Senior Citizen ITR Filing - Overview
📌 TL;DR - ITR for Senior Citizens Services at a Glance
Senior citizens (60+) typically file ITR-1 Sahaj covering pension, interest, one house property, and other sources. Section 80TTB allows an INR 50,000 interest deduction (replacing 80TTA INR 10,000). Section 80D allows INR 50,000 for health insurance / medical (vs INR 25,000 for under-60) and Section 80DDB allows INR 1 lakh for specified diseases. Section 207 proviso exempts non-business seniors from advance tax, and Section 194P exempts super seniors (75+) with only pension plus same-bank interest from ITR filing (bank assessment via Form 12BBA). The Section 194A TDS threshold on bank interest for seniors is INR 1,00,000 (raised from INR 50,000 with effect from 1 April 2025); Form 15H is filed for nil-TDS. Old-regime basic exemption is INR 3 lakh (60-79) / INR 5 lakh (80+); the new regime is INR 3 lakh for all and is the default, but pensioners can switch annually. Patron Accounting starts from INR 999 one-time.
Senior citizen ITR is the simplest return in the personal tax landscape - typically ITR-1 Sahaj covering pension (treated as salary under Section 17(1)(ii) of the Income-tax Act if from a former employer, or income from other sources under Section 56(2)(x) if family pension), bank and post office interest, one self-occupied or let-out house property, and other small sources. The Income-tax Act provides several senior-friendly provisions - Section 80TTB allows a deduction of up to INR 50,000 on interest from deposits with banks, cooperatives, and post offices for individuals aged 60 and above (replacing the INR 10,000 Section 80TTA deduction available to non-seniors); Section 80D allows up to INR 50,000 for health insurance premium plus medical expenditure for self or senior parents (vs INR 25,000 for non-seniors); and Section 80DDB allows up to INR 1 lakh for treatment of specified diseases (vs INR 40,000 for non-seniors).
Two relief provisions are especially relevant. First, the Section 207 proviso exempts senior citizens (60+) without business or professional income from the obligation to pay advance tax, removing the quarterly 15/45/75/100 percent burden - self-assessment tax can be paid in a single payment before filing. Second, Section 194P provides a no-ITR-filing relief for super senior citizens (75+) who have only pension and bank interest from the same specified bank; the bank computes the tax via Form 12BBA assessment, deducts TDS, and the super senior is exempt from filing under Section 139(1). Section 194A sets the TDS threshold on bank interest for seniors at INR 1,00,000 (raised from INR 40,000/50,000 with effect from 1 April 2025); Form 15H allows a senior to declare to the bank for nil TDS where total income is below the basic exemption limit. From AY 2024-25 the Section 115BAC new regime is the default; salary and pension earners (without business income) can switch annually unlike business income earners. Patron Accounting LLP runs end-to-end senior citizen ITR filing starting from INR 999 one-time per FY return.
Content is reviewed quarterly for accuracy.