ITR: The government is giving exemption to these people in filing Income Tax, who do not need to file ITR? Know the terms and conditions..

Nowadays, most people are busy filing their Income Tax Return (ITR). If the return is not filed before the deadline, then a penalty has to be paid. But do you know that if your age is 75 years or more, then you may get an exemption from filing returns. Let us tell you that this exemption is not for everyone; it is necessary to fulfill certain conditions for this.

The purpose of this initiative by the government is to make tax compliance easier for senior citizens. Let us know under what circumstances this exemption is available, which form has to be filled out, and who will not get the benefit.

Who can get an exemption from ITR filing?

This exemption is available only to such senior citizens:

Whose age is 75 years or more in the assessment year 2025-26.

Who are the residents of India?

Whose source of income is only a pension and interest from the same bank?

That is, if your income comes from any source other than a pension, such as rent, profit from shares, capital gains, or income from business, then you will not get this exemption. Apart from this, if your pension and interest are received from two different banks or interest is being deposited in more than one bank account, then you will also be required to file ITR.

What to do to get an exemption from ITR?

If you fulfill all the conditions mentioned above, then you do not need to file a return with the Income Tax Department. You just have to fill out Form 12BBA and submit it to your bank. This form authorizes the bank to assess your total annual income, calculate your tax, keeping in mind tax deductions (such as Section 80C, 80D, etc.) and tax credits (such as 87A), and deduct TDS accordingly and deposit it to the government.

The bank will assess your total taxable income. In this, exemptions under section 80C, 80D, etc., and tax credit under section 87A will also be added. The bank itself will complete the process of TDS. If the bank has deposited the tax correctly, then you will not need to file an ITR.

In these situations, you will not get this exemption?

If your pension and interest amount come from different banks.

If you have rent, capital gain, business income, or any other source of additional income.

If interest is deposited in more than one bank account.

In such a situation, you will not get the benefit of this relief and will have to file ITR under the normal process.

Why is this exemption necessary for senior citizens?

Filing tax returns is often a difficult process for the elderly. It is not easy for them to understand and follow things like online systems, rules for filling forms, deductions, and tax calculations in the right way. That is why this law has been brought.

The government's objective behind introducing this rule is that senior citizens whose income is limited, regular and clear, do not have to depend on tax consultants and do not have to face problems related to tax compliance.

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