ITR Filing: All You Need To Know About Income Tax Return Forms For Senior Citizens

Choosing the right income tax returns (ITR) form is important for all taxpayers. As the ITR filing for FY 2024-25 is in progress, taxpayers need to choose the ITR form depending on their income. Selecting the wrong ITR form may render your filing invalid.

With multiple ITR forms notified by the Income Tax Department, it could be confusing for many, especially for senior citizens, to choose the right form. It’s important to choose the right ITR form to avoid delays, notices, or rejections.

As per the Income Tax Act, 1961, all individuals aged 60 years or above but below 80 years are considered senior citizens.

For those aged 60 years and above, selecting the correct form depends largely on their income sources and residential status. Let’s take a look at ITR forms for senior citizens.

ITR-1 is the most commonly used form for resident senior citizens whose total income is up to Rs 50 lakh and comes from the following:

• Salary or pension

• From one house property

• From other sources like interest, family pension, or dividends

• Agricultural income (only if it is up to Rs 5,000)

• You are a director in a company

• You own unlisted shares

• You have assets or financial interests outside India

• You have signing authority in any foreign bank account

• You earn income from outside India

• Tax was deducted under section 194N

• Tax payment on your ESOPs has been deferred

• Your total income is more than Rs 50 lakh

Senior citizens can use ITR-2 if:

• Do not have income from a business or profession

• Are not eligible to file ITR-1

Senior citizens should use ITR-3 if:

• Have income from business or profession

• Are not eligible to file ITR-1, ITR-2, or ITR-4

This form is for an Individual or a Hindu Undivided Family (HUF) who is a resident or a resident firm, having a total income up to Rs 50 lakh. The income should include business or professional income calculated on a presumptive basis, along with any of the following:

• Salary or Pension

• One House Property

• Other Sources (like Interest, Family Pension, Dividend, etc.)

• Agricultural income up to Rs 5,000

• Presumptive Income from Business or Profession under sections 44AD, 44ADA, or 44AE

Super senior citizens (over 80 years) can opt to file ITR-1 or ITR-4 in paper form, instead of online, if they are not claiming a refund. This exemption helps those who are not digitally savvy.

Choosing the correct ITR form ensures smooth processing and faster refunds. If in doubt, consult a tax advisor, especially when income sources go beyond the basics. Filing the right form is just as important as filing on time.