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Standard Deduction

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  • March 12, 2012 at 4:10 pm #67238
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    One of my colleague retired on october last year and now he is a senior citizen. What will be the amount of his standard deduction? Will be Rs. 1,80,000 or 2,50,000?

    March 13, 2012 at 3:59 am #71579
    unknown
    Participant

    Dear friend,
    So far as I Know he will get S.D. Rs. 250000/-. Because he will submits all Pensionery benefits as such as R.Gratuity, c.V.P, Final payment of P.F. and also pension which he has earn after retirement. But my question when he retired after at the age of 58 yrs. or 60 yrs. If after 60 yrs. he will get. At the end of the year, he will submits his I T. R.
    as a Senior Citizen.Now waiting for Expert opinion.

    March 13, 2012 at 4:22 am #71580
    unknown
    Participant

    As per Income Tax Act, the rate of Income Tax, in the case of every individual, being a resident in India, who is of the age of sixty-five years or more at any time during the previous year, Where the total income does not exceed Rs.2,50,000 is NIL.
    Now in Govt. of WB, the retirement age being 60 years (which is less than 65) the rate of income tax will be NIL for income less than 1,80,000/-
    I may be wrong, so please verify with authentic source.

    March 13, 2012 at 4:24 am #71581
    unknown
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    He retired at the age of 60 years and I also think the same as you Mr. Pal. Have little confusion as he did not cover the whole financial year as senior citizen.

    March 14, 2012 at 2:46 am #71591
    unknown
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    Sir. so far I know Income Tax structure for the F.Y. 2011’12 stated below:-
    Taxable Income for <60 yrs. women:- up to190000/- Tax- nil, 190001/-to 500000/- Tax- 10%, 500001/- to 800000/- Tax-20%, 800001/- to above. Tax 30%.
    Taxable Income for <60 yrs. male:- up to 180000/- Tax- nil, 180001/- to 500000/- Tax- 10%, 500001/- to 800000/-
    Tax- 20%, 800001/- to above. Tax-30%.
    Taxable Income for 60yrs to <80 yrs.(Both sex):- up to 250000/- Tax-nil, 250001/- to 500000/- Tax- 10%, 500001/- to 800000/- Tax- 20%, 800001/- to above. Tax- 30%
    Taxable Income for 80 yrs. on above(Both Sex):- up to 500000/- Tax- nil,500001/- to 800000/- Tax- 20%, 800001/- to above. Tax- 30%.
    At present the definition of Senior Citizen as per I.T.Rule has been changed. Friend som, I have submitted this type of I.T.R. previously with getting Senior Citizenship advantage.No complain arise yet.

    March 14, 2012 at 4:05 am #71593
    unknown
    Participant

    Thanks a lot for your kind information admin and Mr. pal. After reading the whole I am sure the Standard deduction would be 2,50,000/- Now one thing is to be determined, whether my colleague can pay tax as a senior citizen or not. I an little confused as he didnt cover the whole financial year as senior citizen.

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