File Income Tax Return - Web Online CA


Everyone knows very well about income tax. From youngsters to senior citizens, one knows how important income tax return file is. This is not only beneficial for them, but this is beneficial for their country also. So if you are a senior citizen and resident of India and have a taxable income, then you should File Income Tax Return.

 

An income tax return is a form filled out for filing an income tax return. In this form, companies, organizations, and individuals submit their details of income, deductions, and taxes paid in a financial year. A resident of India who is 60 years or above but less than the age of 80 years is considered a senior citizen for income tax purposes. 

 

What are the benefits of filing income tax returns for senior citizens? 

 

Senior citizens are granted a higher exemption limit than normal taxpayers. The exemption limit for the financial year of 2022-23 to a resident super senior citizen is Rs. 5,00,000. Under section 87A, senior citizens can get a rebate of Rs 12,500. This rebate is available only to residents of India. 

 

There are many ways in which senior citizens earn income, such as pensions, saving plans, house rent allowances, fixed allowances, and other income sources. All the income is taken into consideration when it comes to calculating income tax for senior citizens. 

 

Senior citizens whose income is Rs.50,000 in a financial year do not need to pay taxes. If any senior citizen has post office deposits and fixed deposits, then there is a deduction of up to Rs.50,000. Those who don't have business income do not have to pay advance tax during the year. 

 

It is important to fill out the form to claim their tax refund using Online ITR Filing. 

 

Basic things which need to submit as a senior citizen while itr filing online:

 

FOR ITR 1

 

Salary or a pension of the senior citizen. 

Income from the house and property of a senior citizen. 

Income from other sources as well. 

 

FOR ITR 2

 

Salary or pension

Income from a house or any property

Capital gains

Income from house racing and lottery

 

Senior citizen tax Exemptions

 

Any senior citizen who has taken health insurance or medical expenses under Section 80D can be claimed a deduction of up to Rs.50,000 per annum. 

 

For those who receive pensions for them, there is a standard deduction of Rs 50,000 per annum under section 80D; after that maximum of 50,000 per annum is deducted under section 80D, where the interest comes from fixed deposits. 

 

Recently it has been found that there is an increase in senior citizen taxpayers in 2023. Any senior citizen can earn up to 3 lakh rupees tax-free with the new slab of 2023. According to ITR-1 or ITR-2, or ITR-4 forms, senior citizens can File Income Tax Return. 

 

So don't forget to file an income tax return if you are a senior citizen; after all, this is your responsibility towards your nation. 


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