5 Things To Know About Filing ITR

Outlook Money

Tax Exemptions

Senior citizens aged 60 and above get tax exemptions up to Rs 3 lakh, and super senior citizens aged 80 and above get up to Rs 5 lakh.

Tax Exemption Limit

Show All Incomes In ITR

Any failure to disclose incomes during a financial year can result in under-reporting and attract scrutiny and penalties.



Seniors can claim deductions up to Rs 1.5 lakh for investments and interest income under section 80C of the Income Tax Act 1961.

Section 194P

It provides relief to seniors aged 75 and older under Section 194P However, those eligible for a tax refund must still file an ITR return.

Section 87A

Section 87A of the I-T Act offers a tax rebate to individuals with income below Rs 5 lakh, up to Rs 25,000 in the new tax regime.

Compiled By Himani Verma

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