Income Tax Returns and Forms applicable for Senior Citizens and Super Senior Citizens for AY 2024-2025. It outlines the eligibility criteria for Senior Citizens and Super Senior Citizens, exemption from filing income tax returns, applicable ITR forms, and relevant forms such as Form 15H, Form 12BB, Form 16, and others.
Senior Citizens and Super Senior Citizens for AY 2024-2025
Returns and Forms Applicable for Senior Citizens and Super Senior Citizens for AY 2024-2025
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An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.
| 1. ITR-1 (SAHAJ) – Applicable for Individual |
|---|
| This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh. |
| Salary/ Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
Note: ITR-1 cannot be used by a person who:
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case tax has been deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP.
(h)has total income exceeding Rs. 50 lakhs.
2. ITR-2 – Applicable for Individual and HUF
This return is applicable for Individual and Hindu Undivided Family (HUF).
| Not having income under the head Profits or Gains of Business or Profession | Who is not eligible for filing ITR-1 |
3. ITR-3 – Applicable for Individual and HUF
This return is applicable for Individual and Hindu Undivided Family (HUF).
| Having income under the head Profits or Gains of Business or Profession | Who is not eligible for filing ITR-1, 2 or 4 |
4. ITR-4 (SUGAM)– Applicable for Individual, HUF and Firm (other than LLP)
This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than not ordinarily resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having Income from Business and Profession which is computed on a presumptive basis and income from any of the following sources:
| Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 | Income from Business / Profession computed on presumptive basis u/s 44AD / 44ADA / 44AE |
Note: ITR-4 cannot be used by a person who:
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP
(g) has total income exceeding Rs. 50 Lakhs
Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business and Profession on presumptive basis u/s 44AD, 44ADA or 44AE.
1. Form 15H – Declaration to be made by an individual (who is 60 years of age or more) claiming certain receipts without deduction of tax
| Submitted by | Details provided in the form |
| A Resident Individual, 60 years or more of age to Bank, for not deducting TDS on interest income | Estimated Income for the FY |
2. Form 12BB – Particulars of claims by an employee for deduction of tax (u/s 192)
| Provided by | Details provided in the form |
| An Employee to his Employer(s) | Evidence or particulars of HRA, LTC, Deduction of Interest on Borrowed Capital, Tax Saving Claims / Deductions for the purpose of calculating Tax to be Deducted at Source (TDS). |
3. Form 16 – Details of Tax Deducted at Source on salary (Certificate u/s 203 of the Income Tax Act, 1961)
| Provided by | Details provided in the form |
| An Employee to his Employer(s) | Salary paid, Deductions / Exemptions and Tax Deducted at Source for the purpose of computing tax payable / refundable. |
4. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary
| Provided by | Details provided in the form |
| Deductor to Deductee | Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department. |
5. Form 26AS
| Provided by | Details provided in the form |
| Income Tax Department (It is available on e-Filing Portal:Login > e-File> Income Tax return > View form 26AS) | Tax Deducted / Collected at Source |
Note: Information regarding (Advance Tax/SAT, Details of refund, SFT Transaction, TDS u/s 194 IA,194 IB,194M, TDS defaults) which were available in 26AS will now be available in AIS mentioned below.
6. AIS- Annual Information Statement
| Provided by | Details provided in the form |
| Income Tax Department (It can be accessed after logging on to Income Tax e-Filing portal)Path to access AIS: Go to e-filing portal>login >AIS | Tax Deducted / Collected at SourceSFT InformationPayment of taxesDemand / RefundOther information (Like; Pending/Completed proceedings, GST information, Info received from foreign govt. etc |
Path to access AIS: Go to e-filing portal>login>Services>AIS
| 7. Form 10E – Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance |
|---|
| Provided by | Details provided in the form |
| An Employee to the Income Tax Department | Arrears / Advance SalaryGratuityCompensation on TerminationCommutation of Pension |
8. Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit
| Submitted by | Details provided in the form |
| Taxpayer | Income from a country or specified territory outside India and Foreign Tax Credit claimed |
9. Form 3CB-3CD
| Submitted by | Details provided in the form |
| Taxpayer who is required to get his accounts audited by an Accountant u/s 44AB.To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139. | Report of audit of Accounts and Statement of Particulars required to be furnished u/s 44AB of the Income Tax Act, 1961. |
10. Form 3CEB
| Submitted by | Details provided in the form |
| Taxpayer who is required to obtain a report from an Accountant u/s 92E for entering into an International Transaction or Specified Domestic Transaction.To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139. | Audit report u/s 92E of the Income Tax Act, 1961, relating to International Transaction(s) and Specified Domestic Transaction(s). |
Tax Slabs for AY 2024-25
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person. However, the eligible taxpayers have the option to opt out of new tax regime and choose to be taxed under old tax regime. The old tax regime refers to the system of income tax calculation and slabs that existed before the introduction of the new tax regime. In the old tax regime, you taxpayers have the option to claim various tax deductions and exemptions.
