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A Senior’s Guide To File ITR: Obligations and Exemptions

If you earn above the basic exemption limit in India, you must file Income Tax Return (ITR). But what about senior citizens? Are they exempted from Filing ITR? According to Section 139 of the Income Tax Act 1961, senior citizens (aged 60 or more but less than 80) and super seniors (aged 80 or above) don’t have to file ITR, if their income stays below the basic exemption limit.

Currently, senior citizens have a basic income exemption limit of Rs. 3 Lakhs yearly. While 

super senior citizens have Rs. 5 Lakhs per annum under the existing tax regime. In the new regime for FY 2022-23, the basic exemption limit is Rs. 2.5 Lakhs for all the taxpayers.

The exceptions to this rule (when you still need to file ITR despite the income below the limit) are as follows:

  • If senior/super-senior citizens are residents/ordinary residents of India and have foreign assets, regardless of income generated from them.
  • They have deposited more than Rs.1 Crore in one or multiple current accounts with banks.
  • They deposited a total of Rs.50 Lakhs or more in one or multiple saving bank accounts.
  • They spent over Rs.2 Lakhs on foreign travel, whether for themselves or others.
  • They incurred electricity consumption expenses exceeding Rs.1 Lakh during the tax year.
  • If the combined TDS and TCS amount to Rs. 50,000 or more. It is Rs. 25,000 for non-resident senior citizens.
  • If the total sales/turnover/gross receipts from their business exceed Rs. 60 Lakhs.
  • If the total gross receipts from their profession exceed Rs.10 Lakhs during the relevant tax year.

However, some specified senior citizens are exempted from filing ITR even if their income exceeds the basic exemption limit. The conditions for this are as follows:

  • To be considered, a senior citizen one must be 75 years or above in the tax year.
  • Such specified senior citizens should have only pension income and interest income. The interest income should come from the same bank where they receive their pension.
  • Senior citizens will provide a declaration to the specified bank.
  • The Central Government designates the bank as a ‘specified bank.’ These banks will handle the TDS deduction for senior citizens after accounting for deductions under Chapter VI-A and rebates under Section 87A of the act.
  • Once the specified bank deducts taxes for these senior citizens, they won’t need to file ITR.


FileMyReturn provides valuable guidance for senior citizens on when they should file their ITR. Understanding the specified conditions and exemptions is crucial for senior citizens to meet their tax obligations. With our expert assistance, senior citizens can file their ITR efficiently and with peace of mind.

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