ITR Filing Exemption for Senior Citizens: Know who is eligible

ITR Filing Exemption for Senior Citizens: Know who is eligible

As the beginning of new financial year started on April 1, the Income Tax Department has begun the Income Tax Return (ITR) filing season for AY 2025-26. ITR Forms 1 to 7 has already been released by the Central Board of Direct Taxes (CBDT). The taxpayers are eagerly waiting for government to release the utilities which will allow them to file ITRs online.

However, it is not required to file an ITR by every individual. Senior citizens, who are 75 years old or more, are free from filing ITR if they meet certain conditions according to Sec 194P of the Income Tax Act, 1961.

As per the rules, a senior citizen is someone who is 60 years or older but below 80. Those people who are 80 or above are considered as super citizens.

These are the conditions required to be fulfilled by the individuals who are 75 years old or above to stay free from filling an ITR:

• They must be a resident in India during the previous financial year.
• The source of income should be only pension and interest income for that person. And the interest should be received from the same bank as the pension.
• A declaration should be given to the bank, after that the bank will calculate the total tax to be paid.
• A government approved bank will deduct TDS after checking all the tax benefits and deductions.

Once the correct amount is deducted by the bank, the senior citizens are not required to file an ITR.

This rule was introduced to make the process of tax filing more easily for elderly individual, mainly pensioners who have simple sources of income. It saves them from trouble of filing the returns every single year and also reduces the paperwork. Many senior citizens are benefiting from this rule.