Must a senior citizen file a return if there is no tax payable?
Filing is mandatory when total income before deductions exceeds the basic exemption limit, even if no tax is payable after deductions. It is also mandatory for large bank deposits, high electricity bills or foreign travel above the prescribed limits. If TDS was cut and income is below the limit, filing is how you get the refund.
What is Form 15H and how does it help?
Form 15H is a declaration by a person aged 60 or above that tax on total income is nil, so banks and other payers should not deduct TDS on interest. It is submitted to each payer at the start of the financial year. It does not exempt income; the income must still be reported in the return.
Is pension taxable?
Yes. Pension from an employer is taxed as salary and gets a standard deduction, while family pension is taxed as income from other sources with a separate deduction. Pension from a former employer is usually covered by a TDS certificate from the pension payer. We reconcile it with AIS.
Do I have to pay advance tax at 70?
A resident senior citizen with no business or professional income is not required to pay advance tax. Tax is paid as self-assessment tax by 31 July when filing the return. A person with business income does pay advance tax. We confirm your category before you pay anything.
How is interest from a senior citizen savings scheme taxed?
Interest on the Senior Citizens Savings Scheme is taxable and banks or post offices deduct TDS above the threshold. It qualifies for 80TTB only if it is interest on deposits with a bank, post office or cooperative bank as defined in the section. We classify each interest item correctly.
Can my son or daughter e-verify the return for me?
The return is verified by the taxpayer, or by an authorised representative where the law permits, such as a person under a valid power of attorney in specific cases. Most seniors prefer an Aadhaar OTP on their own phone. We keep the process simple and send a plain-language summary.
What is the last date to file an income tax return?
For individuals and HUFs who do not need an audit, the usual due date is 31 July after the financial year ends. Cases needing a tax audit normally get 31 October, and companies with transfer pricing reports 30 November. The government sometimes extends dates, so we confirm the notified date for your year before we start.
What happens if I miss the ITR due date?
You can still file a belated return under section 139(4), generally until 31 December of the assessment year, but with a late fee under section 234F (₹5,000, or ₹1,000 if total income is up to ₹5 lakh) and interest under 234A. Most losses cannot be carried forward in a belated return, which can cost more than the fee itself.
Do I need to e-verify my return after filing?
Yes. A return is treated as filed only after e-verification, which must be completed within 30 days of filing. You can verify with Aadhaar OTP, net banking, a pre-validated bank account or a demat account. We guide you through it and confirm the processed status on the portal afterwards.
