No Tax For Senior Citizens Above...? Govt Clarifies - Details

A viral message on social media claims that senior citizens above 75 years of age will no longer have to pay income tax. The post suggests that after India’s 75th Independence anniversary, the government has passed a law providing tax exemption for these senior citizens, including changes in tax rules and forms. It also mentions that seniors above 75 must submit a "12-BBA" application to the bank to claim the exemption.

Tax Exemption: Clarification from Government 

The claim has been debunked by the government. The Press Information Bureau (PIB) issued a statement calling the message fake. According to the PIB, the government has provided tax relief only for senior citizens above 75 who have pension and interest income. These individuals do not need to file Income Tax Returns (ITR). Any applicable taxes are deducted by their banks after computing their income and eligible deductions.

Tax Exemption: Fact Check on Tax Relief 

As per Section 194P of the Income Tax Act, senior citizens aged 75 and above, who have only pension and interest income, are exempt from filing ITR. The basic exemption limit for senior citizens is Rs 3 lakh annually. For super senior citizens (80 years and above), the exemption limit is Rs 5 lakh, meaning they do not have to pay tax or file returns if their income is below this threshold.

The viral message claiming widespread tax exemption for senior citizens above 75 is misleading. Only those with pension and interest income are exempt from filing ITR under specific conditions.