As of the Assessment Year (AY) 2025–26, India's tax regulations offer specific provisions for senior citizens aged 75 and above. These rules aim to simplify tax compliance and provide certain benefits, especially for those with limited income sources.​

●        Senior Citizen: An individual resident aged 60 years or more but less than 80 years during the previous year

●        Super Senior Citizen: An individual resident aged 80 years or more during the previous year.​

For certain tax benefits and exemptions, individuals aged 75 and above fall into these categories, depending on their exact age.

First of all, we need to understand that EXEMPTION is from filing taxes and not paying taxes. Now, let's say one of your incomes is a pension, then the TDS will be deducted even if you are a senior or super senior.

Also, it is important to understand that filing is not exempted for all who are 75+, but only those whose

1. Income Sources: The individual's income consists only of:
• Pension income
• Interest income received from the same bank in which the pension is credited​
2. Specified Bank: The bank must be a 'specified bank' as notified by the Central Government. Eg SBI 
The senior citizen must submit a declaration (Form 12BBA) to the bank
The bank will compute income, allow deductions under Chapter VI-A and Section 87A, and deduct TDS
If all conditions are met, the senior citizen is not required to file an income tax return

 

The new regime offers concessional tax rates but does not provide higher exemption limits for senior or super senior citizens. The slabs are uniform for all individuals

●        Section 80TTB: Deduction up to ₹50,000 on interest income from deposits with banks, post offices, or cooperative banks.​

●        Section 80D: Deduction up to ₹50,000 for health insurance premiums.​

●        Section 80DDB: Deduction for medical treatment of specified diseases, up to ₹1,00,000.​

●        Section 80C: Deduction up to ₹1,50,000 for investments in specified instruments like Senior Citizens Savings Scheme, 5-year fixed deposits, etc.​

 These deductions are available under the old tax regime.​

 

●        Choose the Right Tax Regime: Evaluate both old and new tax regimes to determine which is more beneficial based on your income and eligible deductions.​

●        Submit Form 12BBA: If eligible under Section 194P, submit the required declaration to your bank to avail an exemption from filing ITR

●        Maintain Documentation: Keep records of all income sources, investments, and deductions to ensure accurate tax computation.​

●        Consult Professionals: Consider seeking advice from tax professionals to optimise tax benefits and ensure compliance.​

● Familiarise yourself: Even if you do avail consultant or professional services to file your ITR, know the basics so that you understand exactly where the consultant is coming from or if their advice is ideal.

o    Visit https://www.incometax.gov.in/iec/foportal/help/individual/return-applicable-2 to know more about Senior Citizen Taxations. Also, anyone with basic internet facility and a system can go through the ITR website and go through the pages to get an idea.

o   Visit https://www.incometax.gov.in/iec/foportal/

o   Use your PAN card number as LOGIN ID.

o   After checking the PAN card number, press CONFIRMED

o   Once you take your cursor to the Password, the saved password will pop up; if not, simply press forgot password and get an Aadhar-verified new password. This can be done even if your previous taxes have been filed by someone else.

Staying informed about tax provisions ensures that one can effectively manage finances and take advantage of available benefits.​If you need assistance in understanding these provisions or managing your finances, feel free to reach out to our expert advisors.