ITR Filing for Senior Citizens: When should senior and super senior citizens file ITR?

financialexpress.com:

Individuals whose income exceeds the basic exemption limit in a financial year are required to file income tax return (ITR) in India. However, what is the case with senior citizens? Are senior and super senior citizens exempt from filing income tax return? Or, are they also required to file ITR?

It may be noted that as per Section 139 of the Income Tax Act, 1961, any taxpayer, including a senior citizen (60 years or more in age but less than 80 years) and super senior citizen (80 years or above in age), who does not have income exceeding the basic exemption limits is mandatorily not required to file a tax return.

“The basic income exemption threshold is currently Rs 3 lakh per annum in case of senior citizens and Rs 5 lakh per annum in case of super senior citizens under the existing tax regime. Under the new regime, this basic exemption limit is Rs 2.5 lakh for all taxpayers for FY 2022-23,” says Parizad Sirwalla, Partner and Head, Global Mobility Services, Tax, KPMG in India.

Also Read: Income Tax Return: 10 ITR filing mistakes which can cost you dearly

The exceptions to the above (i.e., when return filing is required in spite of the income being below the threshold limit) are as follows:

* If the senior citizen / super senior citizen is a resident and ordinary resident of India and has foreign assets during the relevant tax year (irrespective of whether income has been generated from such foreign assets).

* Has deposited amount exceeding Rs 1 crore in one or more current accounts maintained with banks during the relevant tax year.

* Has deposited in one or more savings bank account amount in aggregate Rs 50 lakh or more during the relevant tax year.

* Has expenditure incurred towards foreign travel either for