Will senior citizens above 75 no longer have to pay taxes? Govt clarifies

Even before fake news or misinformation related to the Government of India is busted by the Press Information Bureau (PIB), something else starts getting circulated on social media platforms or dubious news portals.

Now a message circulating on social media claims that as India commemorates 75 years of its Independence, senior citizens above 75 years of age will no longer have to pay taxes.

“Central Government’s Big Announcement – These People Will Not Have to Pay Tax,” states the social media message.

It further says, “Senior citizens in India live on income from pension and other schemes. However, on the occasion of 75 years of India’s Independence, senior citizens will no longer have to pay any tax on their income and they will not have to file any income tax return.”

Also Read: Will RBI block your bank account? Here’s what you need to know

“According to the information given by the Central Board of Direct Taxes, the Government has changed the law to provide exemption to senior citizens ….,” the message adds.

Busting this fake social media message, PIB — in the PIBFactCheck — says, “The claim regarding senior citizens above 75 years of age NOT HAVING TO PAY TAXES is FAKE!”

PIB further clarifies that Senior citizens above 75 years, with only pension and interest income, are exempt from filing ITR (as per Section 194P). ✔️Taxes, if applicable, are deducted by the specified bank after computing the income and eligible deductions.

 » Read More

Related Articles

Silver ETF AUM crosses Rs 13,500 cr in 3 years, says Zerodha Fund House

Since the Securities and Exchange Board of India (SEBI) permitted the launch of silver Exchange-Traded Funds (ETFs) in November 2021, these funds have witnessed remarkable growth. By January 2025, the total Assets Under Management (AUM) for silver ETFs surpassed Rs 13,500 crore, with over six lakh investor folios. As of that date, there are 12

China plans to tie fund manager pay to performance – Lessons for India’s MF industry

The China Securities Regulatory Commission (CSRC) has suggested implementing salary reductions of up to 50% for fund managers whose investment products either incur losses or fail to meet benchmarks by 10% or more. This initiative, announced on March 14, 2025, is part of efforts to reform China’s $4.6 trillion mutual fund sector in light of

New NPS guidelines issued! Officials told to process like OPS – All you need to know

The Central Pension Accounting Office (CPAO) has issued new guidelines to ensure timely pension to retired employees of the National Pension System (NPS). In an Office Memorandum (OM) issued on March 12, 2025, the CPAO has reminded the concerned officials that NPS pension cases should be processed in the same manner as the Old Pension

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Silver ETF AUM crosses Rs 13,500 cr in 3 years, says Zerodha Fund House

Since the Securities and Exchange Board of India (SEBI) permitted the launch of silver Exchange-Traded Funds (ETFs) in November 2021, these funds have witnessed remarkable growth. By January 2025, the total Assets Under Management (AUM) for silver ETFs surpassed Rs 13,500 crore, with over six lakh investor folios. As of that date, there are 12

China plans to tie fund manager pay to performance – Lessons for India’s MF industry

The China Securities Regulatory Commission (CSRC) has suggested implementing salary reductions of up to 50% for fund managers whose investment products either incur losses or fail to meet benchmarks by 10% or more. This initiative, announced on March 14, 2025, is part of efforts to reform China’s $4.6 trillion mutual fund sector in light of

New NPS guidelines issued! Officials told to process like OPS – All you need to know

The Central Pension Accounting Office (CPAO) has issued new guidelines to ensure timely pension to retired employees of the National Pension System (NPS). In an Office Memorandum (OM) issued on March 12, 2025, the CPAO has reminded the concerned officials that NPS pension cases should be processed in the same manner as the Old Pension

Sukanya Samriddhi Yojana to Mutual Fund SIP, best investment options for your child

Securing your children’s financial future is one of the most important responsibilities of a parent. From education and marriage to other key life expenses, your growing children will need financial support at different stages. To ensure they have the necessary funds when required, it’s essential to diversify your investments across different schemes. In India, several

India sees record deal activity in February at $7.2 billion

India witnessed a record-breaking surge in deal activity in February, with 226 M&A and private equity deals totaling USD 7.2 billion — the highest monthly deal volume in the last three years, according to the Dealtracker report of Grant Thornton Bharat. “This represents a 67 per cent increase in volumes and a 5.4-fold increase in