Sr Citizen under IT Act

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  1. AKD

    AKD Member

    At present any person who attends 60 years on any day during a financial year is considered a sr citizen for assessment of his tax for the following assessment year.
    What was the provision of law in this regard for AY 2010-11?
  2. manohar agarwal

    manohar agarwal New Member

    What about Sr. citizens having income fro business? Main problem is how to estimate income from business where the sales are totally dependent on export orders and are not spread over the years equally. how to pay advance tax on due dates and avoid panel interest?
  3. Parul_Gupta

    Parul_Gupta Active Member

    Advance Tax is to be paid on the estimated income.

    Tax on the difference between estimated and actual income can be paid at year end with 1% interest per month.
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