Income tax for senior citizens and pensioners in India
Higher limits for seniors, interest income, TDS on FDs, and when you don't need to file.
How much income is tax-free for senior citizens?
In the new regime, the limits are the same at every age: no tax on taxable income up to ₹12 lakh after the rebate, with a ₹75,000 standard deduction on pension from a former employer. In the old regime, the basic exemption is ₹3 lakh from age 60 and ₹5 lakh from age 80.
Is interest from FDs taxed?
Yes, at your slab rate. In the old regime, seniors can deduct up to ₹50,000 of bank and post office interest under section 80TTB, and up to ₹50,000 of health insurance under 80D.
How do I stop TDS on my fixed deposits?
Banks deduct TDS once your interest from them passes ₹1 lakh in a year. If your total income is below the taxable limit, submit Form 15H to the bank at the start of the year.
Do I have to file a return at 75?
Not if you're 75 or older, a resident, and your only income is pension and interest from the same bank that pays your pension. Give the bank a declaration and it works out and deducts your tax.
Do I pay advance tax?
Resident senior citizens with no business income don't have to pay advance tax.
Free tools for you
Which ITR form should I file?
Find out if you must file, and which form fits.
Senior citizen tax calculator
Pension, FD interest, 80TTB and Form 15H.
FD Calculator
Work out fixed-deposit maturity and interest.
SWP Calculator
See how long your savings last with monthly withdrawals.
RD Calculator
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Inflation Calculator
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