if a person retire in january 2021. he take senior citizens benefit in slab in Assessment year 2021-22 or not
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Quick Summary
This discussion clarifies eligibility for senior citizen tax benefits for those retiring in January 2021, specifically for Assessment Year 2021-22. An individual is considered a senior citizen if they are 60 or older during the previous year. While a rebate of up to £12,500 is available for incomes up to £500,000, the senior citizen slab benefit is most advantageous for those with a net income exceeding £500,000.
As per Income Tax Act 1961, an individual is treated as senior citizen once he attains the age of 60 years or more during the previous year. in your case if assessee attains the 60 then he is eligible for slab benefit but anyway there is rebate of tax up to Rs.12,500 on net income of Rs.5,00,000. if his net income is more than 5,00,000 then this slab benefit is useful.