Income Tax efiling for senior citizens: A senior citizen is the one who is of the age of 60 years and above, while those above 80 years of age are classified as super senior citizens. Senior citizens who are 60 years and above do not have to pay income tax if their income is less than Rs 3 lakh per annum. Individuals who are of the age of 80 years and above are liable to pay income tax if their income exceeds Rs 5 lakh.
The process of filing income tax returns (ITR) is the same for all citizens. Individuals must file and submit their returns online. Income sources for senior citizens usually comprise pension income, interest from bank, dividends, or rent income in certain cases. They must file the ITR-1 form online if their income is over Rs 3 lakh and if they earn rental income from one or more house property. Senior citizens earning income from other sources and capital gains from business or profession in addition to salary, pension or rent income from property holdings must file returns by submitting the ITR-2 form online.
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Filing tax returns online is simple and can also be done by individuals who aren’t tech-savvy. All they need to do is visit the Income Tax Department’s website, download the form, fill the relevant columns with the specific details, and submit it. Individuals can also file their ITR through any third-party e-filing website that also assists in calculating income tax amounts and provides professional advice through the process. In case they find it difficult to file the return themselves and need additional expert advice, it is best to consult a chartered accountant to help them with the process.
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Income Tax Returns can also be filed after the due date in case an individual is unable to file it due to unavoidable circumstances. In such cases, the return can be filed under Section 139 (4) before the assessment year or before the completion of assessment (whichever is earlier).
In case an individual wants to check the status of Income Tax Refund, they can do so on the website of the Income Tax Department. They can check the status after 10 days from the date the refund is sent by entering their Permanent Account Number and selecting the assessment year. However, a refund is disbursed only after the ITR is fully processed, which may take up to a year.
The option to file the return offline is given to super senior citizens, i.e. individuals who are 80-year old and above during the financial year. Another instance wherein ITR can be filed offline is if an individual or Hindu Undivided Family (HUF) has an income not exceeding Rs 5 lakh and is not claiming any refund.
Our website also helps make Income Tax Return filing simpler by offering free e-filing assistance for senior citizens.
(The author is Founder & CEO, ClearTax.com)