Senior Citizens Above 75 Of Age Need Not Pay Income Tax? Here’s The Truth.

Recently, a message went viral on social media claiming that senior citizens above 75 years of age do not have to pay income taxes anymore. 

We came across a post on Facebook that read, “Central Government’s Big Announcement – These People Will Not Have to Pay Tax

The Modi government will not have to pay tax to the senior citizens of the country, because on the completion of 75 years of India’s independence, senior citizens above 75 years of age will no longer have to pay tax on their income.

Senior citizens in India live on income from pensions and other schemes, they will no longer have to pay any tax on their income and they will not have to file income tax returns, senior citizens have been given exemptions in this.

According to the information given by the Central Board of Direct Taxes, the central government has changed the law to provide tax exemption to senior citizens, which includes important changes between Rule 31, Rule 31A, Form 16 and 24Q, and senior citizens above 75 years of age will have to submit a 12-BBA application to the bank to get tax exemption.

Suresh Pote,

Secretary – Maharashtra Senior Citizens Federation – Mumbai – Navi Mumbai Division.

For senior citizens – the news is very important, you should share it with others too.”

Facebook Link | Archived Link.

However, as we investigated, we came to know that the claim was false. Here’s the fact check.

Fact Check

We started our investigation by conducting a relevant keyword search. This led us to the official website of the Income Tax Department of India. According to the website, “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.” 

We found a note on the website that read, “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.”

Please read here.

Moving forward, we found a tweet from PIB Fact Check on 28 November 2024 mentioning the viral message to be fake.

A report published on The Business Today can be read here. Archived Link.

This makes it clear that the viral message is false. The government has not announced any tax relief for senior citizens.

Conclusion 

From our investigation, we can say that the viral message is false. Indian Government has not announced any tax relief for senior citizens above 75 of age.