Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Exemption from filing ITR?

naval rungta (98 Points)

03 February 2024

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

Reply
Follow
Share

7 Replies

RAJA P M ("Do the Right Thing...!!!") (128106 Points)
Replied 03 February 2024

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

What is Your actual query...??

Can You elaborate with more details...??

Upgrade to CAclubindia Pro. Subscribe Now!

sabyasachi mukherjee (27803 Points)
Replied 04 February 2024

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

jacinthamary (accountant) (888 Points)
Replied 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 (27803 Points)
Replied 04 February 2024

De7
pending on gross total income and above exemption limit

CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 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.