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If you are 75 years or older, then you will not have to file ITR (income tax return) this year. But this exemption is available only on certain conditions. If you want to take advantage of this, then know what its eligibility is. If you do not file returns, which form will have to be submitted. And also know which conditions can be exempted from filing ITR.
Who gets this discount?
In the assessment year 2025-26, you should be 75 years or more age. To get exemption from income tax, you need to be a citizen of India. In addition, your source of income should only be pension and bank interest. If you get pension and bank interest from two different banks or other sources of your income, then you must file ITR. Other income sources include rent, capital gains and businesses.
What rules should be followed?
Broadly, you will get a discount on pension and interest from only one bank. You have to fill the form 12BBA and submit it to your bank. If the form is deposited correctly, the bank will send tax to the government by calculating your total income, deductions and taxes.
What is the responsibility of the bank?
The bank calculates your total taxable income. Discounts like section 80C, 80D and 87A are added. After that, TDS is cut and deposited. If all your conditions are fulfilled and the bank has deposited tax, then you do not have to file ITR.
Under which circumstances will you not get relief?
If you have income from any other source – like rent, benefits from shares, then you will not get exemption from filing income tax returns. Even if you have more than one bank account and get interest from them, it will not get this discount. If you get pension and interest from different banks, then you will not get the benefit of this relief.
Why is this important for senior citizens?
Senior citizens are often difficult to understand and fill online ITR filing or tax documents. This law was brought so that senior citizens whose income is very limited and clear does not require tax advisors or complex procedures. The aim of the Government of India is to make tax compliance easier for senior citizens, provided they fulfill all the conditions.
Overall, if you are 75 years or older and your income is only from pension and interest from the same bank, then you will get exemption from filling ITR. Fill Form 12BBA and submit it to your bank. The bank will calculate your tax and deduct itself. If you have any other kind of income, you have to fill the normal ITR.