Important Income Tax Forms Seniors Should Know
There are various ITR forms that taxpayers can use for different purposes. To avoid mistakes, senior taxpayers should choose the appropriate ITR form for various tax filing purposes.
There are various ITR forms that taxpayers can use for different purposes. To avoid mistakes, senior taxpayers should choose the appropriate ITR form for various tax filing purposes.
New V/S Old Tax Regime
The income tax department provides specific income tax return (ITR) forms for availing the tax filing and seeking eligible tax exemption benefits. Here are various income tax forms that seniors should know when they are going to file income tax.
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U/s 194P of the Income Tax Act, a senior citizen of 75 years or above having only pension income and no other income subject to the exception of interest income from a specified bank account may opt not to file the ITR. Such a senior may submit the declaration in form 12BBA to the specified bank where he receives the pension and interest income. On submission of the form, the bank deducts the income tax, which is computed based on the information provided in the form.
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Usually, the banks deduct the TDS if the interest earned by a senior citizen individual exceeds the applicable threshold of Rs 50000 during the financial year. However, seniors can instruct their banks not to deduct the TDS, provided their income is below the taxable limit. Seniors can submit Form 15H to their banks to instruct them not to deduct TDS. However, seniors falling in the taxable category can’t submit the 15H to the bank.
Different ITR forms are applicable for filing taxes for seniors according to their income category. Pensioners with incomes less than Rs 50 lakh in the relevant financial year can file taxes through Sahaj, i.e., ITR 1. Pensioners with income from owned property or other sources or from capital gains have to file ITR-2. Pensioners having income from business or professions need to file ITR-3 or ITR-4.
Seniors with a salary income in the form of a pension are entitled to get Form 16 from the employer. Form 16 consists of a bifurcation of their salary structure along with the TDS detail for the relevant financial year. Seniors can get all the TDS information in a statement called form 26AS and use it to verify the TDS done on their income.
If you are confused or having difficulty filing taxes, you must consult your tax advisor immediately to get a quick and appropriate tax-related solution.
The author is an independent financial journalist.
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The parents are usually ready to pass on their legacies, like the property in which they live, to their children, but isn’t it the duty of the beneficiary children to take the onus of paying the property tax towards such property?
Section 139 of the Income Tax Act governs the filing of income tax returns by every individual with income above the basic exemption limit.
Money received from children who are non-resident Indians (NRI) is not taxable, but it may raise questions by the income tax department for the remitter
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