ITR Filing 2025: The Income Tax Return is an important process. For the financial year 2024-25, some senior citizens have been exempted from filing income tax returns. You must be surprised to think. It is very important to know for which senior citizens this exemption is available. You will be surprised to know what is very important for you. Therefore, first, you can know some important conditions.
Know which senior citizens will get an exemption.
If someone is 75 years of age or older, then an exemption from the income tax return can be given, which will prove to be like a gift. If you have been a resident last year, then you can get an exemption from ITR filing. This is only for those people whose income will be limited to a pension and interest received from the same bank.
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The condition in this is that the income source of the senior citizen, exempted from ITR filing, must be a pension only. Along with this, interest income must also be from the same bank. In which pension is given? In this, if the income source is different from this, then it will be necessary to file the return.
If senior citizens want to avail an exemption, they will have to fill out a declaration form at the concerned bank. It must contain information related to their income and tax deductions. Then the bank will calculate the tax and deduct TDS on their behalf.
Who will be responsible?e
Do you know that only those banks authorised for this process that have been identified 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 require filing a separate return. According to the law, people aged between 60 and 79 years are called senior citizens.