Form 125 Explained: How Specified Senior Citizens Skip ITR Filing Entirely Under the Income-tax Act, 2025
Form 125 under the Income-tax Act, 2025 replaces Form 12BBA. Resident senior citizens 75+ with only pension and interest from the same specified bank can skip ITR — the bank computes income, applies the Section 87A rebate, and deducts TDS under Section 393(1) Sl. No. 8(iii).
Deepak Jain
@ca_deepak
HNI tax planning, family trusts and succession — from Jaipur. Keeping wealth in the family, legally.