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Super senior citizens

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39 Points Posted on 02 February 2020
Which Section of the IT Act defines a senior citizen above 80 years as super senior citizen and which section allows them tax exemption up to ₹5 lakh?
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On 02 February 2020 at 21:42 Report
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12244 Points Posted on 02 February 2020
Please refer the first schedule of relevant finance act
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On 02 February 2020 at 23:40
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17264 Points Posted on 03 February 2020
In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,—

upto 500000/- tax is NIL
above 5 and upto 10 lakhs tax is 20%
above 10 lakhs tax is 1 lakh + 30%
plus Cess
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On 03 February 2020 at 00:52
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39 Points Posted on 03 February 2020
Thanks, Rama krishnan. Will you pl tell which year's finance act is to be referred to? If possible, pl copy it here.
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On 03 February 2020 at 11:57
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INCOME TAX OFFICER
1736 Points Posted on 03 February 2020

You have to refer the finance act pertaining to the relevant assessment year . I don't have the current finance act. Hence I'm attaching here the finance act of 2015.  there's no difference in the definition of super senior citizens in finance act 2015 and current finance act. Please refer page no 9 of the finance act in respect of your query

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On 03 February 2020 at 12:18
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17264 Points Posted on 03 February 2020
Refer my today's post where I have attached Finance Bill 2020
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On 03 February 2020 at 13:47
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39 Points Posted on 03 February 2020
Thanks, Ramakrishnan for your helpful reply.
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On 03 February 2020 at 19:30


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