NiL ITR Filing AY 2023-24 for Senior Citizens and Super Senior Citizens: There are several benefits of Income Tax Return (ITR) filing even when your income is below the basic exemption limit. Senior citizens can also get these benefits by filing Nil ITR, i.e. the return filed when income is below the exemption threshold.

It is important to note that filing ITR for AY 2023-24 is not mandatory when income is less than Rs 2.5 lakh for general citizens and Rs 3 lakh for senior citizens (Rs 5000 for super senior citizens). However, ITR filing is mandatory for all taxpayers if they have undertaken the following transactions in FY 2022-23:

  • Deposited over Rs. 1 crore in one or more current accounts.
  • Incurred expenditure over Rs 2 lakhs for self or any other person for travel to a foreign country
  • Incurred expenditure of over Rs 1 lakh on electricity bill

Experts say senior citizens may not file ITR if their income is below the exemption limit. For super senior citizens aged 75 years or above, IT filing is not mandatory if they have income only in the form of pension or interest from bank deposits. However, they can also get the benefit of NiL ITR filing (read below).

Also Read: Should you file a Nil Income Tax Return if earning less than Rs 2.5 lakh?

“Senior citizens with total income not exceeding the basic exemption limit are not mandatorily required to file their tax return subject to the aforementioned conditions. Further, section 194P of the IT Act exempts senior citizens aged 75 years and above from filing returns of income provided their total income only comprises of pension income and interest income from specified bank,” says Dr Suresh Surana, Founder, RSM India, a tax consultancy firm.

“However, Senior citizens are advised to file the return of income to avail the benefits including requirements during foreign visa processing, any carry forward of eligible losses, etc,” he adds.

Also Read: 10 benefits of filing ITR even when not compulsory

Benefits of Nil ITR filing

Senior citizens can get the following benefits by filing ITR when their income is below the basic exemption limit of Rs 3 lakh.

  • ITR serves as proof of income that you may be required to submit to Government authorities in future
  • ITR is sought by banks and other financial institutions for sanctioning of loans.
  • For travelling abroad, visa authorities generally seek ITRs filed in previous years.
  • ITR requires to be filed to claim the benefit of carrying forward of loss.
  • Refunds related to TDS/ TCS and rebates can be claimed only on filing of ITR

The Due Date to file ITR for AY 2023-24 is July 31 for taxpayers whose accounts don’t need to be audited. If you haven’t filed yet, file now to avail the benefits.