Income Tax Return: Any taxpayers, businessman or organization declares their income through income tax return. Means taxpayers tell the government that they have so much income and expenditure in a financial year.
Income Tax Return: Any taxpayers, businessman or organization declares their income through income tax return. Means taxpayers tell the government that they have so much income and expenses in a financial year. Filing of Income Tax Return is mandatory under the Income Tax Act 1961. This is the reason why senior citizens are not exempted from filing ITR in India. Senior citizens who are Indian residents and whose taxable income exceeds a certain limit, then they have to file ITR. Senior citizens and super senior citizens have to file ITR in the country.
Who is Senior Citizen and Super Senior Citizen?
A resident who is of the age of 60 years or more but less than 80 years at any time during the previous year is treated as a senior citizen for the purpose of income tax. Super Senior Citizen who is 80 years or more is considered. The Income Tax Act 1961 does not provide any exemption to senior citizens or super senior citizens from filing return of income.
