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August 23, 2020

5 simple steps to file ITR online by Senior Citizen having income from Pension and Interest

5 simple steps to file ITR online by Senior Citizen having income from Pension and Interest

As the Income tax filing season has started the taxpayers are busy with the compliance process. Senior citizens earn income through pension, interest from savings bank or fixed deposit. Such persons are required to file ITR 1. The process of filing ITR can be online on the efiling portal or offline through income tax utility provided by the Income tax department.

The government has extended the due date for payment of self-assessment tax to 30/11/2020. However, as per the notification, this has been done only for those taxpayers whose self-assessment tax liability is up to Rs 1 lakh. Thus, senior citizen whose self-assessment tax liability is more than Rs 1 lakh will not get benefitted from this extension in date. In this case, the whole of the self-assessment tax shall be payable by the due date i.e. 31st July 2020 specified in the Income-tax Act, 1961 and delayed payment would attract interest under section 234A of the IT Act.

For more information please read this article:

Senior Citizens are liable to pay Income Tax by 31 July if Tax liability more than 1 Lakh for FY 2019-20

The process of filing ITR online is very easy and quick. In this article we will enable you to understand how to file ITR of senior citizen having income from pension and interest. 

Procedure to File ITR online by senior citizen:

Below is the procedure to file Income Tax Return by Senior Citizen having income from pension and interest:

Step 1: Go to

https://www.incometaxindiaefiling.gov.in/home and login to the portal using Login credentials

Step 2: Now go to ‘E file” tab and select “Income tax return”

It will redirect you to “Income tax return” page

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Step 3: Now, Select the following

a. Assessment year for which return is to be filed

b. ITR form number

c. Submission mode as “Prepare and submit online”

d. Filing type as original/ revised return

Now, select the bank account number from the list of bank accounts for credit of Income tax refund amount and click on “continue” button.

A pop up will appear. Now, select the check box and click on “continue” button.

It will redirect you to ITR form.

Step 4: Filing of ITR 1- Sahaj form

The ITR form has the following tabs:

1. Part A General Information

In this tab the assessee is required to go through his basic details like communication details and PAN details and check whether it is correct or not.

Also, select, yes or no from the drop down, whether you are eligible for filing return under 7th proviso of section 139(1).

Now proceed to “Computation of Income and tax” tab

2. Computation of Income tax:

In this tab the senior citizen has to enter the pension income, amount of interest earned during the financial year and deduction details. The treatment and deduction of income is as below:

A. Pension Income:

There are two type of pension earned by the assessees which are to be filed in ITR as follows:

i. Employer pension: In this case the assessee has received form 16 during the year he has to fill Part B1 point (a) – Salary as per section 17(1) under Salary and fill the amount of pension received during the year.

ii. Family Pension: Family pension is defined in Section 57 as a regular monthly amount payable by the employer to a person belonging to the family of an employee in the event of death of employee. In this case the assessee is receiving family pension or any other pension other than employer pension than he has to fill part B3 under Income from other sources. Where income is from family pension than assessee has to select “Family pension” from the drop down and enter the amount of pension received during the financial year.

The assessee is also required to enter the deduction under section 57(iia) with respect to family pension which is lower of Rs. 15,000 or 1/3rd of the amount of pension received during the Financial year.

Where the assessee is earning pension other than above two than he has to enter the details of such pension under Part B3 of Income from other sources and select “Other” from the drop down, enter Pension in the description box provided and enter the amount of pension received during the financial year.

B. Interest income:

Where the assessee is earning interest income from savings bank or deposit than he has to enter the details of such pension under Part B3 of Income from other sources and select the relevant option from the drop down and enter the amount received during the financial year.

C. Deduction details:

The assessee has to provide the deduction details under chapter VIA.

3. Tax details:

It provides the details of TDS deducted by the deductor and advance tax paid during the financial year. The assessee has option to edit the details in case incorrect details are being displayed.

4. Tax paid and verification

This tab displays the amount of tax payable or refund and also the verification form where the assessee has to select the mode of verification i.e. through Aadhaar otp or post or verify later.

5. Schedule DI i.e. Details of investment:

It displays the details of deduction mentioned in computation of income tax.

6. Schedule 80D:

In this tab the assessee has to provide mediclaim made during the year and provide the amount of premium paid during the year. The assessee as to enter details in either select option 1 or option 2 accordingly.

7. Schedule 80G: In this tab the assessee has to provide the details of donation made during the financial year to trust. Where the assessee has to enter the relevant clause of deduction and the details of done along with the amount of donation

8. Schedule 80GGA: In this tab the assessee has to provide the details of donation made for scientific research and rural development where the assessee has to enter the relevant clause of deduction and the details of done along with the amount of donation.

Step 5- Submission and e- verification

After filing all the Tabs the assessee has to Preview the entire return and Select the appropriate verification option from the Taxes and Verification Tab and select Preview and submit your returns. Once the filing is done E- verify your return as selected and your ITR return filing process will be completed.

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