Relief for Senior Citizens Above 75: Understanding Form 125 and ITR Exemption

Relief for Senior Citizens Above 75: Understanding Form 125 and ITR Exemption

From April 2026, relief has been provided to senior citizens. Eligible senior citizens will not have to file their income tax return if they meet some conditions.

To avail of this benefit, they need to submit Form No. 125 to their specified bank. Once the form is submitted, the bank will calculate the total taxable income, compute the tax payable, and deduct the required tax (TDS) on their behalf.

This step is meant to make tax compliance easier for senior citizens who usually have limited sources of income.

Let us understand in detail what Form No. 125 actually is:-