19 November 2009
AN INDIVIDUAL AT THE START OF THE FINANCIAL YEAR HAS NOT COMPLETED 65 YEARS. IN THE EVENT HE COMPLETES 65 YEARS DURING THE COURSE OF THE YEAR IS HE ENTITLED TO INCOME TAX BENEFITS FOR THAT YEAR?
19 November 2009
Yes, he is entitled for Income tax benefit for that year, as per paragraph A of part III of First Schedule of Finance Act is clearly stating that in case of every individual, being a resident in India, who is of the age of sixty five years or more at any time tuding the previous year.
19 November 2009
yes, in I.T. Act, provision for senior citizen - A person who is 65 years or more at any time of financial year is called senior citizen.
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