Income Tax For Senior Citizens Pensioners: As part of India's 75th Independence celebrations, the Modi government introduced a scheme exempting senior citizens aged 75 and above from filing income tax returns. However, this claim has been debunked as false by the PIB Fact Check. 

A resident individual aged 60 or above but under 80 during the previous year is classified as a Senior Citizen for income tax purposes. 

 

ITR Exemption For Senior Citizens Aged 75 Or More

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Senior citizens aged 75 and above are exempt from filing income tax returns under Section 194P, effective April 1, 2021, subject to conditions.

Conditions for Exemption:

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-Must be an Indian resident aged 75 or older during the relevant financial year.

-Income should only include pension and interest from the same bank where the pension is credited.

-The bank must be government-notified as a "specified bank."

-A declaration must be submitted to the bank to calculate taxable income and deduct TDS.  

 

Income Limits for Tax-Free Status:

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Senior citizens aged 60 to 79 years are eligible for a tax exemption on annual income up to Rs 3 lakh. For super senior citizens aged 80 years and above, the tax exemption limit is extended to Rs 5 lakh annually.