ITR Filing: How pensioners should fill their ITR, know these important things before July 31

ITR Filing: Normally the Income Tax Department collects tax on your income. The tax you pay on your income is used for the development of the country. The last date for filing ITR is approaching. Similarly, many questions have arisen in people's minds. Filing of ITR is mandatory for many Indian citizens including retired pensioners. This time, income tax return can be filed till July 31, 2024 for the financial year 2023-24. If you breach this deadline, you may be fined. We tell you that income tax return filing is necessary not only for working people but also for pensioners. Explain in detail when pensioners have to file ITR. Also Read: TCS stock rockets on BSE, when to file ITR? If your total income including pension exceeds the limit, you have to file ITR. If your age is 60 or below then this limit for you is ₹ 250000. Whereas if your age is between 60 to 80 years then this limit for you is fixed at ₹ 300000. Whereas, for pensioners above 80 years, the limit is fixed at ₹ 500000. How to File ITR for Pensioners: Pensioners generally use ITR 1 Sahaj form to file ITR. You can fill this form in two ways. First online and second offline. To fill the online form, you can fill this form through the online portal on the Income Tax Department website. If you want to fill the form offline, you can download the ITR 1 form and submit it to the concerned Income Tax Department office. As per Section 194P of the Income Tax Act, when are senior citizens not required to file Income Tax Return? If they fulfill certain conditions like their income is pension and the income is from the same bank as the pension, then the bank deducts the tax in such a situation. In such a situation, they are not required to file income tax returns. Under the old tax system, a person below 60 years of age would have to pay Rs. 2.5 lakh tax exemption but tax exemption for those above 60 years of age under the new tax regime Rs.5 lakh basic exemption limit for all categories of taxpayers Rs. 5 lakhs upto. Filing of Income Tax Return (ITR) is required if annual bank deposits exceed Rs.50 lakh and annual deposits in one or more current accounts exceed Rs.1 crore. Professional Income Rs. 10 lakhs and above: Your professional income is Rs. If it is more than 10 lakhs, you need to file Income Tax Return (ITR). Electricity bill above Rs.1 lakh: If electricity bill is above Rs.1 lakh in a year, filing of Income Tax Return (ITR) is required. TDS-TCS Deduction Above Rs.25K: If your TDS or TCS Deduction is above Rs.25K or TDS Deduction of Senior Citizens is above Rs.50K, Filing of Income Tax Return (ITR) is required in such situation. ) Also read: Women taking health insurance should be careful, these diseases will not occur The post ITR filing: How pensioners should fill their ITR, know these important things before July 31 appeared first on Prabhat Khabar.