ITR Filing: Senior citizens are persons aged 60 years or above, while the category of super senior citizens includes persons aged 80 years or above. However, under section 194P of the Income Tax Act, 1961, senior citizens are exempted from filing ITR under certain conditions.
ITR Filing: The deadline for filing Income Tax Return (ITR) for the financial year 2024-25 is approaching. In such a situation, it is important for taxpayers to find out as soon as possible which ITR form they have to fill. Senior citizens and super senior citizen taxpayers also come under this exercise. They also have to understand the rules and regulations set for them. Tax saving investments made till March 31, 2025 for the financial year 2024-25 can be included in ITR.
Senior citizens are persons aged 60 years or more, while the category of super senior citizens includes persons aged 80 years or more. However, under Section 194P of the Income Tax Act, 1961, senior citizens are exempted from filing ITR under certain conditions. These conditions are as follows…
Age is 75 years or more
Total income includes only pension and interest income. Interest income can be from any account kept in the same bank in which the senior citizen’s pension comes.
The senior citizen has given a declaration to the bank
TDS is deducted by such bank under Section 194P of the Income Tax Act
If not falling under the purview of these conditions
Senior citizens who do not fall under the purview of these conditions will have to file ITR. In such a situation, which form will be right for them. This is based on their income category. According to the data available on the Income Tax Department website, there are 4 types of ITR forms for senior citizens…
1. ITR-1 (Sahaj) – Applicable only to individuals
This form is for individuals whose total income is up to Rs 50 lakh including salary/pension, one house property and other income sources like interest, family pension, dividend etc. and agricultural income up to Rs 5,000. This form cannot be used by a person who:
(a) is a director in any company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any assets (including financial interest in any entity) situated outside India
(d) has signing authority in any account situated outside India
(e) has income from any source outside India
(f) in whose case tax has been deducted under section 194N
(g) in whose case payment or deduction of tax has been deferred on ESOP
2. ITR-2
This form is applicable for individuals who are not eligible for ITR-1 and for HUF i.e. Hindu Undivided Family. Their income does not fall under the head profits or gains of business or profession.
3. ITR-3
This is applicable to individuals and HUFs whose income falls under the head profits or gains from business or profession. These persons are not eligible to file ITR-1, 2 or 4.
4. ITR-4 (Sugam)
This form is applicable to individuals, HUFs who are resident other than not ordinarily resident. Also applicable to resident firms (other than LLP). These should be persons whose total income apart from business and profession is up to Rs 50 lakh including salary/pension, one house property and other income sources like interest, family pension, dividend etc. and agricultural income up to Rs 5000. Income from business/profession is calculated on presumptive basis under section 44AD/44ADA/44AE.
ITR-4 will not apply to a person who:
Is a director in a company
- Holds equity shares in any unlisted company at any time during the previous year
- Haves any asset (including financial interest in any entity) located outside India
- Has signing authority in any account located outside India
- Has income from any source outside India
- Payment or deduction of tax on ESOP has been deferred
- Has total income exceeding Rs 50 lakh
Please note that ITR-4 (Sugam) is not mandatory.
