Returns and Forms Applicable forSenior Citizens and Super Senior Citizens for AY2023-2024
 | Disclaimer:The content on this page is only to give an overview and general guidance and is not exhaustive. For complete details and guidelines please refer Income Tax Act, Rules and Notifications |
An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.
| Note: Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above. Conditions for exemption are: - Senior Citizen should be of age 75 years or above
- Senior Citizen should be ‘Resident’ in the previous year
- Senior Citizen has pension income and interest income only & interest income accrued / earned from the same specified bank in which he is receiving his pension
- The senior citizen will submit a declaration to the specified bank.
- The bank is a ‘specified bank’ as notified by the Central Government. Such banks will be responsible for the TDS deduction of senior citizens after considering the deductions under Chapter VI-A and rebate under 87A.
- Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens.
Section 194P is applicable from 1st April 2021. |
| 1. ITR-1 (SAHAJ) – Applicable for Individual |
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This return is applicable for a Resident (other than Not Ordinarily Resident) Individual having Total Income from any of the following sources up to ₹ 50 lakh. | Salary/ Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 |
| Note:ITR-1 cannot be used by a person who:
(a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case tax has been deducted u/s 194N
(g) is a person in whose case payment or deduction of tax has been deferred on ESOP. |
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| 2. ITR-2 - Applicable for Individual and HUF |
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This return is applicable for Individual andHindu Undivided Family (HUF). | Not having income under the head Profits or Gains of Business or Profession | Who is not eligible for filing ITR-1 |
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| 3. ITR-3 - Applicable for Individual and HUF |
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This return is applicable for Individual andHindu Undivided Family (HUF). | Having income under the head Profits or Gains of Business or Profession | Who is not eligible for filing ITR-1, 2 or 4 |
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| 4. ITR-4 (SUGAM)– Applicable for Individual, HUF and Firm (other than LLP) |
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This return is applicable for an Individual or Hindu Undivided Family (HUF), who is Resident other than not ordinarily resident or a Firm (other than LLP) which is a Resident having Total Income up to ₹ 50 lakh and having Income from Business and Profession which is computed on a presumptive basis and income from any of the following sources: | Salary / Pension | One House Property | Other sources (Interest, Family Pension, Dividend etc.) | Agricultural Income up to ₹ 5,000 | Income from Business / Profession computed on presumptive basis u/s 44AD / 44ADA / 44AE |
| Note:ITR-4 cannot be used by a person who: (a) is a Director in a company
(b) has held any unlisted equity shares at any time during the previous year
(c) has any asset (including financial interest in any entity) located outside India
(d) has signing authority in any account located outside India
(e) has income from any source outside India
(f) is a person in whose case payment or deduction of tax has been deferred on ESOP Please note that ITR-4 (Sugam) is not mandatory. It is a simplified return form to be used by an Assessee, at his option, if he is eligible to declare Profits and Gains from Business and Profession on presumptive basis u/s44AD, 44ADA or 44AE.
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Forms Applicable
1. Form 15H - Declaration to be made by an individual (who is 60years of age or more) claiming certain receipts without deduction of tax |
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| Submitted by | Details provided in the form | | A Resident Individual, 60 years or more of age to Bank, for not deducting TDS on interest income | Estimated Income for the FY |
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| 2. Form 12BB - Particulars of claims by an employee for deduction of tax (u/s 192) |
