SENIOR CITIZEN ABOVE THE AGE OF 80 YEARS

This discussion clarifies tax obligations for senior citizens over 80 who have short-term capital gains, even if they don't trade shares themselves. Despite budget announcements suggesting seniors may not need to file returns, the 15% tax on short-term capital gains still applies. The Finance Bill 2021 needs presidential approval to become an Act and will be applicable from FY 21-22. Therefore, individuals in this situation will likely need to file returns to correctly reflect their tax liability.