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Super senior citizens
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?
Replies (6)
Quick Summary
Please refer the first schedule of relevant finance act
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
upto 500000/- tax is NIL
above 5 and upto 10 lakhs tax is 20%
above 10 lakhs tax is 1 lakh + 30%
plus Cess
Thanks, Rama krishnan. Will you pl tell which year's finance act is to be referred to? If possible, pl copy it here.
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
Refer my today's post where I have attached Finance Bill 2020
Thanks, Ramakrishnan for your helpful reply.
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