In case of “non-business cases”, option to choose the regime can be exercised every year directly in the ITR to be filed on or before the due date specified under section 139(1).
In case of eligible taxpayers having income from business and profession and wants to opt out of new tax regime, the assessee would be required to furnish Form-10-IEA on or before the due date u/s 139(1) for furnishing the return of income. Also, for the purpose of withdrawal of such option i.e. opting out of old tax regime shall also be done by way of furnishing Form No.10-IEA.
However, in case of eligible taxpayers having income from business and profession option to switch to old tax regime and withdraw the option in any subsequent AY is available only once in lifetime.
AGE GROUP 60+
Tax rates for Senior Citizen i.e. Resident Individual, 60 years or more but less than 80 years of age at anytime during the previous year:
| Old Tax RegimeNew Tax Regime u/s 115BACIncome Tax SlabIncome Tax RateIncome Tax SlabIncome Tax Rate | |||
|---|---|---|---|
| Up to ₹ 3,00,000 | Nil | Up to ₹ 3,00,000 | Nil |
| ₹ 3,00,001 – ₹ 5,00,000 | 5% above ₹ 3,00,000 | ₹ 3,00,001 – ₹ 6,00,000 | 5% above ₹ 3,00,000 |
| ₹ 5,00,001 – ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 6,00,001 – ₹ 9,00,000 | ₹ 15,000 + 10% above ₹ 6,00,000 |
| Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹ 10,00,000 | ₹ 9,00,001 – ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 |
| ₹ 12,00,001 – ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
AGE GROUP 80+
Tax rates for Super Senior Citizen i.e. Resident Individual 80 years or more in age at anytime during the previous year:
| Old Tax Regime | New Tax Regime u/s 115BAC | ||
|---|---|---|---|
| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
| Up to ₹ 5,00,000 | Nil | Up to ₹ 3,00,000 | Nil |
| ₹ 5,00,001 – ₹ 10,00,000 | 20% above ₹ 5,00,000 | ₹ 3,00,001 – ₹ 6,00,000 | 5% above ₹ 3,00,000 |
| Above ₹ 10,00,000 | ₹ 1,00,000 + 30% above ₹ 10,00,000 | ₹ 6,00,001 – ₹ 9,00,000₹ | ₹ 15,000 + 10% above ₹ 6,00,000 |
| ₹ 9,00,001 – ₹ 12,00,000 | ₹ 45,000 + 15% above ₹ 9,00,000 | ||
| ₹ 12,00,001 – ₹ 15,00,000 | ₹ 90,000 + 20% above ₹ 12,00,000 | ||
| Above ₹ 15,00,000 | ₹ 1,50,000 + 30% above ₹ 15,00,000 | ||
Note:
1. The rates of Surcharge under the tax regimes are as under:
| Total Income | Old Tax Regime | New Tax Regime |
| Rate of Surcharge Applicable | ||
| Up to Rs. 50 Lakh | Nil | Nil |
| Above Rs. 50 Lakh and up to Rs. 1 Crore | 10% | 10% |
| Above Rs. 1 Crore and up to Rs. 2 Crore | 15% | 15% |
| Above Rs. 2 Crore and up to Rs. 5 Crore | 25% | 25% |
| Above Rs. 5 Crore | 37% | 25% |
Note: The enhanced surcharge of 25% & 37%, as the case may be, is not levied, from income chargeable to tax under sections 111A, 112, 112A and Dividend Income. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%, except when the income is taxable under section 115A, 115AB, 115AC, 115ACA and 115E.