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| Provided by | Details provided in the form | | An Employee to his Employer(s) | Evidence or particulars of HRA, LTC, Deduction of Interest on Borrowed Capital, Tax Saving Claims / Deductions for the purpose of calculating Tax to be Deducted at Source (TDS). |
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| 3. Form 16 - Details of Tax Deducted at Source on salary (Certificate u/s 203 of the Income Tax Act, 1961) |
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| Provided by | Details provided in the form | | An Employee to his Employer(s) | Salary paid, Deductions / Exemptions and Tax Deducted at Source for the purpose of computing tax payable / refundable. |
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| 4. Form 16A – Certificate u/s 203 of the Income Tax Act, 1961 for TDS on Income other than Salary |
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| Provided by | Details provided in the form | | Deductor to Deductee | Form 16A is a Tax Deducted at Source (TDS) Certificate issued quarterly that captures the amount of TDS, Nature of Payments and the TDS Payments deposited with the Income Tax Department. |
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| 5. Form 26AS |
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| Provided by | Details provided in the form | Income Tax Department (It is available on e-Filing Portal: Login > e-File> Income Tax return > View form 26AS) | - Tax Deducted / Collected at Source
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Note: Information (Advance tax/SAT, Details of refund, SFT Transaction, TDS u/s 194 IA,194 IB,194M,TDS defaults) which were available in 26AS now, will be available in AIS mentioned below
| 6. AIS- Annual Information Statement |
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| Provided by | Details provided in the form | Income Tax Department (It can be access in services menu after logging on to Income Tax e-Filing portal) | - Tax Deducted /Collected at Source
- SFT Information
- Payment of taxes
- Demand /Refund
- Other information (Like; Pending/Completed proceedings, GST information, Info received from foreign govt. etc
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Path to access AIS: Go to e-filing portal>login>Services>AIS
| 7. Form 10E - Form for furnishing particulars of Income for claiming relief u/s 89(1) when Salary is paid in arrears or advance |
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| Provided by | Details provided in the form | | An Employee to the Income Tax Department | - Arrears / Advance Salary
- Gratuity
- Compensation on Termination
- Commutation of Pension
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| 8. Form 67- Statement of Income from a country or specified territory outside India and Foreign Tax Credit |
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| Submitted by | Details provided in the form | | Taxpayer | Income from a country or specified territory outside India and Foreign Tax Credit claimed |
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| 9. Form 3CB-3CD |
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| Submitted by | Details provided in the form | Taxpayer who is required to get his accounts audited by an Accountant u/s 44AB. To be furnished one month before the due date for furnishing the return of income under sub-section (1) of section 139. | Report of audit of Accounts and Statement of Particulars required to be furnished u/s 44AB of the Income Tax Act, 1961. |
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| 10. Form 3CEB |
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| Submitted by | Details provided in the form | Taxpayer who is required to obtain a report from an Accountant u/s 92E for entering into an International Transaction or Specified Domestic Transaction. To be furnishedone month before the due date for furnishing the return of income under sub-section (1) of section 139. | Audit report u/s 92E of the Income Tax Act, 1961, relating to International Transaction(s) and Specified Domestic Transaction(s). |
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Tax Slabs for AY2023-24
Senior andSuper Senior Citizens can opt for the Old Tax Regime or the New Tax Regime with lower rate of taxation (u/s 115 BAC of the Income Tax Act)
The taxpayer opting for concessional rates in the New Tax Regime will not be allowed certain exemptions and deductions (like 80C, 80D,80TTB, HRA) available in the Old Tax Regime.
| For Senior Citizen i.e. Resident Individual, 60 years or more but less than 80 years of age at anytime during the previous year: | Old Tax Regime | New Tax Regime u/s 115BAC |
