Tax return for senior citizen

Tax queries 2321 views 4 replies

kaushal

25 Points Joined March 2012

Hi TaxGuru,
I have to file IT return for this year. Below is my details:-
- I am salaried individual
- DOB is 07-03-1952, and accordingly I will attained age of 60 years on 07-03-2012.
- Will retire on 31st March,2012.
-Income from Salary is 6 L for current FY.
-Income received from arrears ( Due to implementation of 6th Pay commission) is 2.2L.

Please suggest whether I will get the benefit of senior citizen i.e. tax exemption of 2.5L in stead of 1.8L? How the tax will be calculated in the above scenario?

Thanks
Kaushal

Replies (4)

Mihir

Wealth Manager

5293 Points Joined December 2008

You will be filing your returns for the AY 2012-13, which is FY 2011-12, and since you will turn 60 before the end of March 2012, I think you will enter the category of senior citizen and avail higher tax exemption.

student

WORKING

757 Points Joined April 2007

as per income tax act

Since u hv attainedthe age of 60 years during the py 2011-12 t4 u will get the benefir of 2.5 lac slab rate

student

WORKING

757 Points Joined April 2007

But u r reqd to file return since ur income exceed s 5 lac

Notification is given below.

SECTION 139 OF THE INCOME-TAX ACT, 1961 - RETURN OF INCOME - EXEMPTION TO SPECIFIED PERSONS FROM REQUIREMENT OF FURNISHING A RETURN OF INCOME UNDER SECTION 139(1) FOR ASSESSMENT YEAR 2012-13

NOTIFICATION NO. 9/2012 [F. NO.225/283/2011-ITA(II)], DATED 17-2-2012

S.O........... (E). - In exercise of the powers conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13, namely:-

1. Class of persons. -An individual whose total income for the relevant assessment year does not exceed five lakh rupees and consists of only income chargeable to income-tax under the following head,-

(A) "Salaries";

(B) "Income from other sources", by way of interest from a saving account in a bank, not exceeding ten thousand rupees.

2. Conditions,- The individual referred to in para 1,-

(i) has reported to his employer his Permanent Account Number (PAN);

(ii) has reported to his employer, the incomes mentioned in sub-para (B) of para 1 and the employer has deducted the tax thereon;

(iii) has received a certificate of tax deduction in Form 16 from his employer which mentions the PAN, details of income and the tax deducted at source and deposited to the credit of the Central Government;

(iv) has discharged his total tax liability for the assessment year through tax deduction at source and its deposit by the employer to the Central Government;

(v) has no claim of refund of taxes due to him for the income of the assessment year, and

(vi) has received salary from only one employer for the assessment year.

3. The exemption from the requirement of furnishing a return of income tax shall not be available where a notice under section 142(1) or section 148 or section 153A or section 153C of the Income-tax Act has been issued for filing a return of income for the relevant assessment year.

4. This notification shall come into force from the date of its publication in the Official Gazette

kaushal

25 Points Joined March 2012

Thanks All for your replies.

Please clarify my doubt about tax on arrears (2.2 L) which I received in current year. This arrear has been recieved due to implementation of 6th Pay commission efective from 2007. How the tax calculation will take place for it? Can I get tax exemption as a senior citizen ?

Regards

Kaushal