- Male/Female Individual below 60 years of age, and HUF (Hindu undivided Family)
- All individuals over 60 years of age but under 80 years (Senior citizen)
- All individuals over 80 years of age (Super Senior citizen)
Category A:
- Gender: Male /Female
- Age: Under 60 years for the current financial year. (How to compute age for tax purpose)
- Date of birth: If you are born on or after 01st April 1955
Category B: (Senior Citizen)
- Gender: Male/Female
- Age: Over 60 years, but less than 80 years for the current financial year. (How to compute age for tax purpose)
- Date of birth: If you are born between 01st April 1935 – 31st March 1955 both dates included
Category C: (Super Senior citizen)
- Gender: Male/Female
- Age: Over 80 years for the current financial year. (How to compute age for tax purpose)
- Date of birth: If you are born on 31st March 1935 or earlier
A rebate of Rs 2000 will be available for individuals with income less than Rs 5 lakhs u/s 87A
How to compute age for tax purposes:
If you attain the age of 60 years (senior citizen) or 80 years (super senior citizen) during this financial year, your age will be regarded as 60 years/ 80 years as the case maybe. Let us look at this with the help of two examples
Mr. Amit Shah, and his wife Mrs. Disha Shah, both need to file their tax returns for this financial year. Mr. Shah’s date of birth (D.O.B) is 02nd February 1955, while Mrs. Shah’s date of birth is 14th July 1955. As per Income tax guidelines, we need to calculate ages of all tax payers, as on 31st March on that financial year to determine their age for tax computation purposes.
Current Financial Year is 01st April 2014 – 31st March 2015
Let’s look at Mr. Amit Shah’s age, since his D.O.B is 02/02/1955, he will be 60 years old on 02/02/2015. This means that he will attain the age of 60 years within this financial year. Hence Mr. Amit Shah, can avail the benefits of Senior Citizen Income Tax slab.
Now let’s look at Mrs. Disha Shah’s age. Her D.O.B is 14/07/1955. Hence she will be 60 years old on 14/07/2015. This means that when this financial years ends (i.e on 31st March 2015) Mrs. Shah’s age will be under 60 years. Hence as per Income tax guidelines, for this financial year Mrs. Disha Shah will have to file tax as per Category A guidelines, as individual under 60 years.
Other Details :
- There is a surcharge of 10 per cent on persons whose taxable income exceed Rs. 1 crore per year
- Surcharges computed on the income tax payable consists of; Education Cess of 2% & Secondary and higher Education Cess of 1%. Together these are also commonly referred to as Education Cess of 3%
Credit : Incometaxslabsdotin