2. Rebate u/s 87A: Resident Individuals are also eligible for a Rebate of up to 100% of income tax subject to a maximum limit depending on tax regimes as under:
| Total Income | Old Tax Regime | New Tax Regime |
| Rebate under Section 87A Applicable | ||
| Up to Rs. 5 Lakh | Tax rebate up to Rs.12,500 is applicable for resident individuals if the total income does not exceed Rs 5,00,000 (not applicable for NRIs | Tax rebate up to Rs.25,000 is applicable for resident individuals if the total income does not exceed Rs 7,00,000 (not applicable for NRIs |
| From 5 Lakhs to 7 Lakhs | NIL | |
3. The rate of Health & Education cess remains same in both the regimes.
Surcharge, Marginal Relief and Health & Education cess
| What is Surcharge? |
| Surcharge is an additional charge levied for persons earning Income above the specified limits, it is charged on the amount of income tax calculated as per applicable rates. For rates of surcharge, refer table above. |
| What is Marginal Relief? |
| Marginal relief is a relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional Income that makes the person liable for Surcharge. The amount payable as Surcharge shall not exceed the amount of Income earned exceeding ₹ 50 lakhs, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectively as under: |
| Net Income Range | Marginal Relief | |
| Exceeds (Rs.) | Does not exceed (Rs.) | |
| 50 Lakh | 1 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income tax on total income of Rs 50 Lakh by more than the amount of income that exceeds Rs 50 Lakhs |
| 1 Crore | 2 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 1 crore by more than the amount of income that exceeds Rs. 1 crore |
| 2 Crore | 5 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 2 crore by more than the amount of income that exceeds Rs. 2 crore |
| 5 Crore | Amount payable as income tax and surcharge shall not exceed the total amount payable as income-tax on total income of Rs. 5 crore by more than the amount of income that exceeds Rs. 5 crore. | |
| What is Health and Education cess? |
| Health & Education cess @ 4% shall also be paid on the amount of income tax plus Surcharge (if any) |
Investments / Payments / Incomes on which I can get tax benefit
Section 24(b) – Deduction from Income from house property on interest paid on housing loan and housing improvement loan. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this deduction is not available for person opting for New tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below:
| Nature of Property | When Loan was taken | Purpose of Loan | Allowable (Maximum Limit) |
| Self-occupied | On or after 01/04/1999 | Construction or purchase of house property | ₹ 2,00,000 |
| On or after 01/04/1999 | For Repairs of house property | ₹ 30,000 | |
| Before 01/04/1999 | Construction or purchase of House property | ₹ 30,000 | |
| Before 01/04/1999 | For Repairs of house property | ₹ 30,000 | |
| Let-out | Any Time | Construction or purchase of House property | Actual value without any limit |
Tax deductions specified under Chapter VI-A of the Income Tax Act
These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s 80CCD(2) which will be allowable under New Tax Regime as well.
80C, 80CCC, 80CCD (1)
Deduction towards payments made to
80C
- Life Insurance Premium
- Provident Fund
- Subscription to certain equity shares
- Tuition Fees
- National Savings Certificate
- Housing Loan Principal
- Other various items
| 80CCC | Annuity plan of LIC or other insurer towards Pension Scheme |
| 80CCD (1) | Pension Scheme of Central Government |
Combined deduction limit of ₹ 1,50,000
80CCD (1B)
Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1).
Deduction Limit of ₹ 50,000
80CCD (2)
Deduction towards contribution made by an employer to the Pension Scheme of Central Government
If Employer is a PSU, State Government or others – Deduction limit of 10% of salary
If Employer is Central Government – Deduction limit of 14% of salary
80D
Deduction towards payments made to Health Insurance Premium & Preventive Health check up
For Self / Spouse or Dependent Children –
₹ 50,000 if any person is a Senior Citizen
₹ 5,000 for preventive health check up, included in above limit
Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage
For Self / Spouse or Dependent Children – Deduction limit is ₹ 50,000
For Parents – Deduction limit is ₹ 50,000
80DD
| Deduction towards payments made towards Maintenance or Medical Treatment of a Disabled dependent or paid / deposited any amount under relevant approved scheme. | Flat deduction of ₹ 75,000 available for a person with Disability, irrespective of expense incurredThe deduction is ₹ 1,25,000 if the person has Severe Disability (80% or more) |
Note: If Taxpayer is claiming deduction u/s 80DD then its recommended to file form 10-IA also before filing of return. Form 10IA can be filed later also however it is recommended to file form 10-IA along with return of income to avoid any inconvenience later.
