Senior Citizens Income Tax Guide: Choosing the Correct ITR Form

Senior Citizens Income Tax Guide: Taxpayers who have to file income tax returns for the assessment year 2025-26. They will have to select the correct form based on their specific income category. Senior citizens get various tax benefits under the provisions of the Income Tax Act, and after fulfilling certain conditions, they can completely avoid filing tax returns. Using the correct form is very important to avail the income tax exemption.

A declaration will have to be given to the bank

Under the Income Tax Act, such senior citizens are above the age of 75 years. Those whose income is only from bank interest and pension can avoid filing ITR. After the implementation of section 194P of the Income Tax Act. They have been exempted from filing ITR from April 2021. Such eligible senior citizens who want to avail themselves of this exemption will have to fill out Form 12BBA to submit the declaration to their bank. Let us tell you that under the Income Tax Act, 1961. The limit of income tax exemption for senior citizens aged 60 to 80 years is Rs 3 lakh, while for very senior citizens above 80 years of age, this limit is Rs 5 lakh.

Choose the form carefully

ITR-1: This form is for such senior citizens whose income is up to Rs 50 lakh. Also, whose source of income is salary, pension, property of a house, or other means like bank interest. For pensioner senior citizens whose income comes from these sources, ITR-1 is also the most suitable form. It can be filled both online and offline.

Also Read: Income Tax Guide: Society Maintenance Charges and HRA Claims

ITR-2: This form is for those who earn income from multiple assets, capital gains, or other sources apart from salary and pension. Such as earnings from the stock market or mutual funds.

ITR-3: This form is right for senior citizens earning income from a business or profession. This form is also for those who do not fall under the purview of ITR-1, ITR-2, or ITR-4.

ITR-4: This form is for those declaring their income under presumptive taxation, such as income from a small business or profession.

What is the deadline?

The last date for filing ITR for non-audit cases is 31 July 2025. After this, returns can be filed with late fees till 31 December 2025. Senior citizens in particular should ensure that they select the right form, keeping in mind their sources of income, so that there is no problem later.