Tax Saving Tips: For senior citizens, i.e., people above 60 years of age, and super senior citizens above 80 years of age, the Income Tax Department has given many exemptions on the basis of different rules. They also get special relief from income tax on investment and returns.
15 September is the last date to file ITR
The process of filing Income Tax Return (ITR) for the financial year 2024-25 has started. 15 September 2025 is the last date to file returns. If you earn. Your income falls within the tax exemption limit set by the government. TDS is deducted on it, then you should file income tax to get a refund of the deducted TDS.
Senior citizens get many exemptions from income tax.
For senior citizens, i.e., people above 60 years of age, and super senior citizens above 80 years of age, the Income Tax Department has given many exemptions on the basis of different rules. They also get special relief from income tax on investments and returns. In such a situation, before filing the ITR, senior citizens should know about these concessions in income tax.
Income up to Rs 3 lakh is tax-free.
Senior citizens get a total tax-free income of up to Rs 3 lakh. That is, no tax has to be paid on it. For super senior citizens, this exemption is Rs 5 lakh. If the annual income of a senior citizen is up to Rs 3 lakh. TDS has not been deducted, so they do not need to file an income tax return. Similarly, super senior citizens do not need to file an income tax return if their annual income is not up to Rs 5 lakh. However, if they are earning from other sources as well, be it rent or something else, then they will be obliged to file ITR as usual.
Double exemption on income from interest
In Budget 2025, the government has increased the tax exemption given to senior citizens on interest income from banks and post offices from Rs 50 thousand to Rs 1 lakh. That is, now senior citizens will get relief of up to Rs 1 lakh on interest income.
Deduction on payment of insurance premium
Under section 80D of the Income Tax Act, if a senior citizen has taken any health or life insurance. In this, medical insurance premium up to Rs 50 thousand has been approved as a deduction. For other citizens, this limit has been fixed at Rs 25 thousand.
Deduction claim on the treatment of serious diseases
Under section 80DDB, senior citizen taxpayers can claim a deduction of up to Rs 1 lakh for the expenses incurred on the treatment of some serious diseases. A person up to the age of 60 can take a deduction of up to Rs 40 thousand on this.
Deduction on interest income
Senior citizens can claim a deduction of up to Rs 50,000 (annually) on interest earned from savings bank accounts and fixed deposits. For common people, this limit has been fixed at Rs 10,000.
Exemption on advance tax payment
According to section 208 of the Income Tax Act, every person whose tax liability is Rs 10,000 or more per year has to pay tax in advance. However, under section 207, such senior citizens who do not have any income from business or profession are not required to pay advance tax.
E-filing not mandatory
If super senior citizens are filing their return in ITR 1 or ITR 4, then they can do it in paper mode. Its e-filing is not necessary.
Choosing the right form is also important.
Selecting the ITR form for senior citizens depends on their source of income and total income. The Income Tax Department has created different forms for different types of income, which they can choose according to their situation. Generally, senior citizens should choose the ITR-1 form. This is for residents with a total income of less than Rs 50 lakh from salary, rental income, pension, and other sources. On the other hand, if the income of a senior citizen includes income from shares or mutual funds or property of more than one house, then they should choose the ITR-2 form. Similarly, if a senior citizen earns income from a profession, then ITR-3 is suitable for them.
Process of filling ITR
Go to the Income Tax e-filing portal https://www.incometax.gov.in/iec/foportal/. Log in using your PAN, password, and captcha code. Now go to the 'e-file' menu. Click on ‘Income Tax Return’ here. Select the ITR form based on your income (ITR-1 or ITR-2 if you have Form 16). Select assessment year 2025-26. Verify all the data entered in the form and submit. After submission, e-verify your return using Aadhaar OTP. Now upload your return along with all the documents.
Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.
