Retired in Feb 2017, would I be considered be considered in Senior citizen tab or normal.

Forums Retirement Benefits Retired in Feb 2017, would I be considered be considered in Senior citizen tab or normal.

Retired in Feb 2017, would I be considered be considered in Senior citizen tab or normal.

Hi, I have a query regarding someone who retired in the month of Feb. What would be the slab for tax calculation of such person. Would he fall in senior citizen category or normal. Also would there be a different way of tax calculation of such person. Kindly guide

Profile photo of Tulika Baranwal Asked By: Tulika 1 replies 0 helpful answers Last Updated: 4 months ago
  • Profile photo of Tulika BaranwalTulika
    Participant

    Hi, I have a query regarding someone who retired in the month of Feb. What would be the slab for tax calculation of such person. Would he fall in senior citizen category or normal. Also would there be a different way of tax calculation of such person. Kindly guide

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Person is called as senior citizen if has reached the age of 60 years on any day during the financial year. So if you are of 60 years age then you can claim yourself as senior citizen.

    The method of tax calculation is same for senior citizens as well except that they get an higher exemption of Rs. 3 lakh in place of  2.5 lakh. But remember that if you have received some retirement benefits such as Leave encashment, Superannuation or provident fund distributions or Gratuity Payment, etc. you can claim them exempt up to a certain extent.

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