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Senior citizens benefit assessment year

anupam dwivedi (21 Points)

18 May 2021

if a person retire in january 2021. he take senior citizens benefit in slab in Assessment year 2021-22 or not

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Sivaramaraju G (Learner) (2398 Points)
Replied 18 May 2021

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.

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veerendar singh (tax consultant) (3301 Points)
Replied 18 May 2021

Yes he is a senior citizen hor ay 21-22. but this would benefit only if his income is more than 5 lacs.

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 18 May 2021

Yes he can take benefit

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