Senior and Super Senior Citizen Definitions
An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.
Tax Regimes and Slabs for AY 2026-27
The Finance Act 2023 has amended the provisions of Section 115BAC w.e.f AY 2024-25 to make new tax regime the default tax regime for the assessee being an Individual, HUF, AOP (not being co-operative societies), BOI or Artificial Juridical Person. Eligible taxpayers have the option to opt out of the new tax regime and choose the old tax regime.
In non-business cases, the option to choose the regime can be exercised every year directly in the ITR filed on or before the due date specified under section 139(1). For eligible taxpayers having income from business and profession, opting out of or re-entering the default tax regime is done by furnishing Form-10-IEA.
Exemption from Filing Returns for Senior Citizens Aged 75 and Above
Section 194P of the Income Tax Act, 1961 provides conditions for exempting Senior Citizens from filing income tax returns aged 75 years and above, provided they are resident, have only pension and interest income from the same specified bank, and submit a required declaration.