SENIOR CITIZEN ABOVE THE AGE OF 80 YEARS

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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 .
Replies (2)

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.


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