I am 82 years old and my annual income from pension and rent is Rs 4.5 lakh. Do I need to file income tax returns?
There is no harm in filing returns if you have been doing so for all these years
I am 82 years old and my annual income from pension and rent is Rs 4.5 lakh. Do I need to file income tax returns?
Ramachandran Sahayam, Erode
For the purpose of income tax, you fall in the very senior citizen age group, where the limit above which income in a financial year is taxed works to Rs 5 lakh. According to the Income-Tax Act, 1961, an individual whose total income exceeds the maximum amount that is not chargeable to tax, which is the threshold limit up to which the income is exempt from tax, is required to file tax returns. As your income is below the threshold, you do not need to file tax returns. However, there is no harm in filing returns if you have been doing so for all these years, as it may help you avoid any inconvenience from facing any enquiry which may later entail a visit or response to the tax authorities due to any queries.