The CBDT has, clarified that a person born or has birth on 1st April would be considered to have attained a particular age on 31st March, the day preceding the anniversary of his birthday.
Therefore, a resident individual whose 60th birthday falls on 1st April, 2024, would be treated
as having attained the age of 60 years in the P.Y.2023-24, and would be eligible for higher basic
exemption limit of ₹ 3 lakh in computing his tax liability for A.Y.2024-25. Likewise, a resident
individual whose 80th birthday falls on 1st April, 2024, would be treated as having attained the
age of 80 years in the P.Y.2023-24, and would be eligible for higher basic exemption limit of ₹ 5
lakh in computing his tax liability for A.Y.2024-25.
– MARGINAL RELIEF concept
Marginal relief is available in case of such persons having a total income exceeding Rs 50
lakh/1 crore/2 crore/5 crore/10 crore i.e., the total amount of income-tax payable (together
with surcharge) on such income should not exceed the amount of income-tax payable on total
income of Rs 50 lakh/1 crore/2 crore/5 crore/10 crore by more than the amount of income that
exceeds Rs 50 lakh/1 crore/2 crore/5 crore/10 crore.
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