ITR Filing 2025: Many senior citizens have been exempted from filing income tax returns for the financial year 2024-25. Know who this exemption is for and what are the conditions for it.
1. Which senior citizens will get exemption?
If you are 75 years or more in age and you have been a resident in the last year, then you can get exemption from filing ITR. This exemption is only for those people whose income is limited to pension and interest received from the same bank.
2. Condition based on pension and interest income
To get exemption from ITR filing, the source of income of the senior citizen should be pension only. Also, the interest income should also be from the same bank in which the pension comes. If the source of income is different from this, then filing the return will be mandatory.
3. It is necessary to submit a declaration form in the bank
Senior citizens who want to get exemption from ITR, have to submit a declaration form in the concerned bank. This will contain information related to their income and tax deduction. After this, the bank will calculate the tax and deduct TDS on their behalf.
4. Banks will be responsible
Only those banks are authorized for this process, which have been notified by the Central Government. These banks will deduct TDS on the income of senior citizens by keeping in mind the deductions available under Section VI-A and Section 87A. This will eliminate the need to file separate returns.
5. Difference between Senior and Super Senior Citizen
According to the Income Tax Act, those aged between 60 and 79 years are called senior citizens. Whereas, those aged 80 years and above are called super senior citizens. The exemption under section 194P is applicable only for those aged 75 years and above.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
Add businessleague.in as a Preferred Source
