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Senior Citizen – Exempt From Filing ITR

"To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which pro"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/income-tax/senior-citizen-exempt-filing-itr.html

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Senior Citizen – Exempt From Filing ITR

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  1. SENIOR CITIZEN – EXEMPT FROMFILING ITR https://taxguru.in/income-tax/senior-citizen-exempt-filing-itr.html To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return. However, as per Section 194P of the Income Tax Act, a senior citizen shall not be required to file his/her income tax return subject to the specified conditions. The conditions that are to be met are listedbelow: The senior citizen is an individual of age 75 years andmore. Senior citizen is resident ofIndia. Senior Citizen has income only by way of pension and interest which is from the same account in which Pension isreceived. Senior citizen furnishes a declaration to the specifiedbank. If a senior citizen fulfills the above-mentioned conditions, such senior citizen shall not be liable to file Income TaxReturn. One condition that a senior citizen, being of age 75 years or more, shall have to furnish a declaration to a specifiedbankwhichshallbenotifiedbyGovernmentfromtimetotime.Suchdeclarationshallcontaindetails

  2. of Income (which shall be only Pension income & Interest income received in the same bank account as of Pension income) along with all the deductions available under Chapter VI A of the Income Tax Act. Basis these details, the specified bank shall compute net taxable income considering the declared income in the declaration and considering the deductions available under Chapter VI A and rebate allowed under Section 87A of the Income Tax Act. The bank shall then deduct applicable TDS basis this net taxable income. Once the TDS has been deducted senior citizen shall not be required to furnish the return ofincome.

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