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Senior Citizens and Super Senior Citizens for AY 2025-2026 An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or
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An individual resident aged 60 or above but less than 80 during the previous year is a Senior Citizen. A Super Senior Citizen is a resident individual aged 80 or above during the previous year.
Yes, under Section 194P, senior citizens aged 75 and above who are residents, have only pension and interest income from a specified bank where they receive their pension, and submit a declaration to that bank, can be exempt from filing ITR. The bank will handle TDS deduction.
ITR-1 (Sahaj) is applicable for resident individuals with a total income up to Rs 50 lakh from salary/pension, one house property, and other sources like interest or family pension, provided they meet certain other criteria and are not disqualified.
The new tax regime (u/s 115BAC) is the default, offering lower tax rates but fewer deductions. The old tax regime allows for various deductions and exemptions (like those under Chapter VI-A) but has different tax slabs and rates. Taxpayers can choose which regime to opt for.
Form 15H is a declaration submitted by resident individuals aged 60 or above to their bank, requesting that tax (TDS) not be deducted on interest income, provided their estimated income for the financial year does not exceed the basic exemption limit.
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