Senior Citizens ITR Alert: Simple ITR Form to Avoid Filing Mistakes – Know Which Form to Use in 2025!

Senior Citizens ITR Filing: What You Need to Know for the Financial Year 2024–25

Senior Citizens ITR: As the deadline for submitting Income Tax Returns (ITR) for the financial year 2024–25 approaches, it’s crucial for taxpayers, especially senior citizens and super senior citizens, to understand the applicable laws and norms. Individuals aged 60 and above (senior citizens) and those aged 80 and above (super senior citizens) should pay attention to the ITR forms they need to use and any exemptions they may qualify for.

Who Qualifies as a Senior or Super Senior Citizen?

• Senior Citizens: A person aged 60 years or above.
• Super Senior Citizens: A person aged 80 years or above.

Under specific conditions outlined in Section 195P of the Income Tax Act, 1961, senior citizens may be exempted from filing an ITR. Let’s dive into the criteria.

Also Read:- Ayushman Bharat Scheme in Delhi: Get Free Treatment Worth ₹10 Lakh – A Game-Changer for Healthcare!

Senior Citizens ITR Requirements for ITR Filing Exemption Under Section 194P

Senior citizens who are 75 years or older may be exempted from filing an ITR if they meet the following conditions:

1. Income Source: Their income is solely from interest and pension.
2. Pension Payment: The pension must come from the same bank where they maintain an account that earns interest income.
3. Declaration: They must inform the bank about both their pension and interest income.
4. TDS Deduction: The bank deducts tax at source (TDS) under Section 194P of the Income Tax Act.

If a senior citizen does not meet these requirements, they will need to file an ITR, just like any other taxpayer.

Which ITR Form Should You Use?

Depending on the income levels, four ITR forms may be applicable for senior and super senior citizens:

1. Sahaj ITR-1
   This form is for individuals with a total income (including salary/pension, income from one residential property, and other sources like interest, family pension, dividends, etc.) of up to Rs 50 lakh. It also allows agricultural income up to Rs 5,000.
   However, you cannot use this form if:
   • You are a director in any corporation.
   • You have owned unlisted equity shares in the last year.
   • You have any financial interest in entities outside India or own assets abroad.
   • You have signing authority on any foreign account.
   • You earn income from sources outside India.
   • You have tax deducted under Section 194N.
   • You have deferred tax payments or ESOPs.
2. ITR-2 (TSR-2)
   This form is for taxpayers whose income does not arise from business or professional earnings. It is applicable to individuals and Hindu Undivided Families (HUFs) who do not qualify for ITR-1.
3. ITR-3
   Use this form if you earn income under the head “Profits and Gains from Business or Profession.” If you are not eligible for ITR-1, ITR-2, or ITR-4, then ITR-3 is the appropriate choice.
4. ITR-4 (Sugam)
   This form is for individuals and HUFs with total income (including salary/pension, income from one dwelling property, and other income such as interest, family pension, dividends, etc.) up to Rs 50 lakh, excluding income from business or profession. Agricultural income up to Rs 5,000 is allowed as well.
   Additionally, ITR-4 is applicable for individuals whose business or profession income is calculated presumptively under Sections 44AD, 44ADA, or 44AE.
   You cannot use this form if:
   • You are a director in any corporation.
   • You have owned unlisted equity shares in the last year.
   • You have any financial interest in entities outside India or own assets abroad.
   • You have signing authority on any foreign account.
   • You earn income from sources outside India.
   • You have deferred tax payments or ESOPs.
   • Your total income exceeds Rs 50 lakh.

Final Thoughts

Senior citizens and super senior citizens must carefully consider the guidelines and select the correct form when filing their ITR. Make sure you use the right ITR form based on your income, and check whether you qualify for exemption under Section 194P.

If you do not meet the exemption criteria, ensure your ITR is filed on time to avoid penalties.

For more detailed guidance, visit the official Income Tax Department website or consult a tax advisor.