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Income tax slab for senior citizens
in General Discussions
Why one is considered senior citizen from the age of 65 in the eyes of Income Tax Department.Form 15 H is applicable for those whose age is prior to 31-03-1947 and on those born after that 15 G is applicable.While anyone who attains the age of 60 years are eligible for getting higher interest rates on fixed deposits i.e, senior citizen's rates are applicable on them.
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    because my dear every one knows that senior after 60 turns old and very weak too . its a time of retirement age so where is the chance of earning in loads.and indians respect old people also i guess
    http://galsbeautytips.blogspot.in/
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    Income tax dept. has decrease the senior citizen age from 65 years to 60 years from this year onward. As you said now the senior citizens who attain the age of 60 years are supposed to submit Form 15H but banks are asking to submit Form 15G because of the circular from RBI.
    The reason may be because this is the first year the age has been reduced to 60 years so the banks and other authority needs to change their software which may need time. So, may be from next year senior citizens will submit Form 15H when they will attain 60 years of age.
    Thank you said by: mukesh ranjan
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    Age of senior citizens for bank interest and railway concession is sixty years. But this is sixty five years for incometax slab.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    Age of senior citizens for bank interest and railway concession is sixty years. But this is sixty five years for incometax slab.


    Gulshanji, Income tax slab for senior citizens has been reduced to 60 years from 65 years from the current financial year i.e., 2011-2012.

    Here's the link:

    http://financeminister.in/latest-india-income-tax-slabs
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    It is the Indian culture to respect and give consideration to old people.That is why they are privileged.
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    The anomaly in age difference for senior citizens by income tax dept and Banks has been rectified from this year. One new category of "Very senior citizen" who are above 80 years has been created.I think the 15H will be applicable to these"very senior citizen" people and 15G will be applicable to "senior citizen" people who are above 60 years for the TDS purpose.
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    Income Tax law recognizes as senior persons only persons of 65 years and above. Those aged 80 and above are very senior citizens and still higher slab will apply to them.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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    Income Tax law recognizes as senior persons only persons of 65 years and above. Those aged 80 and above are very senior citizens and still higher slab will apply to them.


    But Gulshanji, the age has been decreased to 60years from 65 years for senior citizens,from this financial year in the recent Budget.I have given a link in above post, which clearly mention the same.And in Banks also they are recognizing the new slab for senior citizens. I don't know if the link provided is giving wrong information.As, I remember that Mr. Pranab Mukerjee also said the same thing which is mentioned in that link.The age has been reduced to 60 years.
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    Gulshanji, you are right in the sense that for the F.Y. 2010-2011 and A.Y. 2011-2012, senior citizen's age is still 65 years. Now, the people who are filing their return is for the assessment year(A.Y.) 2011-2012 and F.Y.2010-2011 whose last date is July 31 2011,which get extended till Sep 2011.

    But, for A.Y. 2012-2013 and F.Y. 2011-2012 the age for senior citizen is reduced to 60 years from 65 years. The Financial Year 2011-2012 has been started from this April 1,2011, and whose return will be filed in the next year i.e., A.Y. 2012-2013.

    Here's another link from Income Tax official website "Tax Calculator":

    http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx
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    Thank you for the latest update.

    G. K. Ajmani Tax consultant
    http://gkajmani-mystraythoughts.blogspot.com/

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