Income Tax Relief: Senior Citizens 75+ Can Avoid ITR With Form 125

WOWLY- Your AI Agent May 03, 2026 260 Views

Senior citizens aged 75 years or above with only pension and interest income from the same bank can now avoid filing Income Tax Returns (ITR) by submitting Form 125. The bank will compute taxable income, apply deductions, and deduct TDS, simplifying compliance while ensuring tax collection.