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| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
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| Up to ₹ 3,00,000 | Nil | Up to ₹ 2,50,000 | Nil | | ₹ 3,00,001 - ₹ 5,00,000 | 5% above ₹ 3,00,000 | ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | | ₹ 5,00,001 - ₹ 10,00,000 | ₹ 10,000 + 20% above ₹ 5,00,000 | ₹ 5,00,001 - ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 | | Above ₹ 10,00,000 | ₹ 1,10,000 + 30% above ₹ 10,00,000 | ₹ 7,50,001 - ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 | | | ₹ 10,00,001 - ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | | | ₹ 12,50,001 - ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | | | Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
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| For Super Senior Citizen i.e. Resident Individual 80 years or more in age at anytime during the previous year: | Old Tax Regime | New Tax Regime u/s 115BAC |
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| Income Tax Slab | Income Tax Rate | Income Tax Slab | Income Tax Rate |
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| Up to ₹ 5,00,000 | Nil | Up to ₹ 2,50,000 | Nil | | ₹ 5,00,001 - ₹ 10,00,000 | 20% above ₹ 5,00,000 | ₹ 2,50,001 - ₹ 5,00,000 | 5% above ₹ 2,50,000 | | Above ₹ 10,00,000 | ₹ 1,00,000 + 30% above ₹ 10,00,000 | ₹ 5,00,001 - ₹ 7,50,000 | ₹ 12,500 + 10% above ₹ 5,00,000 | | | ₹ 7,50,001 - ₹ 10,00,000 | ₹ 37,500 + 15% above ₹ 7,50,000 | | | ₹ 10,00,001 - ₹ 12,50,000 | ₹ 75,000 + 20% above ₹ 10,00,000 | | | ₹ 12,50,001 - ₹ 15,00,000 | ₹ 1,25,000 + 25% above ₹ 12,50,000 | | | Above ₹ 15,00,000 | ₹ 1,87,500 + 30% above ₹ 15,00,000 |
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| Note: 1. No increased basic exemption limit benefit will be available to Senior and Super Senior Citizens in the New Tax Regime
2. The rates of Surcharge and Health & Education cess are same under both the tax regimes
3. Rebate u/s 87-A Resident individual whose Total Income is not more than ₹ 5,00,000 is eligible for a Rebate of 100% of income tax or ₹ 12,500, whichever is less. This Rebate is available in both tax regimes |
Surcharge, Marginal Relief and Health & Education cess
| | What is Surcharge? | Surcharge is an additional charge levied for persons earning income above the specified limits, it is charged on the amount of Income Tax calculate as per applicable rates- 10% - Taxable Income above ₹ 50 lakh – Up to ₹ 1 crore
- 15% - Taxable Income above ₹ 1 crore - Up to ₹ 2 crore
- 25% - Taxable Income above ₹ 2 crore - Up to ₹ 5 crore
- 37% - Taxable Income above ₹ 5 crore
- Maximum Surcharge on Income by way of Dividend or Income under the provision of 111A, 112A and 115AD is 15%
| | What is Marginal Relief? | | Marginal relief is a relief from Surcharge, provided in cases where the Surcharge payable exceeds the additional Income that makes the person liable for Surcharge. The amount payable as Surcharge shall not exceed the amount of Income earned exceeding ₹ 50 lakhs, ₹ 1 crore, ₹ 2 crore or ₹ 5 crore respectively | | What is Health and Education cess? | | Health & Education cess @ 4% shall also be paid on the amount of income tax plus Surcharge (if any) |
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Investments / Payments / Incomes on which I can get tax benefit
Section 24(b) – Deduction from Income from house property on interest paid on housing loan andhousing improvement loan. In case of self-occupied property, the upper limit for deduction of interest paid on housing loan is ₹ 2 lakh. However, this deduction is not available for person opting for New tax Regime.
Interest on loan u/s 24(b) allowable is tabulated below:
| Nature of Property | When Loan was taken | Purpose of Loan | Allowable (Maximum Limit) |
| Self-occupied | On or after 01/04/1999 | Construction or purchase of house property | ₹ 2,00,000 |
| On or after 01/04/1999 | For Repairs of house property | ₹ 30,000 |
| Before 01/04/1999 | Construction or purchase of House property | ₹ 30,000 |
| Before 01/04/1999 | For Repairs of house property | ₹ 30,000 |
| Let-out | Any Time | Construction or purchase of House property | Actual value without any limit |
Tax deductions specified under Chapter VI-A of the Income Tax Act
These Deductions will not be available to a taxpayer opting for the New Tax Regime u/s 115 BAC, except for deduction u/s80CCD(2) which will be allowable under New Tax Regime as well.
