SUDHIR & PRADEEP JI (CA FINAL+LLB + DISA) (2299 Points)
29 April 2010in our company an employee has come i the category of senior citizen during a FY
& we have provided him a salary which has crossed the basic exemption limit of an indiviual (not a senior citizen one) as per IT act, but duiring the FY the employee has come in the category of senior citizen then its limit exceeds (it becomes senior citizen on 15th march 2010) now we have to deducted tds on him or not,
Rachit
(Analyst)
(913 Points)
Replied 29 April 2010
A person is to be considered a senior citizen for tax purposes if he is of the age of 65 years or more at any time during the previous year.
Since this employee has attained this age limit during the previous year you have to consider the senior citizen limit for TDS
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 29 April 2010
A person is considered as a senior citizen if he has attained the age of 65 years at any time during the previous year. So TDS not deductible.
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 29 April 2010
tds is not deductible bcoz in income tax law there is nothing written about the time so if individual become the senior citizen on any day of the previous year even on 31st march then we have to considered it as senior citizen and tds provision is applicable accordingly
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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