Tax calculation in regarding very senior citizen
This query is : Resolved
17 September 2013
A person who is born on 01/04/1933 and having pension income of Rs. 350000/- in FY 2012-13.
whether his income is exempt under the Income tax slab of AY 2013-14 and secondly whether he is a very senior citizen?
whether his income is exempt under the Income tax slab of AY 2013-14 and secondly whether he is a very senior citizen?
17 September 2013
yes income exempted and come under the category of very senior citizen but for the financial year 2013-14 as on 01.04.13 he has attained the age of 80 years.
But for the financial year 2012-13 his income is taxable as during that year he was not under the category of very senior citizen.
But for the financial year 2012-13 his income is taxable as during that year he was not under the category of very senior citizen.
17 September 2013
yes he/she is super senior citizen and get upto rs. 500000/- is nil tax
17 September 2013
Assesseee is not a very senior citizen as on 31-3-2013. So his basic exemption limit is Rs.2,50,000 only and tax is applicable.
for clarification click on the below link
http://finotax.com/itax/itslabs-curr.htm
OM SAI SRI SAI JAI JAI SAI
for clarification click on the below link
http://finotax.com/itax/itslabs-curr.htm
OM SAI SRI SAI JAI JAI SAI
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