I am a male. I retired from gainful employment 12 years ago on 30 April 2000 and thereafter my source of income comprises of interest on fixed deposits and dividend on shares.
My official date of birth is 25 March 1953.
On 31 March 2013, I shall be 60 and eligible for tax free income up to 2,50,000 as applicable to be Senior Citizens.
As of today, I am under 60 and eligible for tax free income up to 1,80,000 as applicable to other males.
For the FY 2012-13 (AY 2013-14) what would be my status? Below 60 or above 60?
As tax liability is ascertained for an Assessment Year and as I shall be 60+ on 1.4.2013 (the beginning of AY 2013-14) will I be treated as a Senior Citizen for eligibility of tax free income up to 2,50,000 ?
Is there any clarification from the CBDT or any Court Judgment on the subject?
Thank you in anticipation of complete answer.
CAclubindia
