Outlook Money
The income tax department provides specific ITR forms to file tax returns and seek applicable tax exemptions.
Under 194P of the Income Tax Act, senior citizens age 75 and above with only a pension income can opt not to file an ITR.
Seniors can instruct their banks not to deduct TDS by submitting form 15H, provided their income is below the taxable limit.
Pensioners with incomes less than Rs 50 lakh in a financial year can file taxes through Sahaj, i.e., ITR 1.
Pensioners with an income from an owned property or accrued capital gains must file ITR-2.
Pensioners with income from businesses or professions must file ITR-3 or ITR-4.
Seniors can get all TDS information on form 26AS to verify the tax deducted at the source of their income.
Compiled By Himani Verma