My father worked in a private organization and retired in 2020. Now, he only has pension income and some mutual fund investment income, which amounts to approximately ₹1,40,000 per annum.
Does he need to file income tax?
If yes, what documents are required?
Thank you
Best Regards,
Vikas
Hey @VIkasDsalve,
For senior citizens, the basic exemption limit is ₹3L. If the total income is below this limit filing an ITR is not mandatory.
However, it is always recommended to file one. As far as documents are concerned, you’ll need bank statements to add the pension income and for mutual fund gains, you’ll need the capital gains statement.