Exemption from ITR Filing
According to Section 194P of the Income-Tax Act (ITA) 1961, senior citizens aged 75 or above, with only pension income and no other taxable income except interest from a specified bank account, may choose not to file an ITR. They can do this by submitting a declaration in Form 12BBA to the bank where they receive their pension and interest income. Upon submission, the bank deducts the applicable income tax based on the information provided.Form 15H for TDS Exemption
Banks may deduct tax at source (TDS) if a senior citizen’s interest income exceeds Rs 50,000 during the financial year. However, seniors can instruct their banks not to deduct TDS if their income is below the taxable limit. To do this, they can submit Form 15H to their banks. Senior citizens with taxable income do not need to submit Form 15H.Appropriate ITR Forms
Senior citizens should choose the correct ITR form based on their income category. For instance, those with a pension income of less than Rs 50 lakh can file taxes using Sahaj, or ITR-1. Those with income from property, capital gains, or other sources must file ITR-2. Additionally, seniors with income from business or professions should file ITR-3 or ITR-4.Other Relevant Forms
Senior citizens receiving salary income in the form of a pension should obtain Form 16 from their employer. This form details their salary structure and TDS information for the financial year. Seniors can also access their TDS information in Form 26AS and use it to verify deductions from their income.Seeking Professional Assistance
If seniors encounter challenges while filing their taxes, they can seek guidance from professional tax advisors. These advisors can offer clarity and assistance with tax-related issues, ensuring seniors meet their tax obligations accurately and efficiently.🚀 Ready to level up your finances? Say goodbye to tax woes with Savingz! 🎉
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