Income Tax on Senior Citizen - turned 60 during year

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  1. anil diwan

    anil diwan New Member

    sir my date of birth is 02/09/1954.I become sr cityzen in fin year 2014-15,my first question is thet advace tax is exempted for sr cityzen.other querry is can i submit forn no 15h ,my annual pension and intt on fd will be arround 5 lac.should i submit 15 H,and finaly in the month of april 2015 can i pay tax after self assesment.pls clerify.thanks
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    As you became a senior citizen during the year, therefore you would be treated as Senior Citizen for the whole year.

    The income tax benefits of being a Senior Citizen are as follows:-
    1. Exempted from payment of Advance Tax
    2. Yes, you can submit Form 15H to the Bank for Non-Deduction of TDS on Interest
    3. Yes, you can pay Self Assessment Tax at the end of the year.
  3. anil diwan

    anil diwan New Member

    Thanks Mr Gaurav Kumar.
  4. anil diwan

    anil diwan New Member

    sir,I retired from govt job in sep 2014, I received pf & gratuity. I want to know weather can I show this retiree fund in HUF a/c.Also advise me what type of amt can I show in HUF a/c.
    Thanks & Regards
    Anil Diwan
  5. Amit Sahni

    Amit Sahni Active Member

    This amount has been received by you and would be taxable in your own name and not in HUF name.

    Any income which arises to the whole family would be taxed in the hands of the HUF
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