80DDB
| Deduction towards payments made towards Medical Treatment of Self or dependant for specified disease. | Deduction limit of ₹ 40,000 (₹ 1,00,000 if Senior Ctizen) |
80E
| Deduction towards interest payments made on loan for higher education of Self or relative. | Total amount paid towards interest on loan taken |
80EE
| Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017. | Deduction limit of ₹ 50,000 on the interest paid on loan taken |
80EEA
| Deduction towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 and deduction should not have been claimed u/s 80EE. | Deduction limit of ₹ 1,50,000 on the interest paid on loan taken |
80EEB
| Deduction towards interest payments made on loan for purchase of electric vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023. | Deduction limit of ₹ 1,50,000 on the interest paid on loan taken |
80G
Deduction towards Donations made to certain Funds, Charitable Institutions, etc.
Donation are eligible for deduction under the below categories:
| Without any limit | 100% deduction50% deduction |
| Subject to qualifying limit | 100% deduction50% deduction |
80GG
Deduction towards rent paid for house & applicable only for whom HRA is not part of Salary.
Least of the following shall be allowed as deduction:
| Rent paid reduced by 10% of Total Income before this deduction | ₹ 5,000 per month | 25% of Total Income before this deduction |
Note: Form 10BA to be filed for claiming this deduction
80GGA
Deduction towards Donations made for Scientific Research or Rural Development
Donation are eligible for deduction under the below categories:
| Research Association or University, College or other Institution forScientific ResearchSocial Science or Statistical Research |
| Association or Institution for Rural DevelopmentConservation of Natural Resources or for Afforestation |
| PSU or Local Authority or an Association or Institution approved by the National Committee for carrying out any eligible project |
| Funds notified by Central Government forAfforestationRural Development |
| National Urban Poverty Eradication Fund as setup and notified by Central Government |
Note: No deduction shall be allowed under this Section in respect of donation made in cash exceeding ₹ 2000/- or if Gross Total Income includes Income from Profit / Gains from Business / Profession
80GGC
| Deduction towards Donations made to Political Party or Electoral Trust | Deduction of total amount paid through any mode other than cash |
80TTB
| Deduction on interest received on deposits by Resident Senior Citizens | Deduction limit of ₹ 50,000 |
80U
| Deductions for an individual taxpayer with Disability | Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred |
Note: If Taxpayer is claiming deduction u/s 80U then its recommended to file form 10-IA also before filing of return. Form 10IA can be filed later also however it is recommended to file form 10-IA along with return of income to avoid any inconvenience later.
In addition to tax benefits applicable regardless of age of taxpayer, there are certain enhanced / additional benefits for Senior / Super Senior Citizen. The additional benefits are listed below:
Paper filing of Income Tax Return
Super Senior Citizens (aged 80 years or more) have the option to submit their ITR using Form 1 or 4 in offline / paper mode. The e-Filing option also remains available to them.
Relief from payment of Advance Tax
As per Section 208, every person whose estimated tax liability for the year is ₹ 10,000 or more, shall pay his tax in advance, in the form of Advance Tax. But, Section 207 gives relief from payment of Advance Tax to a Resident Senior Citizen. Thus, a Resident Senior Citizen, not having any Income from Business or Profession, is not liable to pay Advance Tax.
Income tax deduction on interest on bank deposits
Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post office or co-operative banks. The deduction is allowed for a maximum interest income of up to ₹ 50,000 earned by the Senior Citizen. Both the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.
Also, u/s 194A of the Income Tax Act, no Tax is Deducted at Source (TDS) on interest payment of up to ₹ 50,000 by the bank, post office or co-operative bank to a Senior Citizen. This limit is to be computed for every bank individually.
Tax benefits with respect to medical insurance and expenditure
According to Section 80D of the Income Tax Act, Senior Citizens may avail a higher deduction of up to ₹ 50,000 for payment of premium towards medical insurance policy. The limit is ₹ 25,000 in case of Non-Senior Citizens.
Further Section 80DDB of the Income Tax Act allows tax deduction on expenses incurred by an individual on himself or a dependent towards the treatment of specific diseases as stated in the act. The maximum deduction amount in case of a senior citizen is ₹ 1 lakh (₹ 40,000 for Non-Senior Citizen taxpayers).
Read more at: Income Tax Returns and Forms Applicable for Salaried Individuals for AY 2023-24
