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Income tax
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People may choose Unified Payments Interface (UPI), National Electronic Funds Transfer (NEFT), Real Time Gross Settlement (RTGS), Immediate Payment Service (IMPS), and other channels to make routine or business transactions.
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When a person files an Income Tax Return (ITR) after retirement, the total income must be calculated with caution. This can be done by dividing it into three categories: recurring taxable income, one-time retirement benefits that may be fully or partly exempt, and investment income earned after retirement.
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The maximum rebate limit under the concerned section is Rs 60,000 due to which income up to Rs 12 lakh becomes entirely tax-free. Also, Rs 75,000 apply as the standard deduction due to which gross salary up to Rs 12.75 lakh is exempted from tax.
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TRC is an official document issued by a country to certify that a person is a resident of that country for tax purposes. This certificate enables the person to apply for benefits under the tax treaty between India and the other country.
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