| 80C, 80CCC, 80CCD (1) |
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Deduction towards payments made to | 80C | - Life Insurance Premium
- Provident Fund
- Subscription to certain equity shares
- Tuition Fees
- National Savings Certificate
- Housing Loan Principal
- Other various items
| | 80CCC | Annuity plan of LIC or other insurer towards Pension Scheme | | 80CCD (1) | Pension Scheme of Central Government |
| | Combined deduction limit of ₹ 1,50,000 |
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| 80CCD (1B) |
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| Deduction towards payments made to Pension Scheme of Central Government, excluding deduction claimed under 80CCD (1). | | Deduction Limit of ₹ 50,000 |
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| 80CCD (2) |
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Deduction towards contribution made by an employer to the Pension Scheme of Central Government If Employer is a PSU, State Government or others | | Deduction limit of 10% of salary |
| | If Employer is Central Government | | Deduction limit of 14% of salary |
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| 80D |
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Deduction towards payments made to Health Insurance Premium & Preventive Health check up For Self / Spouse or Dependent Children | | | ₹ 50,000 if any person is a Senior Citizen | | ₹ 5,000 for preventive health check up, included in above limit |
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| | For Parents | | | ₹ 50,000 if any person is a Senior Citizen | | ₹ 5,000 for preventive health check up, included in above limit |
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Deduction towards medical expenditure incurred on a Senior Citizen, if no premium is paid on health insurance coverage | For Self / Spouse or Dependent Children | | Deduction limit is ₹ 50,000 |
| | For Parents | | Deduction limit is ₹ 50,000 |
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| 80DD |
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| Deduction towards payments made towards Maintenance or Medical Treatment of a Disabled dependent or paid / deposited any amount under relevant approved scheme. | | Flat deduction of
₹ 75,000available for a person with Disability, irrespective of expense incurred | The deduction is
₹ 1,25,000if the person has Severe Disability (80% or more) |
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| 80DDB |
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| Deduction towards payments made towards Medical Treatment of Self or dependant for specified disease. | | Deduction limit of
₹ 40,000
(₹ 1,00,000 if Senior Ctizen) |
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| 80E |
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| Deduction towards interest payments made on loan for higher education of Self or relative. | | Total amount paid towards interest on loan taken |
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| 80EE |
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| Deduction towards interest payments made on loan taken for acquisition of residential house property where the loan is sanctioned between 1st April 2016 to 31st March 2017. | | Deduction limit of
₹ 50,000
on the interest paid on loan taken |
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| 80EEA |
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| Deduction towards interest payments made on loan taken for acquisition of residential house property for the first time where the loan is sanctioned between 1st April 2019 to 31st March 2022 and deduction should not have been claimed u/s 80EE. | | Deduction limit of
₹ 1,50,000
on the interest paid on loan taken |
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| 80EEB |
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| Deduction towards interest payments made on loan for purchase of electric vehicle where the loan is sanctioned between 1st April 2019 to 31st March 2023. | | Deduction limit of
₹ 1,50,000
on the interest paid on loan taken |
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| 80G |
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Deduction towards Donations made to certain Funds, Charitable Institutions, etc. Donation are eligible for deduction under the below categories: | Without any limit | | | 100% deduction | | 50% deduction |
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| | Subject to qualifying limit | | | 100% deduction | | 50% deduction |
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| 80GG |
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Deduction towards rent paid for house & applicable only for whom HRA is not part of Salary. Least of the following shall be allowed as deduction: | Rent paid reduced by 10% of Total Income before this deduction | ₹ 5,000 per month | 25% of Total Income before this deduction |
Note: Form 10BA to be filed for claiming this deduction |
| 80GGA |
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Deduction towards Donations made for Scientific Research or Rural Development Donation are eligible for deduction under the below categories: Research Association or University, College or other Institution for- Scientific Research
- Social Science or Statistical Research
| Association or Institution for- Rural Development
- Conservation of Natural Resources or for Afforestation
| | PSU or Local Authority or an Association or Institution approved by the National Committee for carrying out any eligible project | Funds notified by Central Government for- Afforestation
- Rural Development
| | National Urban Poverty Eradication Fund as setup and notified by Central Government |
Note:No deduction shall be allowed under this Section in respect of donation made in cash exceeding₹ 2000/- or if Gross Total Income includes Income from Profit / Gains from Business / Profession |
| 80GGC |
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| Deduction towards Donations made to Political Party or Electoral Trust | | Deduction of total amount paid through any mode other than cash |
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| 80TTB |
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| Deduction on interest received on deposits by Resident Senior Citizens | | Deduction limit of
₹ 50,000 |
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| 80U |
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| Deductions for an individual taxpayer with Disability | | | Flat ₹ 75,000 deduction for a person with Disability, irrespective of expense incurred | | Flat ₹ 1,25,000 deduction for a person with Severe Disability (80% or more), irrespective of expense incurred |
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In addition to tax benefits applicable regardless of age of taxpayer, there are certain enhanced / additional benefits for Senior / Super Senior Citizen. The additional benefits are listed below:
Paper filing of Income Tax Return
Super Senior Citizens (aged 80 years or more) have the option to submit their ITR using Form 1 or 4 in offline / paper mode. The e-Filing option also remains available to them.
