Senior citizens with only Fixed Deposit income have to file ITR for A.Y 2023- 24 | Though Sr.
Citizens who still have Fixed Deposit income below the introductory impunity limit don't
have to file an Income tax Return( ITR), they've to do so to claim a refund if the bank subtracted TDS
from the interest earned on these deposits.
The introductory impunity limits for Sr.Citizens under the old tax regime for A.Y 2023- 24 is Rs 3 lakh. Under the new tax Regime (U/ s115BAC), this limit is Rs2.5 lakh for A.Y 2023- 24.
Still, it's important to note that if the quantum of duty paid exceeds the duty actually outstanding, the redundant quantum is treated as an ‘income duty refund’ which can be claimed by filing a return.
Still, it can be claimed only by filing ITR, If you're eligible for an income duty refund.
Therefore, in cases where tax is subtracted from the Sr.citizen’s interest income, filing an ITR for claiming a refund of TDS is advisable. However, you can not claim a refund, If you don't file a return.
The ITR form date for similar elderly citizens who are only on Fixed Deposit accounts is July 31, 2023. For other taxpayers, there are different duty form dates
Still, in 2023, If a taxpayer fails to file ITR before the due date also he or she can file a late return till December 31. still, late-filed ITR includes a late fine. Thus, it's judicious to file returns before the due dates.
