hi
x dob is 17.02.1952 and his total income is 6lakhs p.a and he will retire as on 28.2.2012.i.e.,60 years
what income tax slab will applicable
<60 years or >60 years
11 Replies
Sumit Grover
(Chartered Accountant )
(3652 Points)
Replied 29 September 2011
An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year).......
So, in dis case, basic exemption will be of rs. 2,50,000.
Plz correct me if m wrng!
(Guest)
| Originally posted by : CA Sumit Grover | ||
 |
An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year)....... So, in dis case, basic exemption will be of2,50,000. Plz correct me if m wrng! |
 |
Agree .....
SANYAM ARORA
(“It's hard to beat a person who never gives up.”)
(20173 Points)
Replied 29 September 2011
| Originally posted by : Mansha | ||
|
|
Originally posted by : CA Sumit Grover An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year)....... So, in dis case, basic exemption will be of2,50,000. Plz correct me if m wrng! Agree ..... |
|
Priya Mehta
(CA & CS FINAL Article Assiatant)
(219 Points)
Replied 29 September 2011
| Originally posted by : CA Sumit Grover | ||
|
|
An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year)....... So, in dis case, basic exemption will be of2,50,000. Plz correct me if m wrng! |
|
AGREED.
Birthday should fall a any time durinbg d relevant previous year....
CS Bijoy
(Expert)
(6394 Points)
Replied 30 September 2011
Originally posted by CA Sumit
An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year).......
So, in dis case, basic exemption will be of Rs. 2,50,000.
Plz correct me if m wrng!
Agreed with....
ARUN KUMAR
(Financial Consultant )
(992 Points)
Replied 30 September 2011
agree with above................
TRILOCHAN
(SENIOR ACCOUNTANT)
(698 Points)
Replied 30 September 2011
From A.Y. 12 -13(Earlier 65 Years) if the assessee attain the age of 60 during the previous year, then senior citizen slab applicabe (exemption Rs.250000/-)
Mohita Mahajan
(CA Final)
(32 Points)
Replied 30 September 2011
Hi..
Mr. X will attain the age of 60 on 17.02.2012. so, for F.Y. 2011-2012, he can avail the slab rate of senior citizen and can enjoy the exemption of Rs. 250000/-
srishty mittal
(Entrepreneur- Manufacturing Sector)
(78 Points)
Replied 30 September 2011
Income tax slabs 2011-2012 for Senior citizen (Aged 60 years but less than 80 years)
| Income tax slab (in Rs.) |
Tax |
|---|---|
| 0 to 2,50,000 |
No tax |
| 2,50,001 to 5,00,000 |
10% |
| 5,00,001 to 8,00,000 |
20% |
| Above 8,00,000 |
30% |
srinivass
(CA Final)
(2466 Points)
Replied 01 October 2011
he is a senior citizen slab rate applicable for his is 0 to 250000...on wards
CA PRAVEEN SINGH
(MANAGER ACCOUNTS)
(2277 Points)
Replied 01 October 2011
An assessee is considered to be senior citizen if he attains the age of 65(now 60 from AY 2012-13) at any tym during the previous year(i.e. Financial Year).......
So, in dis case, basic exemption will be of Rs. 2,50,000
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