RATES OF INCOME TAX FOR SENIOR CITIZENS

This query is : Resolved

P.S.VISHWANATHAN

P.S.VISHWANATHAN (Querist)
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19 November 2009 AN INDIVIDUAL AT THE START OF THE FINANCIAL YEAR HAS NOT COMPLETED 65 YEARS.
IN THE EVENT HE COMPLETES 65 YEARS DURING THE COURSE OF THE YEAR IS HE ENTITLED TO INCOME TAX BENEFITS FOR THAT YEAR?

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)
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19 November 2009 Yes. A person who is 65 years or more at any time during the previous year will be considered as senior citizen.

Ghanshyam T Jha

Ghanshyam T Jha (Expert)
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19 November 2009 Yes, he is entitled for Income tax benefit for that year, as per paragraph A of part III of First Schedule of Finance Act is clearly stating that in case of every individual, being a resident in India, who is of the age of sixty five years or more at any time tuding the previous year.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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19 November 2009 yes

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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19 November 2009 yes, in I.T. Act, provision for senior citizen - A person who is 65 years or more at any time of financial year is called senior citizen.

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