Retired with Rs 55 Lakh Pension & Gratuity: Which ITR Form Should You File for FY 2024-25?

Poojitha Raam Vinay | Last updated: 24 June 2025

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If you've retired with a significant sum like Rs 55 lakh from pension and gratuity, understanding your Income Tax Return (ITR) filing obligations is crucial. For FY 2024-25, the choice of ITR form depends primarily on your total taxable income and sources. Generally, ITR-1 is suitable for retirees with income up to Rs 50 lakh from pension and interest, while ITR-2 is for those with higher incomes, capital gains, or multiple properties. ITR-3 is reserved for individuals with business or professional income.

Gratuity is a lump sum monetary benefit paid by an employer to an employee as a token of appreciation for long-term service, usually at the time of retirement, resignation, or death. It is governed by the Payment of Gratuity Act, 1972, and applies to employees who have completed at least five years of continuous service in an eligible organization. Eligibility Criteria for Gratuity An employee becomes eligible to receive gratuity if: They have completed at least 5 years of continuous servic

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1 Year PLAN

1999

(Excl. of GST ₹359)

BEST VALUE

2 Years PLAN

3499

(Excl. of GST ₹629)

3 Months PLAN

999

(Excl. of GST ₹179)

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About the Author

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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