06 September 2012
Dear Sir, I received intimation u/s 143(1) demanding tax of Rs. 5150/- because I file the income tax return considering my age as 65 years on the date of filing the return but as per income tax act the age to be considered is for the previous year for which the return is to be filed. There is only gap of 3 months between the end of previous year i.e. 31.03.2010 and my birth date ie july 2010. Pls tell me how can i save my tax.
07 September 2012
If at anytime during the previous year, assesse's age is 65 or above then he can claim a higher exemption limit of 240000.if assessee becomes of 65 after the end of previous year, then he can't claim a higher exemption limit in that year. You don't have any other option rather to pay tax.
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