Contact & Connection

*Contact & Connection*

It was April 2009. I was returning from Delhi by flight with a Monk of the RamKrishna Mission sitting next to me and a Journalist from the US sitting on the third seat. The Journalist started
interviewing the monk as planned earlier.

Journalist: “Sir, in your last lecture, you told us about Jogajog (contact) & Sanjog (connection). It's really confusing. Can you explain?”

The Monk smiled and apparently deviating from the question, asked the Journalist: “Are you from New York?”

Journalist: Yeh...

Monk: “Who are there at home?”

The Journalist felt that Monk was trying to avoid answering his question since this was a very personal and unwarranted question. Yet the Journalist said: "Mother has expired. Father is there. Three brothers and one sister. All married..."

The Monk, with a smile on his face, asked again: "Do you talk to your father?"

The Journalist looked visibly annoyed...

The Monk: "When did you talk to him last?"

The Journalist supressing his annoyance, said: "May be a month ago."

The Monk: "Do you brothers and sisters meet often? When did you meet last as a family gathering?"

At this point, I saw sweat on the forehead of the Journalist. I wondered who was conducting the interview, the Monk or the Journalist. It seemed that Monk was interviewing Journalist.

With a sigh, the Journalist said: "We met last at Christmas two  years ago."

The Monk: "How many days did you all stay together?"

The Journalist (wiping the sweat on his brow) said: "Three days..."

Monk: "How much time did you spend with your Father, sitting right beside him?"

I saw the Journalist looking perplexed and embarassed, scribbling something on a paper...

The Monk: "Did you have breakfast, lunch or dinner together? Did you ask how he was? Did you ask how his days are passing after your mother's death?"

I saw drops of tears coming out from the eyes of the Journalist.

The Monk held the hand of the Journalist & said: "Don't be embrassed, upset or sad. I am sorry if I have hurt you unknowingly, but this is basically the answer to your question about ‘Contact & Connection’ ‘(Jogajog & Sanjog)’.  You have 'contact' with your father but you don't have 'connection' with him. You are not connected to him. Connection is between heart and heart... sitting together, sharing meals and caring for each other; touching, shaking hands, having eye contact, spending some time together...
You  brothers and sisters have *'contact'* but you have no *'connection'* with each other...."

The Journalist wiped his eyes & said: "Thanks for teaching me a fine & unforgettable lesson."

This is the reality today, whether at home or in the society everybody has lots of contacts but there is no connection, no communication. Everybody is in his or her own world.
Let us not maintain just *"contacts"*, but let us remain *"connected"*; caring, sharing and spending time with all our dear ones.
                 *****


Income Tax-   *Benefits for Senior Citizens & other important Points for FY 2018-19*

*Basic Exemption Limits*

For ordinary individual tax payers the basic exemption limit, from payment of Income Tax  is  Rs. 2.50 Lakhs. However for resident senior individual citizens who have completed the age of 60 years and yet to complete 80 years the limit is Rs. 3 lakhs. A resident individual tax payer over 80 years of age  does not have to pay any tax up to Rs. 5 lakhs annual income.

*Deduction under Section 80D*

For all senior citizens deduction up to Rs. 50,000/- for health insurance premium can be claimed by themselves or their children.
From current year, in case the senior citizen does not have any medical insurance, deduction up to Rs.50,000/- can be claimed for any medical expenses including day today expenses as well as for hospitalization based on Bills & receipts, Medical prescription. Earlier this benefit was available to only for the senior citizens who had completed 80 years of age. Important Condition is that the Senior Citizen should not have any health  insurance cover.

*Deduction under Section 80 DDB*

An individual can claim up to Rs 40,000/- for the treatment of Specified Critical ailments
This can also be claimed on behalf of the dependents. In case of  a senior citizen (60 age years or more) then the deduction up to Rs 100,000/- is allowed.
Now the deduction can be allowed on the basis of a prescription from an oncologist, a urologist, nephrologist, a haematologist, an immunologist or such other specialist.

