Which benefits Pensioners get in ITR Filing for FY 2025-26 | Income Tax slab for senior Citizen |

Описание: Which benefits Pensioners get in ITR Filing for FY 2025-26 | Income Tax slab for senior Citizen |

Pensioners filing ITR for FY 2025-26 (AY 2026-27) benefit from a higher basic exemption limit of ₹3 lakh (up to ₹5 lakh for super seniors), a standard deduction increased to ₹75,000, and an enhanced interest income deduction of up to ₹1 lakh under Section 80TTB. Additionally, seniors aged 75+ with only pension/interest income are exempt from filing ITR under Section 194P. 

Key benefits for pensioners in ITR filing for FY 2025-26 (AY 2026-27) include:

Higher Basic Exemption Limits (Old Regime):

Senior Citizens (60–80 years): No tax on income up to ₹3 lakh.

Super Senior Citizens (80+ years): No tax on income up to ₹5 lakh.

Standard Deduction: Increased to ₹75,000 for both Old and New Tax Regimes.

Increased Interest Deduction (Section 80TTB): The deduction on interest income from banks/post offices has been increased from ₹50,000 to ₹1 lakh.

Exemption from Filing ITR (Section 194P): Residents aged 75 or older with only pension and interest income from the same bank are exempted from filing ITR, as the bank will deduct tax.

No Advance Tax: Senior citizens not having income from business or profession are exempt from paying advance tax.

Medical Insurance Deduction (Section 80D): Higher deduction limit of up to ₹50,000 for health insurance premiums.

Tax-Free Benefits: Gratuity exemption has increased to ₹20 lakh. 

Notes for FY 2025-26:

New Tax Regime: There are no specific higher basic exemption limits for senior citizens in the new tax regime.

Rebate: Rebate increased to ₹60,000 in the new tax regime. 


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