ITR
Pensioner choosing the ITR form
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Facts
A resident pensioner with pension, interest and up to two houses, with income up to ₹50 lakh, can use ITR-1. Pension is taxed as salary and family pension as other income.
Provisions and law
- Rule 12, Income-tax Rules 1962 (now Rule 164, Income-tax Rules 2026)Prescribes the ITR forms and who must use which form.
- Sec 16, Income-tax Act 1961 (now Sec 19, Income-tax Act 2025)Standard deduction from salary and pension.
Analysis
Claim the standard deduction on pension. Under the old regime, senior citizens can claim deduction on deposit interest under Sec 80TTB. If you are 75 or above with only pension and interest from one specified bank, you may not need to file at all. Check eligibility.
Conclusion
- Get Form 16 from the pension bank.
- Get interest certificates.
- Use ITR-1 if eligible.
- Claim standard deduction and eligible deductions.
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