About availing exemption limits
This query is : Resolved
07 February 2013
if i born in 18/10/1932 then can avail the exemption for very senior citizen for a.y 2013-14
07 February 2013
Yes. You can claim the exemption for being an individual who is of the age of eighty years or more. The above age is seen at any time during the financial year.
So, Income Tax Slab applicable on you is :-
Where the TI doesn't exceed Rs. 500000/-= NIL;
Where TI exceeds Rs. 500000/- but does not exceeds Rs. 1000000/- = 20% on the TI above Rs. 500000/-;
Where TI exceeds Rs. 1000000/- = Rs. 1000000 + 30% on TI above Rs. 1000000/-.
So, Income Tax Slab applicable on you is :-
Where the TI doesn't exceed Rs. 500000/-= NIL;
Where TI exceeds Rs. 500000/- but does not exceeds Rs. 1000000/- = 20% on the TI above Rs. 500000/-;
Where TI exceeds Rs. 1000000/- = Rs. 1000000 + 30% on TI above Rs. 1000000/-.
07 February 2013
I agree with Hitendra. The threshold age should be attained at any time during the previous year relevant to the assessment year for which you are computing the income.
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