ITR Filing 2025: The aim of this initiative of the government is to make tax compliance easier for senior citizens. Let us know under what circumstances this exemption is available, which form has to be filled and who will not get the benefit of this.
Nowadays most of the people are busy filing their Income Tax Return (ITR). Because if the return is not filed before the deadline, then a penalty has to be paid. But do you know that if your age is 75 years or more, then you may get exemption from filing the return. Let us tell you that this exemption is not for everyone, for this it is necessary to fulfill some special conditions.
The aim of this initiative of the government is to make tax compliance easier for senior citizens. Let us know under what circumstances this exemption is available, which form has to be filled and who will not get the benefit of this.
Who can avail exemption from ITR filing?
This exemption is available only to such senior citizens:
- Whose age is 75 years or more in the assessment year 2025-26.
- Who are residents of India.
- Whose source of income is only pension and interest from the same bank.
That is, if your income comes from any source other than pension, such as rent, profit from shares, capital gains or income from business, then you will not get this exemption. Apart from this, if you get pension and interest from two different banks or interest is being deposited in more than one bank account, then also it will be mandatory for you to file ITR.
What needs to be done to get exemption from ITR?
If you fulfill all the conditions mentioned above, then you do not need to file a return with the Income Tax Department. You just have to fill Form 12BBA and submit it to your bank. This form authorizes the bank to assess your total annual income, calculate your tax taking into account tax deductions (such as Section 80C, 80D etc.) and tax credits (such as 87A) and deduct TDS accordingly and deposit it to the government.
The bank will calculate your total taxable income. This will include exemptions under sections 80C, 80D etc. and tax credit under section 87A. The bank will complete the TDS process. If the bank has deposited the tax correctly, you will not need to file ITR.
You will not get this exemption in these circumstances?
- If your pension and interest amount comes from different banks.
- If you have rent, capital gains, business income or any other source of additional income.
- If interest is deposited in more than one bank account.
- In such a situation, you will not get the benefit of this relief and will have to file ITR under the normal procedure.
Why is this exemption necessary for senior citizens?
Filing tax returns is often a difficult process for the elderly. It is not easy for them to understand and follow things like the online system, rules for filling forms, deductions and tax calculations properly. That is why this law has been brought.
The government’s objective behind introducing this rule is that senior citizens whose income is limited, regular and clear, do not have to depend on tax consultants and do not have to face problems related to tax compliance.
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