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ITR Filling: Good News! Now senior citizens will not have to pay income tax, ITR released this scheme

ITR Filling for senior citizen: According to the information received, let us tell you that senior citizens will no longer have to pay income tax. Because ITR has released this new scheme. So let us know the complete details about it in the news below…

New Delhi: Now only a few weeks are left to file Income Tax Return (ITR) for the year 2022-23. If you come under income tax then file your ITR soon without waiting for the last date.

However, the government gives tax concessions to some people. If your age is more than 60 years, then you get special exemptions from income tax even after filing returns.

What is the tax slab for senior citizens?

Senior citizens are those people who are above 60 years of age and pay their taxes under the senior citizen tax slab. The basic tax exemption limit for retired employees falling between the age of 60 to 80 years is Rs 3 lakh.

That means there is no need to file ITR on annual income of Rs 3 lakh. Whereas for very senior citizens this limit is Rs 5 lakh. Those citizens above 75 years of age who depend only on pension or bank interest income.

They are not required to file tax returns but if there is any other income then it is necessary to file ITR.

How can you get tax exemption?

Income Tax provides relief to senior citizens on payment of advance tax. If a senior citizen has no income from business or profession,

He does not have to pay advance tax. Senior citizens can also claim deduction of up to Rs 50,000 (annually) on interest received from savings bank account and fixed deposits.

Senior citizens can claim deduction of up to Rs 1 lakh for illness expenses under Section 80DDB of the Income Tax Act.

Apart from this, if senior citizens above 80 years of age are filing their return in ITR 1 or ITR 4, they can do it in paper mode. E-filing is not mandatory for this.

Old tax slab

No tax on income up to Rs 3 lakh

On income up to Rs 5 lakh – 5%

On income between Rs 5 to Rs 10 lakh – Rs 10,000 and 20% on income above Rs 5 lakh.

Above Rs 10 lakh – Rs 1.10 lakh and 30% of the amount above Rs 10 lakh

Slab under the new tax regime

No tax on income between Rs 0 to Rs 2.5 lakh

On income up to Rs 5 lakh – 5%

Above Rs 5 lakh and up to Rs 7.5 lakh – Rs 12,500 plus 10%

Above Rs 7.5 lakh and up to Rs 10 lakh – Rs 37,500 plus 15%

Above Rs 10 lakh and up to Rs 12.5 lakh – Rs 75,000 plus 20%

Above Rs 12.5 lakh and up to Rs 15 lakh – Rs 1,25,000 plus 25%

How to file returns

To file tax return, you have to register on the Income Tax website www.incometaxindiaefiling.gov.in. If you are already a registered user,

Then you log in directly. After this click on View Return or Form. After this click on the e-file tab. After this you have to click on Prepare and Submit ITR.

You can file your ITR by clicking here. Here you will have to give your Aadhar number, PAN card number and other information.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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