How to calculate age- for tax exemption as senior citizen

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 March 2015 If, an individual completes his 60th year, in financial year 2014-2015(in December-2014), then :

Que. 1: Can he avail the benifit of being senior citizen for financial year 2014-2015 ?

QUE.2: What will be the exemption limit for him , for financial year 2014-2015?

QUE.3: IF, his total income -tax payable is more than 10,000 for financial year 2014-2015 , then will he have to pay it as Advance tax ?
Because senior citizen is not required to pay advance tax. But , as he has attained 60 years of age in current financial year itself, can he avail such beifit of not paying advance tax ?

Que.4: IF, he has not paid any installments of 15th september, or 15th december, or 15th March, then what should he do , to face less problems in future about his I.Tax matters?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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24 March 2015 Q. no. 1. Yes if he has completed his 60th year in December 2014 i.e. FY 2014-15 than he can claim the benefit of being senior citizen for AY 2015-16.

Q no 2. For AY 2015-16 exemption limit for senior citizen is Rs. 3 lakh.

Q no 3. He will be absolved from paying advance tax for FY 14-15 on the basis of being senior citizen only he has also does not have income from business or profession in addition of being a senior citizen.

Q. no. 4 He will have to pay with interest u/s 234B and 234C.

Rupesh Jain

Rupesh Jain (Expert)
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24 March 2015 1. yes he can claim senior citizen benefit.
2. yes he can clim rs. 3.00 lcas benefit.

3. if he have business income then he have to deposit the advance tax.
4. he have to pay advance tax then he is liable to pay intt 234B, 234C

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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24 March 2015 1. yes
2.yes -3 lkahs available
3.no advance tax applicable as he is senior citizen and have no business income

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