Tax calculation in regarding very senior citizen

This query is : Resolved

Vivek Kumar Verma (Querist)
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17 September 2013 A person who is born on 01/04/1933 and having pension income of Rs. 350000/- in FY 2012-13.

whether his income is exempt under the Income tax slab of AY 2013-14 and secondly whether he is a very senior citizen?

CA Parul Saxena

CA Parul Saxena (Expert)
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17 September 2013 yes income exempted and come under the category of very senior citizen but for the financial year 2013-14 as on 01.04.13 he has attained the age of 80 years.
But for the financial year 2012-13 his income is taxable as during that year he was not under the category of very senior citizen.

Rupesh Jain

Rupesh Jain (Expert)
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17 September 2013 yes he/she is super senior citizen and get upto rs. 500000/- is nil tax

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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17 September 2013 Assesseee is not a very senior citizen as on 31-3-2013. So his basic exemption limit is Rs.2,50,000 only and tax is applicable.

for clarification click on the below link

http://finotax.com/itax/itslabs-curr.htm

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