What happens if I don’t file my ITR on time?

Under section 234 F BNS (Bharatiya Nyaya Sanhita), senior citizens and pensioners may have to pay a penalty that ranges from ₹5,000, interest on unpaid taxes and loss of certain benefits like carrying forward losses.

Which regime is simpler?

The new regime is simpler compared to the old regime because of its easy structure and is free from unnecessary paperwork.

What are the common mistakes to avoid while filing ITR for senior citizens?

The common mistakes include not reporting all income sources, incorrect selection of tax regime, missing deductions and not verifying the return.

What is the due date for filing the Income Tax Return (ITR) for individuals?

The typical due date for filing ITR for individuals (non-audit cases) is July 31 of the relevant assessment year.

Is the due date the same every year?

While July 31 is the standard due date, the government may extend it in certain situations. It’s advisable to check official updates each year.

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Income Tax Return Filing for Senior Citizens: Rules & Benefits

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