*Standard Deduction*

In case of salaried persons Standard Deduction of Rs.40000 is allowed. *This is applicable to pensioners also.*

*Deduction for interest from Banks and Post Office under Section 80 TTB*

Up to last year a deduction up to Rs. 10,000 was available in respect of interest from saving bank account under Sec 80 TTA. Now Section 80 TTA benefits would be applicable only for NON Senior Citizens. *From current year,  the senior citizens can claim deduction  only under 80TTB for saving bank interest plus Other Deposit interest up to Rs. 50,000/- in a financial year.  From current year senior citizens will be able to claim enhanced deduction on fixed deposits + SB Interest+ Interest on the deposits made under Senior Citizen Savings Scheme(SCSS).*

So a senior citizen has to submit form No. 15H to claim exemption from TDS only when such aggregate annual interest from Term Deposits (including RD) exceeds Rs.50,000 in a year.

*Eligibility to submit 15 H*- If the Tax Liability would be Nil. (ie)If the aggregate annual  taxable income  would not exceed Rs 3,00,000/- (after taking in to account Standard deduction and other eligible deduction like 80C, 80D , 80TTB etc).( eg - if the  Annual Pension Income is 3,60,000, Annual interest income  2,00,000/- and  eligible  Deductions ,  under 80C is 1,50,000/-, Under 80D is Rs 30,000/-, 80TTB is Rs 50,000/- and Standard Deduction is Rs 40,000/- . Total taxable income falls below Rs3,00,000/- and the Senior Citizen can file 15 H)

*Other Important  Points:*

1.  3% Education cess to be replaced with *Health & Edu.cess @ 4% for all tax payers.*

2. Pradhan Mantri Vaya Vandana Yojana is extended  up to March, 2020 under which an assured return of 8% is given by Life Insurance Corporation of India. The existing limit on investment of Rs7.5 lakh per senior citizen under this scheme is also being enhanced to Rs15 lakh.

3. Exemption from Payment of advance tax :
In cases when  tax liability after reducing the amount of TDS is more than Rs. 10,000/- in a year, advance tax has to be paid  in four instalments. However senior citizens are exempted from requirement of payment of advance tax provided they do not have any income under the head “Profits and Gains of Business or Profession”. The senior citizen can discharge their tax liability at the time of filing their ITR.

4. Under Sec 87A , Resident Individuals can claim rebate , when Taxable Income after all deductions falls below Rs 350,000/- The rebate is limited to Rs 2,500. Which means if the total tax payable is lower than Rs 2,500, such lower amount of tax will be the rebate under section 87A. This rebate is applied on total tax before adding Education Cess(4%).

5. Question: What is the permissible limit for preventive health  check up by the pensioner ? What are the conditions?
Any payment on account of preventive health check-up of the pensioner /Spouse of Pensioner, restricted to Rs 5000/-. Cash payment allowed here. The aggregate amount  of deduction including premium should not exceed Rs 50,000.

6.Question: Whether  a Salary class individual can take medical insurance cover for his/her parents, who are Senior Citizens,  and claim exemption while filing his/her IT Return? For claiming the benefits whether Is it necessary that parents of the insured are to be  dependent?

Additional deduction under section 80D can be claimed irrespective of the fact whether parents are dependent or not.
Example:
An individual pays (through any mode other than by cash) during the FY 2018-19 medical insurance premiums as under:
Rs 17,000 for himself, his wife and dependent children,
Rs 40,000 for his parents, who are not dependent.
According to above provisions, he will be allowed deductions of Rs. 42,000 (17,000 + 25,000) if neither of his parents are senior citizens.
However if any of his parent is a senior citizen, he will be allowed a deduction of 57,000 (17,000+40,000).
Further, in the above example, if total premium on parents (not senior citizens) is 40,000 out of which Rs 27,000 is paid by the son and Rs 13,000 by the father out of their respective taxable income, the son will get deduction of Rs 25,000 (in addition to deduction of Rs 17,000 for the medical insurance on self and family) and father will get deduction of Rs 13,000.