N was seen landing with an air-launched Anti-ship ballistic missile (ALBM/AShBM). This missile so far labelled as CH-AS-X-13 is often referred to the DF-21D but here it looks almost to feature an DF-17 like hypersonic glide vehicle (HGV) on top the rocket”

In 2018, Chinese researchers successfully tested its first hypersonic missile named XingKong-2 hypersonic aircraft. XingKong-2 or Starry Sky-2 is an experimental waverider hypersonic flight vehicle that gains its lifting power via the shock wave created by its own flight. According to the China Academy of Aerospace Aerodynamics, Xingkong-2 reached an altitude of 30 kilometers and a speed of Mach 5.5-6. The Xingkong-2 is still in the trial phase and more tests are expected.


Source: https://techstartups.com/2020/10/23/coronavirus-prelude-war-new-video-surfaces-chinas-nuclear-capable-h-6-bomber-carrying-large-hypersonic-missile/

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China-based EdTech startup Yuanfudao raises US$2.2 billion in funding for its online education platform; making it the world’s most valuable EdTech company

Yuanfudao, China’s leading online education platform announced it has secured $2.2 billion Series G1 and G2 funding to further boost its educational technology innovation, accelerate new curriculum product development and expand its online education service system. The G1 financing round was […]

The post China-based EdTech startup Yuanfudao raises US$2.2 billion in funding for its online education platform; making it the world’s most valuable EdTech company appeared first on Tech News | Startups News.

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Yuanfudao, China’s leading online education platform announced it has secured $2.2 billion Series G1 and G2 funding to further boost its educational technology innovation, accelerate new curriculum product development and expand its online education service system.

The G1 financing round was led by Tencent, with participation from Hillhouse Capital, Boyu Capital, and IDG Capital. The G2 financing round was led by DST Global, with participation from CITICPE, GIC, Temasek, TBP, DCP, Ocean Link, Greenwoods, and Danhe Capital. The new funding brings the Yuanfudao’s valuation to $15.5 billion, making it the most valuable technology-driven education unicorns in the world.

Founded in 2012 Shuai Ke, Xin Li, and Yong Li, Yuanfudao is China’s leading online education platform that currently provides K-12 after-school tutoring, pre-school enlightenment, and adult education services to over 400 million users across China. Yuanfudao offers a comprehensive curriculum spanning from primary school English, Mathematical Olympiad to all-subject courses in secondary school. Its unique online feature and a large pool of quality teachers enable students to access live online tutoring at home taught by national renowned teachers, benefiting hundreds of thousands of students across the country.

Yuanfudao is the leading brand for China’s primary and secondary school online courses, while Zebra AI Class is the largest online course platform for preschool education in China. As of today, these two major online course platforms currently approximately 3.7 million students using their regular-priced courses, making Yuanfudao the largest online education company in China by the number of students.

Headquartered in Beijing, Yuanfudao has established a number of teaching & research centers and branches across China, including in Wuhan, Xi’an, Zhengzhou, Nanjing, Chengdu, Jinan, Changsha, Tianjin, Chongqing, Shenyang, Changchun, and Hefei with more than 30,000 employees. In March 2020, Yuanfudao announced that it would create 10,000 jobs across China and 5,000 jobs in Wuhan to support COVID-19 recovery efforts, as a part of the Company’s commitment to corporate social responsibility.


Source: https://techstartups.com/2020/10/23/china-based-edtech-startup-yuanfudao-raises-us2-2-billion-funding-online-education-platform-making-worlds-valuable-edtech-company/

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Hummer EV, GM’s first all-electric truck and rival to Tesla’s Cybertruck, sold out in the first 10 minutes of opening the pre-orders

Yesterday, General Motors unveiled its first all-electric Hummer, the GM Hummer EV. The Hummer EV line was launched in October 2020 through a live stream. The off-road luxury electric truck is a response to Tesla’s Cybertruck. The Hummer EV includes a pickup truck […]

The post Hummer EV, GM’s first all-electric truck and rival to Tesla’s Cybertruck, sold out in the first 10 minutes of opening the pre-orders appeared first on Tech News | Startups News.

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Yesterday, General Motors unveiled its first all-electric Hummer, the GM Hummer EV. The Hummer EV line was launched in October 2020 through a live stream. The off-road luxury electric truck is a response to Tesla’s Cybertruck. The Hummer EV includes a pickup truck (SUT) and a Sport Utility Vehicle (SUV) that will be introduced in 2021.

Less than 24 hours after the launch, General Motors said it has sold out the first year’s worth of its hulking GMC Hummer EV electric pickup truck after a splashy video reveals on Tuesday, according to a confirmed report from Reuters. The GMC website showed a “reservations full” banner over the Hummer EV “Edition 1,” due to start production in the fall of 2021. The next version of the truck, the $99,995 Hummer EV 3X, is not scheduled to begin production until the fall of 2022.

The Hummer EV “Edition 1” is the sole model available for the first year and considered to be a limited edition that was available for pre-order by the end of the launch event on October 20, 2020. All Edition 1 are white with a black roof with bronze-colored wheels and a two-tone black and gray interior with bronze accents and Edition 1 badges.

Edition 1 has three electric motors with 1000 horsepower and comes fully loaded with the Extreme Off-Road package, which includes 35-inch mud-terrain tires, skid plates, and rock sliders. The Hummer EV Edition 1 broke records as it had sold out in the first 10 minutes of opening the pre-orders.

The least expensive Hummer EV, starting at $79,995, is scheduled to go into production in the spring of 2024, GM said. The Hummer EV was designed and engineered in 18 months, GM officials said during a presentation on Wednesday. The brawny truck can “crab walk” sideways on rough terrain using its four-wheel steering system, and has a “Watts to Freedom” mode that accelerates the truck to 60 miles per hour (97 kph) in 3 seconds.

The Hummer EV is very different from the Tesla Cybertruck but equally eye-grabbing design and a bevy of extreme performance features. The Cybertruck’s starting price is $39,900, though a model with 500 miles of range starts at $69,900. Tesla has begun building a factory in Austin, Texas to build the Cybertruck starting in late 2021.


Source: https://techstartups.com/2020/10/23/hummer-ev-gms-rival-teslas-cybertruck-sold-first-10-minutes-opening-pre-orders/

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