INSUBCONTINENT EXCLUSIVE:
year 2020-21:A senior citizen is granted a higher exemption limit as compared to non-senior citizens
The exemption limit for the financial year 2020-21 available to a resident senior citizen is Rs
The exemption limit for non-senior citizen is Rs
50,000 in the form of higher exemption limit is available to a resident senior citizen as compared to the normal tax payers.A very senior
citizen is granted a higher exemption limit as compared to others
The exemption limit for the financial year 2020-21 available to a resident very senior citizen is Rs
The exemption limit for a non-senior citizen is Rs
An additional benefit of Rs
2,50,000 in the form of a higher exemption limit is available to a resident very senior citizen as compared to the normal tax payers.The I-T
department added that from the assessment year 2019-20 onwards, a very senior citizen filing his return of income in Form ITR 1/4 can file
his/her return of income in paper
As per section 207?, a senior citizen, not having any income from business or profession, is not liable to pay any advance tax
????????For non-senior citizens, every person whose estimated tax liability for the year is ?10,000 or more, shall pay his tax in advance.
