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Overview Senior citizens must disclose all their income correctly while filing ITR for AY 2026-27. Even after retirement, declaring all taxable income such as Pension, Interest, Rental, Business or Professional, Capital Gains, Dividend, Stock market income are mandatory under income tax laws. Befor
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FAQ :
Senior citizens must report income from pensions, interest (FDs, savings accounts), rental income, business or professional earnings, and capital gains.
Monthly pension is treated as 'Salary Income' and is fully taxable. Family pension is reported under 'Income from Other Sources' with specific deductions.
Yes, under the old tax regime, senior citizens can claim a deduction of up to Rs. 50,000 on interest income from FDs and savings accounts under Section 80TTB.
For rental income, you should have documents such as rent agreements, rent receipts, municipal tax receipts, home loan interest certificates, and Form 26AS or AIS/TIS.
Profits from selling capital assets are taxed as Capital Gains. Short-term capital gains have a tax rate of 20%, while long-term capital gains are taxed at Rs. 12.5% above Rs. 1.25 lakh.
Failure to disclose even a small source of income can lead to notices from the tax department, tax demands, and penalties or interest charges.
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