Which ITR Form Is Right For Senior Citizens In FY 2024-25? Check Income Tax Slabs Under New Tax Regime | Personal Finance News

ITR Forms 2025-26 For Senior Citizens: As the tax filing season approaches, it’s important for senior citizens and super senior citizens to choose the correct Income Tax Return (ITR) form to maximize benefits for FY 2024–25. Senior citizens, aged 60 and above, enjoy a basic exemption limit of Rs 3 lakh under the Income Tax Act, 1961, while super senior citizens (80 and above) benefit from a higher exemption limit of Rs 5 lakh.

However, those opting for the New Tax Regime will not receive the higher exemption, with the basic limit remaining at Rs 3 lakh. There are specific exemptions and tax slabs under the Income Tax Act tailored for senior and super senior citizens. Adding further, many senior citizens mistakenly assume that filing returns isn’t necessary if tax is already deducted at source (TDS) on their income. However, this is incorrect. 

Types Of ITR Forms 2025-26 For Senior Citizens 

Pensioners with income below Rs 50 lakh from salary, pension, rent, or interest can use ITR-1 (Sahaj). If they earn from capital gains, own multiple properties, or have other sources of income, ITR-2 is the right choice. For those with business or professional income, ITR-3 is applicable. ITR-4 is meant for individuals choosing presumptive taxation under sections 44AD and 44ADA. 

Health Insurance Premium Benefits For Senior Citizens 

Senior citizens can benefit from enhanced deductions, such as health insurance premiums under Section 80D and interest income from deposits under Section 80TTB. They are also eligible for a standard deduction of up to ₹50,000 against salary and pension income under Section 16(ia). These provisions offer significant tax relief to senior citizens, further reducing their taxable income.

New Tax Regime For Senior And Super Senior Citizens 

The income tax slabs is applicable to individuals over 60 years and under 80 years. The tax slabs are structured as follows: No tax is charged on income up to Rs 2,50,000. For income between Rs 2,50,001 and Rs 5,00,000, the tax rate is 5 per cent. Income from Rs 5,00,001 to Rs 7,50,000 is taxed at 10 per cent, while earnings between Rs 7,50,001 and Rs 10,00,000 are taxed at 15 per cent. 

The next slab, Rs 10,00,001 to Rs 12,50,000, attracts a 20 per cent tax rate. Income from Rs 12,50,001 to Rs 15,00,000 is taxed at 25 per cent, and any income above Rs 15,00,000 is taxed at 30 per cent.