ITR Filing: Selection of ITR form for senior citizens depends on their source of income and total income. The Income Tax Department has made different forms for many types of income, which they can choose according to their position. Let us tell you, for senior citizens above the age of 60 years and 80 years, many concessions and different provisions have been given in the Income Tax Department. But it is very important for you to select the right ITR form so that they can tell their income properly and also take advantage of tax exemption.
Rebate for senior citizens?
Senior citizens are given a discount of up to Rs 3,00,000, while a high limit of Rs 5,00,000 is available for more senior citizens (people above 80 years). The exemption limit for non-preventive citizens is limited to Rs 2,50,000.
Can they avoid filing their returns?
Let us tell you that senior citizens of more than 75 years, whose only source of income is pension and interest, is exempted from filing income tax returns in the same bank. But you have to pay attention to it that first you have to complete a declaration through Form 12BBA and submit it to a specific bank. Only when they complete it, they can get out of filing their income tax returns.
What form to use
Many people will be able to use it ITR-1 (also known as Sajaj), they will be able to use it, which is for residents with a total income of less than Rs 50 lakh from salary, rental income, pension and other sources. It can not be used by any senior citizen who is also a director in a company or keeps equity shares at any time during the last year. Along with this, people whose property is outside India or who earn income from the sources outside the country, cannot use this form.