New Income Tax Return Rule: Senior Citizens Above 75 Years Exempted From ITR Filing
Nirmala Sitharaman said the government, in the 75th year of the country's Independence, has decided to lessen the compliance burden of senior citizens, who are 75 years and above
NEW DELHI: The government in its Union budget, 2021 has given some good news to senior citizens. People, who are above the age of 75 and who only have pension and interest as their source of income, will be exempted from filing income tax returns for the financial year 2021-22.
Union finance minister Nirmala Sitharaman announced about the same during the budget 2021. She said the government, in the 75th year of the country's Independence, has decided to lessen the compliance burden of senior citizens, who are 75 years and above. Senior citizens, who only have pension and interest as their income, will be exempted from filing income tax returns for the fiscal year 2021-22, the finance minister said.
Sitharaman also mentioned about some conditions which will have to be fulfilled in order to avail the relaxation facility by senior citizens. These are:
i) The senior citizen is resident in India and of the age of 75 or more during the previous year
(ii) The senior citizen who has pension and no other income. However, he or she may have interest income from the same bank in which he or she is receiving his or her pension income
(iii) This bank is a specified bank. The central government will be notifying a few banks, which are banking company, to be the specified bank, mentioned in the Budget 2021.
(iv) He or she has to furnish a declaration to the specified bank. The declaration containing such particulars, in such form and verified in such manner, as may be prescribed
It may also be mentioned that the last date of filing income tax returns (ITR) for financial year 2020-21 has been extended to September 30 in the view of the Covid-19 situation.