Income Tax News: There are now just a few weeks remaining to file your 2022–2023 income tax return (ITR). If you are subject to income tax, submit your ITR as soon as possible—don’t wait until the last minute. Nonetheless, some people are granted tax breaks by the government. You are eligible for specific exemptions from income tax even after filing returns if you are over 60.
Senior Citizen Tax Bracket
Those who pay their taxes under the senior citizen tax bracket and are over 60 are considered senior citizens. For retired workers between the ages of 60 and 80, the standard tax exemption threshold is Rs 3 lakh.
Thus, for income over Rs 3 lakh per year, there is no requirement to file an ITR. However, the upper limit for extremely senior citizens is Rs 5 lakh. those over 75 who solely rely on their pension or interest from banks. They do not have to file tax returns, but they must file an ITR if they have any additional income.
Advance Tax Relief for Seniors
Seniors who pay their taxes in advance are given relief from income tax. If an elderly person makes no money from their business or occupation, There is no advance tax due from him. Additionally, senior folks are eligible to deduct interest from savings bank accounts and fixed deposits up to Rs 50,000 per year.
Under Section 80DDB of the Income Tax Act, senior citizens may deduct up to Rs 1 lakh for medical costs. In addition, senior individuals over the age of 80 who are filing their ITR 1 or ITR 4 returns may do so on paper. This does not require e-filing.
Old Tax Slab
- Income up to Rs 3 lakh is tax-free.
- 5% on earnings up to Rs 5 lakh
- 10% on income over Rs 5 lakh and Rs 10,000 of income between Rs 5 and Rs 10 lakh.
- Over Rs 10 lakh: Rs 1.10 lakh plus 30% of the total amount
- Under the new tax system, slab
- Income between Rs 0 and Rs 2.5 lakh is tax-free.
- 5% on earnings up to Rs 5 lakh
- From Rs 5 lakh to Rs 7.5 lakh, the amount is Rs 12,500 + 10%.
- Up to Rs. 10 lakh and over Rs. 7.5 lakh: Rs. 37,500 + 15%
- Up to Rs 12.5 lakh and over Rs 10 lakh: Rs 75,000 + 20%
- For amounts over Rs 12.5 lakh and up to Rs 15 lakh, add 25% to Rs 1,25,000.
Registration on Income Tax Website
You must register on the Income Tax website, www.incometaxindiaefiling.gov.in, in order to file a tax return. In the event that you have already registered, Then you just log in. Click View Return or Form after that. Click the e-file tab after that. You then need to select “Prepare and Submit ITR.” By visiting this link, you can file your ITR. Your PAN card number, Aadhar number, and other details are required here.
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