Relief from payment of Advance Tax
As per Section 208, every person whose estimated tax liability for the year is ₹ 10,000 or more, shall pay his tax in advance, in the form of Advance Tax.But, Section 207 gives relief from payment of Advance Tax to a Resident Senior Citizen. Thus, a Resident Senior Citizen, not having any Income from Business or Profession, is not liable to pay Advance Tax.
Income tax deduction on interest on bank deposits
Section 80TTB of the Income Tax Act allows tax benefits on interest earned from deposits with banks, post office or co-operative banks. The deduction is allowed for a maximum interest income of up to ₹ 50,000 earned by the Senior Citizen. Both the interest earned on saving deposits and fixed deposits are eligible for deduction under this provision.
Also, u/s194A of the Income Tax Act, no Tax is Deducted at Source (TDS) on interest payment of up to ₹ 50,000 by the bank, post office or co-operative bank to a Senior Citizen. This limit is to be computed for every bank individually.
Tax benefits with respect to medical insurance and expenditure
According to Section 80D of the Income Tax Act, Senior Citizens may avail a higher deduction of up to ₹ 50,000 for payment of premium towards medical insurance policy. The limit is ₹ 25,000 in case of Non-Senior Citizens.
Further Section 80DDB of the Income Tax Act allows tax deduction on expenses incurred by an individual on himself or a dependent towards the treatment of specific diseases as stated in the act. The maximum deduction amount in case of a senior citizen is ₹ 1 lakh (₹ 40,000 for Non-Senior Citizen taxpayers).
Page Last Reviewed or Updated: 01-May-2023
As an expert in tax regulations and income filing, I bring forth a comprehensive understanding of the concepts presented in the article titled "Returns and Forms Applicable for Senior Citizens and Super Senior Citizens for AY 2023-2024." My expertise is demonstrated through a thorough grasp of income tax provisions, especially those pertaining to senior citizens, and a proficiency in interpreting the Income Tax Act, Rules, and Notifications.
The article begins by defining the criteria for categorizing individuals as senior citizens and super senior citizens for income tax purposes. Notably, it mentions Section 194P of the Income Tax Act, 1961, which exempts senior citizens aged 75 years and above from filing income tax returns under certain conditions related to pension and interest income.
It then delves into different Income Tax Return (ITR) forms applicable to individuals based on their income sources and other factors:
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ITR-1 (SAHAJ): Applicable for individuals with income up to ₹50 lakh from various sources, excluding those with specific financial interests abroad or holding unlisted equity shares.
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ITR-2: Applicable for individuals and Hindu Undivided Families (HUF) without income under the head "Profits or Gains of Business or Profession."
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ITR-3: Applicable for individuals and HUF with income under the head "Profits or Gains of Business or Profession," excluding those eligible for ITR-1 or ITR-2.
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ITR-4 (SUGAM): Applicable for individuals, HUFs, and firms with a total income up to ₹50 lakh, following presumptive taxation rules and specific exclusions.
The article also provides information on various forms, such as Form 15H for tax deduction on interest income, Form 12BB for employee tax deductions, Form 16 and Form 16A for TDS on salary and other income, Form 26AS for tax deducted/collected at source, and Form 10E for claiming relief under section 89(1).
Furthermore, it details the tax slabs for senior and super senior citizens for Assessment Year 2023-2024, highlighting the option to choose between the Old Tax Regime and the New Tax Regime.
The expertly presented information also covers deductions under various sections of the Income Tax Act, such as Section 24(b) for interest on housing loans, and Chapter VI-A deductions for senior citizens, including those related to life insurance premiums, medical insurance, and donations.
Additionally, the article explains concepts like surcharge, marginal relief, and health & education cess, providing a comprehensive overview of the tax landscape for senior citizens.
Finally, the enhanced benefits for senior and super senior citizens, including paper filing options, relief from advance tax payments, and specific tax benefits for medical insurance and expenditure, are highlighted to provide a holistic understanding of the tax implications for this demographic.
In conclusion, my expertise allows me to distill complex tax regulations into accessible information, making the article's content more understandable and actionable for readers.
