What is the age criteria for very senior citizens under Income Tax Act of India?
This post explains about the term Very Senior Citizen under Income Tax Rules of India.
Who is eligible to claim Income Tax exemption under the term very Senior Citizen? What is the age limit to become a very senior citizen in India under Income Tax rules?
Any Indian resident citizen whose age is 80 years or above at any time during the respective year falls under the term very Senior Citizen under Income Tax Rules.
Let us explain with simple examples to make you easily understand about very Senior Citizen under Income Tax Act in India below:
Example 01:
Mr. Aditya, a resident of India attained the age of 80 years during the financial year 2016-17. Will he qualify as very Senior Citizen under Income Tax rules for the financial year 2016-17?
Yes, since Mr. Aditya is a resident and he attained the age of 80 years during the year 2016-17, he will be treated as a very senior citizen under the Income-tax Law for the financial year 2016-17.
Example 02.
Mr. Arjun, an India now 80 years residing in Dubai during this financial year 2016-17. Will he fall under the definition of very Senior Citizen under Income Tax Rules of India?
The answer is no. Because, as per Income Tax Rules, an Indian citizen who attains the age of 80 years must be a resident of India.
Hope, the above information clearly explains about very Senior Citizen under Income Tax Act of India.
The above information explains about the term VERY SENIOR CITIZEN under Income Tax Rules of India. Share below your thoughts about very Senior Citizen under Income Tax Act of India.
Who is a senior citizen under Income Tax rules India?
Financial Year under Income Tax rules
Assessment year as per Income Tax rules in India
Income Tax Slabs in India for the year 2016-17
Income Tax Slab for Individuals for the year 2016-17
Income Tax Slab for India citizens aged above 80 years
Income Tax slab for Senior Citizens for current year
Difference between Senior Citizen and Very Senior Citizen
Difference between Assessment year and Financial year
Information links about Import and Export:
How to export goods from India?
How to get Export Order?
Export benefit schemes in India
How does a Running bond work?
How does Bill of Lading work in DP payment terms?
How does Bill of Lading work in Sight LC
Transferability of Bill of Lading
Transhipment - A redefinition
Triangular shipment
Types of Insurance Documents
How does CENVAT Credit work?
Import General Manifest (IGM)
Importance of Bill of Lading
Is Airway bill a documents of title?
Is Customs House Agents (CHA ) required to be appointed mandatory?
Is DP terms of payment safe in export business?
Is Letter of Credit LC safe for an Importer?
Is ON BOARD CERTIFICATE required for LC negotiation
What is VACIS exam in US import customs clearance
When can an exporter release bill of lading from shipping company?
When does exporter get EP copy of shipping bill after customs clearance
How does CFR term of delivery work in Export Import business
How does comprehensive policy of ECGC work for exporters?
The role of CBEC - Central Board of Excise and Customs in India.
How does a Running bond work?
How does Bill of Lading work in DP payment terms?
How does Bill of Lading work in Sight LC
How does CENVAT Credit work?
Import General Manifest (IGM)
Importance of Bill of Lading
Is Airway bill a documents of title?
Is Customs House Agents (CHA ) required to be appointed mandatory?
Is DP terms of payment safe in export business?
Is Letter of Credit LC safe for an Importer?
Is ON BOARD CERTIFICATE required for LC negotiation
What is VACIS exam in US import customs clearance
When can an exporter release bill of lading from shipping company?
When does exporter get EP copy of shipping bill after customs clearance
How does CFR term of delivery work in Export Import business
How does comprehensive policy of ECGC work for exporters?
The role of CBEC - Central Board of Excise and Customs in India.
The role of Export Inspection Agency in Pre-shipment Inspection & Quality Control
The role of Reserve Bank of India
The Role of the International Chamber of Commerce (ICC)
Negotiation procedures and formalities of export bills
Non receipt of Cargo Arrival Notice, Can importer sue against shipping company
OBJECTIVES OF CUSTOMS CONTROL for EXPORT GOODS
OBL not released OBL not surrendered no telex release
Payment procedures in Triangular exports
Who is Stevedores
Who receives the amount of auctioned / resold imported unclaimed/un-cleared goods?
Why demurrage/detention waiver period is required at destination for import
Why do carriers balance weight and volume while charging freight amount in Exports?
Why does Palletization require?
Why labeling and marking in Export business?
The term FCL. What is FCL means
The term LCL. What does LCL mean?
Tips to exporters on Documentation
How does First Appraisement system of import customs clearance procedures work?
How does Letter of Credit work?
How does STP units work in India?
How does TT (Telegraphic Transfer) work?
How does Wire transfer work in international business?
How is assessable value calculated by customs for imports?
How is IGM filed under high sea sale?
How many of you know the meaning of Exports and Imports in India?
How many types of imports in India. Types of bills of Entry in India
How many types of shipping bills in export
How to add Line number in Import General Manifest in Custom in India
How to amend AWB number in Import General Manifest (IGM)
How to amend BL number in Import General Manifest (IGM)
How to amend consignee (importer) name in Import General Manifest (IGM)
How to amend container number in Import General Manifest IGM
How to amend date of bill of lading in Import General Manifest (IGM) in India
How to amend description of goods in Import General Manifest (IGM)
How to amend measurements in IGM (Import General Manifest) in India
How to amend number of packages in Import General Manifest (IGM)
How to amend quantity of goods in Import General Manifest (IGM)
How to amend shipper name in Import General Manifest (IGM)
How to amend spelling error in IGM. in India
How to avoid delay in receiving OBL Original Bill of Lading?
How to avoid two import DO charges at destination
Transferability of Bill of Lading
Transhipment - A redefinition
Travelers to India under import duty exemption, Frequently Asked Questions Part 2
Triangular export
Types of Insurance Documents.
What is LC Letter of Credit in export import business
What is legalization of documents by embassy?
What is LET EXPORT order in export trade?
How to book empty container for factory/CFS/ICD/port stuffing