• Notification Date: 16-02-2024
• Notification No: N/A

Income-Tax Forms: A Note for Senior Citizens

The income-tax (I-T) department notifies specific income-tax return (ITR) forms for availing the tax filing and seeking eligible tax exemption benefits. 

In the case of seniors, there are various ITR forms they are required to be aware of when filing income tax.

Exemption from Filing ITR:

As per Section 194P of the Income-Tax Act (ITA), 1961, a senior citizen of 75 years or more having only pension income and no other income subject to the exception of interest income from a specified bank account could opt not to file the ITR. Such a senior citizen is likely to submit the declaration in Form 12BBA to the specified bank where he receives the pension and interest income. As a senior citizen submits the form, the bank deducts the income tax, which is computed based on the information given in the form.

Form 15H to Request Banks to Not Deduct the TDS:

Many times, the banks deduct the tax-deducted at source (TDS) in case the interest earned by a senior citizen individual is more than the applicable limit of Rs 50,000 during the financial year. However, senior citizens can instruct their banks not to deduct the TDS, provided their income is below the taxable limit. These senior citizens can submit Form 15H to their banks to instruct them not to deduct TDS. Meanwhile,  senior citizens falling in the taxable category are not liable to submit the Form 15H to the bank.

Suitable ITR Form for Filing of Income Taxes:

There are ITR forms are applicable for filing taxes for senior citizens as per their income category. For example, pensioners with incomes less than Rs 50 lakh in the relevant financial year can file taxes through Sahaj, that is, ITR-1. Similarly, pensioners with income from owned property or other sources or capital gains are required to file ITR-2. Also, pensioners having income from business or professions are mandated to file ITR-3 or ITR-4.

Some Other Forms for ITR Filing:

Senior citizens who get a salary income in the form of a pension are entitled to get Form 16 from the employer. This Form 16 comprises a bifurcation of their salary structure along with the TDS detail for the relevant financial year. Senior citizens can get all the TDS information in a statement referred to as Form 26AS and use it to verify the TDS deducted from their income.

In case an individual is facing or having difficulty in filing taxes, they can consult their professional tax advisor and gain clarity through proper tax-related solutions.