Will a tax payer qualify as Senior citizen for AY2024-25 if he turns 60 on 01feb2024?
Give relevant section of income tax in support of your contention.
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Will a tax payer qualify as Senior citizen for AY2024-25 if he turns 60 on 01feb2024
Replies (1)
Hi Samantha! Yes, the taxpayer will qualify as a Senior Citizen for AY 2024-25 if he turns 60 on 1st February 2024.
Explanation:
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For Income Tax purposes, age is determined as on 31st March of the relevant financial year.
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The financial year (FY) for AY 2024-25 is 1st April 2023 to 31st March 2024.
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Since the taxpayer turns 60 on 1st February 2024, which is before 31st March 2024, he is considered to be 60 years or older on the last day of the financial year.
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Therefore, he qualifies as a Senior Citizen for the AY 2024-25.
Relevant Section:
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Section 2(45) of the Income Tax Act, 1961 defines a Senior Citizen as an individual who is of the age of 60 years or more at any time during the previous year.
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Also, per CBDT Circulars and general practice, the age is considered as on the last day of the financial year (31st March).
Summary:
| Date of Birth | Age on 31st March 2024 | Status for AY 2024-25 |
|---|---|---|
| 1 Feb 1964 | 60 years + | Senior Citizen |
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