Typically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
In this story, we will discuss about the various tax benefits available for senior citizens those availing retirement benefits like commuted pension, gratuity, leave encashment on retirement and provident fund, etc. First, let's understand who actually are senior citizens as per the Income Tax Department.
Form 16 or Form 16A is the certificate of deduction of tax at source. It is issued on deduction of tax by the employer on behalf of the employees and provide details of TDS/TCS for various transactions between deductor and deductee. It is mandatory for employers to issue these certificates to taxpayers.
With ITR forms for FY 2024-25 already available, now is the ideal time to prepare and avoid last-minute mistakes.
Different tax returns are prescribed for filing by individual taxpayers depending on their income and its source as well as factors such as residential status.
Typically, the ITR filing process begins on April 1 of the assessment year. Accordingly, for FY 2024–25, filing should have opened on April 1, 2025. However, this year, there has been a delay, and the process is now expected to begin in June 2025.
As taxpayers get ready to file their returns, it is crucial to understand the key sections of the Income Tax Act, 1961, that can help in accurate tax calculation, availing deductions, and choosing the appropriate tax regime.
The simplified form is designed for individuals and entities who earned up to Rs 50 lakh during the recently concluded financial year.
The Income Tax Department is expected to notify the filing forms for the financial year 2024-25, or Assessment Year 2025-26, soon.
It is mandatory to choose between the old and new tax regime while filing the online form --- with specific exemptions and deductions available for individuals.
Taxpayers will soon be able to file their returns for FY25 via the official Income Tax Department website.
Old tax regime, however, still offers taxpayers a range of options to save taxes through various eligible deductions and exemptions post 2025 Union Budget. On the other hand, the new tax regime has a fewer deductions available for taxpayers compared to the old regime. In this write-up, we will discuss various deductions available under the new tax regime for the purpose of tax saving.
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 a senior citizen for income tax purposes. The Income Tax department also defines people above the age of 80 as 'super senior citizens'.
You don't need Rs 10 crore or Rs 50 crore for financial freedom — just calculate your expenses and aim for the right amount using the 4% rule.
Section 115BAC of the Income Tax Act lays down the tax slabs and rules applicable under the new tax regime.
It is not necessary to attach any documents while filing your returns. However the details given in various documents will have to be used while filling up the online form.
Under section 269ST of the Income Tax Act, receiving more than Rs 2 lakh in cash is prohibited, whether it is a single transaction or the sum of many transactions on the same occasion.
Those filing their returns for the first time must also choose between two tax regimes (with different deduction amounts) and link their PAN and Aadhaar cards in order to enable electronic verification.