A senior citizen above the age of 80 years has income from short term capital gains.
Though he is not personally engaged in trading in shares.
But his successors.
Any short term capital gains is subject to tax @ 15%.
so now the senior citizen has to file returns which overrides the announcement in the budget that senior citizen need not file return .
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SENIOR CITIZEN ABOVE THE AGE OF 80 YEARS
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Quick Summary
Finance Bill 2021 not yet approved by Honorable President of India Sir , it is not yet Act , only after approval it will become ACT and Notification form GOVT and will be applicable for F.Y 21-22 A.Y 22-23 .
What is your F.Y and A.Y ?
Obviously I hv mentioned that it overrides the announcement that senior citizen above the age of 80 years need not not file returns . But certainly he has to pay the tax liability.
Returns are filed for correct reflection of tax liability , Tax paid and amount deducted as tds.
Returns are filed for correct reflection of tax liability , Tax paid and amount deducted as tds.
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