India

Senior Citizens Don’t Need To File ITR 2021-22, Conditions Apply

By
OB Bureau

New Delhi: Senior Citizens above the age of 75 years, who only have pension and interest as a source of income, will be exempted from filing income tax returns (ITR) (ITR) for the fiscal year 2021-22. The Central Board of Direct Taxes (CBDT) has now notified rules and declaration forms which senior citizens would have to file with the specified bank. The banks will deduct tax on pension and interest income and deposit it with the government.

This new relaxation was announced by finance minister Nirmala Sitharaman during the Union Budget 2021. “In the 75th year of Independence of our country, the government shall reduce compliance burden on senior citizens who are 75 years of age and above,” she said.

“For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” the finance minister further added.

The Budget 2021 has proposed to insert a new section to provide relaxation from filing ITR for senior citizens who are above 75, on the following conditions:

  • The senior citizen is a resident in India and of the age of 75 or more during the previous year.
  • The senior citizen has a 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.
  • This bank is a specified bank. The central government will be notifying a few banks, which are banking companies, to be the specified bank, mentioned in the Budget 2021.
  • 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

Senior citizens who are above 75 years of age are not exempted from paying tax but only from filing income tax returns (ITR) on the above-mentioned conditions. The exemption from filing income tax returns would be available only in cases where the interest income is earned in the same bank where the pension is deposited.

The last date of filing income tax returns (ITR) for the financial year 2020-21 was extended to September 30, in view of COVID-19.

OB Bureau

Recent Posts

Newborn Girl Found Abandoned Near Bush In Odisha’s Mayurbhanj

Baripada: A newborn girl was found lying near a bush at Bhanra village under Karanjia…

November 8, 2024

Shah Rukh Khan Bagged ‘Baazigar’ After Salman Khan Rejected It

Mumbai: Salman Khan and Shah Rukh Khan, the leading superstars of Bollywood, came from different…

November 8, 2024

Dhanush & Nithya Menen Starrer ‘Idli Kadai’ To Release On This Date

Mumbai: Actor-filmmaker Dhanush took to his X handle on Friday to announce the release date…

November 8, 2024

National Hockey: Another Big Win Takes Odisha Closer To Knockout Stage

Chennai: Odisha all but booked a berth in the knockout stage of the 14th Hockey…

November 8, 2024

Traffic Restrictions For Panchaka, Badaosa At Dhabaleswar Temple In Odisha’s Cuttack; Check Details

Cuttack: Several traffic restrictions have been imposed to ensure smooth movement of devotees to Dhabaleswar…

November 8, 2024

Late Sidhu Moose Wala’s Brother Is A Carbon Copy Of Him

Mumbai: Sidhu Moose Wala's parents Balkaur Singh and Charan Kaur shared a picture of their…

November 8, 2024

Unique Protest: No Dating, No Sex, No Babies With Men Who Voted For Donald Trump

New York: A group of American women has launched an unprecedented protest against men who…

November 8, 2024

4 More Handicrafts Granted Official Approval In Odisha; Total Number Now 55

Bhubaneswar: Four more handicrafts were granted approval by the Odisha government, taking the total number…

November 8, 2024