To answer your query: Is there an age when you stop paying income tax? Let me tell you that in India, there is no specific age to stop paying income tax. Any individual, regardless of age, must pay income tax if their annual income exceeds the tax exemption limit as per the Income Tax Act, 1961. However, according to Section 194P (introduced in Budget 2021), super senior citizens (75 years or above) who meet the following conditions are exempt from filing income tax returns.
Is there an Age Where You Stop Paying Taxes?
The conditions for exempting Senior Citizens from filing income tax returns aged 75 years are;
Receive only pension and interest income (from the same bank).
Provide a declaration to their bank, which will deduct the required tax.
According to the Central Government's notification, the bank is a "specified bank." After taking into account the deductions under Chapter VI-A and the rebate under 87A, these banks will be in charge of the TDS deduction for elderly residents.
Senior citizens will no longer be required to file income tax returns after the designated bank, as previously stated, deducts taxes for those over 75.
I hope your query for is there an age when you stop paying income tax solved.
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Is There An Age When You Stop Paying Income Tax?
ruchi
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8 months
2025-03-27T16:12:48+00:00 2025-03-27T16:12:49+00:00Comment
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