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Exemption from filing ITR?

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naval rungta

117 Points Posted on 03 February 2024

What's the exemption limit for senior citizen for not filing ITR under new income tax regime? TIA

Replies (7)

Quick Summary

Under the new income tax regime, the basic exemption limit for filing an Income Tax Return (ITR) is £3 lakhs for everyone, including senior citizens. However, senior citizens aged 75 and above may be exempt from filing if their income is solely from pension and interest deposited in the same bank account, provided they submit a declaration form (12BBA) to their bank.

RAJA P M

"Do the Right Thing...!!!"

77792 Points Posted on 03 February 2024

Not filing then exemption limit also not required....!!!

What is Your actual query...??

Can You elaborate with more details...??

sabyasachi mukherjee

Profession

19978 Points Posted on 04 February 2024

Unless it's a gross requirement as per . 5lakhs exemption rest

jacinthamary

accountant

542 Points Posted on 04 February 2024

Basic exemption limit is 3 lakhs in new regime. If the net taxable taxable income is below this limit it's mandatory to file returns.

FYI. In new regime there is no separate slab for senior citizens. All are equal.

sabyasachi mukherjee

Profession

19978 Points Posted on 04 February 2024

De7
pending on gross total income and above exemption limit

CA Rashmi Gandhi

Chartered Accountant

44442 Points Posted on 10 February 2024

Budget 2021 introduced a Section 194P, under which senior citizens aged 75 and above are exempted from filing the ITR if they fulfil the following criteria:

They have income only from their pension.

They receive income from interest and pension in the same bank account.

They have furnished a declaration form 12BBA to the specified bank.