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Slab rate for Senior Citizen...

Siddharth (s) (87 Points)

29 September 2010

What will be the slab rate applicable to a Male individual if he has attained Age of 65yrs

a) on 1st April of P.Yr ?
b) Any time during P.Yr. ?
c) on 31st March of P.yr. ?

What will be the slab rate if it would be an individual Female... ?

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11 Replies

k n v v s k sri kanth ( ) (564 Points)
Replied 29 September 2010

Well i say at all the cases the individual should be treated as a senior citizen and the slab rates are for F.Y.2010-11:

New Income Tax Slabs/Rates for Resident Senior Citizens (FY 2010-11):
Up to Rs 2,40,000-----------------> No tax / exempt
2,40,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,000-------------> 20%
Above 8,00,000-------------------> 30%

Note: Slab rates remains same for both men and woman..........

(here date of birth arrives at 31/3/2010 suppose, then he has already attained his age of 65 on previous day i.e., 30/3/2010 so he is in 66th year running on 31/3/2010. So, he is a senior citizen acc. to I.T.ACT)

Regards

Harpreet (* * * * * *) (1670 Points)
Replied 29 September 2010

Agreed with above reply

1 Like

MudraMantri (Wantapreneur) (491 Points)
Replied 29 September 2010

Senior citizen means the person who has attained the age of 65 years at any time during the PY and includes a person who is above the age of 65 years. Further the act does not make any diff between a senior women and a senior men, therefore the taxable limit will be same for both of them which is 2,40,000 Rs for py 2009-10

sachin kakkar (CA) (188 Points)
Replied 29 September 2010

Santosh (Student ( Final Year - New )) (348 Points)
Replied 29 September 2010

Originally posted by : k n v v s k sri kanth
	Well i say at all the cases the individual should be treated as a senior citizen and the slab rates are for F.Y.2010-11: New Income Tax Slabs/Rates for Resident Senior Citizens (FY 2010-11): Up to Rs 2,40,000-----------------> No tax / exempt 2,40,001 to 5,00,000-------------> 10% 5,00,001 to 8,00,000-------------> 20% Above 8,00,000-------------------> 30% Note: Slab rates remains same for both men and woman.......... (here date of birth arrives at 31/3/2010 suppose, then he has already attained his age of 65 on previous day i.e., 30/3/2010 so he is in 66th year running on 31/3/2010. So, he is a senior citizen acc. to I.T.ACT) Regards

1 Like

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 29 September 2010

In UR All Cases Senior Citizen Slab is Applicable

NITIN BHATIA (CA FINAL) (188 Points)
Replied 29 September 2010

karan challani (article) (82 Points)
Replied 29 September 2010

i agree with k n v v s k sri kanth...

1 Like

shruti (job) (127 Points)
Replied 29 September 2010

pl adv for women below 65 yrs.

k n v v s k sri kanth ( ) (564 Points)
Replied 29 September 2010

Originally posted by : shruti
	pl adv for women below 65 yrs.

New Income Tax Slabs/Rates for Resident Women (below the age of 65 years) (FY 2010-11):
Up to Rs 1,90,000-----------------> No tax / exempt
1,90,001 to 5,00,000-------------> 10%
5,00,001 to 8,00,00--------------> 20%
Above 8,00,000------------------> 30%

New Income Tax Slabs/Rates for Others & Men (FY 2010-11):
Up to Rs 1,60,000 ------------------> No tax / exempt
1,60,001 to 5,00,000---------------> 10%
5,00,001 to 8,00,000--------------> 20%
Above 8,00,000--------------------> 30%