ITR filing: Senior citizens are liable to get tax exemption

With just few months in hand, you might have started the process of filing income tax returns for FY16-17. 

If not then you should start and not wait for the last moment.

If you are a senior citizen, then filing ITR is not a new process as you have been filing the tax from past around 35 years. However, citizens of age 60 years and 80 years are liable to get some exemption. 

Explaining the process of ITR filing in case of senior citizen, Archit Gupta, Founder & CEO ClearTax.com said, "Every individual whose income exceeds the Rs 2.5 lakhs has to mandatorily file the income tax return. However in case of senior citizens above 60 years but less than 80 years, this limit is Rs 3 lakhs and for senior citizens above 80 years, this limit is Rs 5 lakhs. It means that they are required to file the return only if the income exceeds Rs 3 lakhs or Rs 5 lakhs as the case may be."

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Moreover, all the taxpayers are required to file the income tax return online. But, exemption is given only in two cases: firstly for the individuals who are 80 years or more at any time during the financial year. Secondly Individual and Hindu Undivided Family (HUF) whose income does not exceed five lakhs rupees and who has not claimed any refund in the return of income.

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Further, the process of filing return is same for all the citizens. It does not distinguish the persons according to the age. Thus senior citizens are also required to file the relevant ITR form as applicable to them. Also they are required to file the form online. 

Only in case of senior citizen above 80 years, option to file in paper form is available.

ITR Forms are annexure less forms. It means that there is no need to attach any documents while filing ITR online or offline. 

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"But the relevant proofs and certificates are essential to be obtained and must be kept safely by you in your own records. If the Assessing Officer sends a notice and calls for them, you have to justify them under any circumstance," Gupta added.