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Mentor of Change at NITI Aayog | Posted on | News-Current-Topics


Does retired person file taxes ?


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Educator/ Work from home Search Engine Evaluator. | Posted on


Yes. Anybody whose income is more than the taxable income has to pay tax. The only exception is income from agricultural land. But the income tax limit for senior citizens is Rs 3,00,000. If the retired person's pension and other income is more than Rs 3,00,000 he/she has to pay tax. The super senior citizens have to pay tax if their income is above Rs. 5,00,000.

If the retired person is a pensioner, TDS is deducted on monthly pensions. If your total income from all the sources is less than 3 lakh Rs monthly, you can file (ITR) income tax return to get the deducted amount back.

Even if the retired person is not getting income currently, he/she should file income tax. Because no one see the future. In the future they may want to go abroad or may start business or they may get new job offers. So if they regularly filing income tax it will help them in long run.

The major benefit of filing income tax is, while applying loan in the future your tax return files may be a mandatory for getting loans. For home loan or vehicle loan, the bank or financial institution will ask for your last 3 years tax return files.

And if you are online trader and this year only losses occurred from your investments, it is better you file the income tax even without any profit. Because you can carry forward this loss to next year and benefit from it. So it is better you file income tax even after retirement and if your income is below the taxable income, file income tax return( ITR). By this you will have peace of mind and can enjoy smooth retirement life.


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