Can senior citizens shift between old and new tax regimes?
What is the income-tax slab rates for senior citizens?
What is I-T slab for super senior citizens?
What is the applicable surcharge rate?
What is the applicable rebate?
What are the conditions for marginal relief?
Are senior citizens exempt from filing taxes?
- Senior Citizen should be of age 75 years or above
- Senior Citizen should be ‘Resident’ in the previous year
- Senior Citizen has pension income and interest income only and interest income accrued or earned from the same specified bank in which he is receiving his pension.
- The senior citizen will submit a declaration to the specified bank.
- The bank is a ‘specified bank’ as notified by the Central Government. Such banks will be responsible for the TDS deduction of senior citizens after considering the deductions under Chapter VI-A and rebate under Section 87A of Income Tax Act,1961.
- Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.
Which ITR forms should senior citizens use?
Disclaimer: This story is for educational purposes only. We advise taxpayers to check with certified tax experts before making any decisions.