Senior citizens benefit assessment year

191 views 3 replies
if a person retire in january 2021. he take senior citizens benefit in slab in Assessment year 2021-22 or not
Replies (3)
As per Income Tax Act 1961, an individual is treated as senior citizen once he attains the age of 60 years or more during the previous year. in your case if assessee attains the 60 then he is eligible for slab benefit but anyway there is rebate of tax up to Rs.12,500 on net income of Rs.5,00,000. if his net income is more than 5,00,000 then this slab benefit is useful.
Yes he is a senior citizen hor ay 21-22. but this would benefit only if his income is more than 5 lacs.
Yes he can take benefit


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register