ITR Filing Login: The last date for filing Income Tax Return (ITR) for the financial year 2022-23 is 31 July 2023. Those people whose income comes in the tax slab are filing their ITR.
However, now a big relief has been given to the people by the Modi government and some people will not even have to file ITR. Let’s know about it… Is it mandatory for senior citizens to file income tax return for the financial year 2022-23? There is confusion in the minds of many people about whom to file ITR.
Income Tax Return
In fact, introduced in Budget 2021, Section 194P of the Income Tax Act, 1961 provides relief to select senior citizens from filing income tax returns. However, they have to fulfill certain eligibility criteria. Section 194P is applicable from 1 April 2021. Section 194P of the Income Tax Act exempts senior citizens of 75 years and above from filing ITR. For this they have to fulfill certain conditions. These conditions include pension and interest income from specified banks and submission of a declaration form to the bank. The designated bank will deduct the tax and there will be no need to file ITR.
ITR
Such bank to the senior citizen may allow deduction on the basis of Chapter VI-A (ie 80C etc.) and deduct and deposit tax on his behalf. In such a situation, no one will have to file ITR. However, it is not clear how many senior citizens are benefiting from this provision. Section 194P of the Income Tax Act, 1961 provides conditions for exemption of senior citizens of the age of 75 years and above from filing income tax return.
The conditions for exemption from filing ITR are—
-The age of the senior citizen should be 75 years or more.
-The senior citizen should be a ‘resident’ of India.
– The senior citizen has only pension income and interest income and the interest income is earned/earned from the same specified bank in which he/she is receiving his/her pension.
– The senior citizen shall submit a declaration to the designated bank.
– The bank is a ‘Specialized Bank’ notified through the Central Government. Such banks will be responsible for deducting TDS of senior citizens after considering deduction under Chapter VI-A and exemption under section 87A.
– Once the designated bank deducts the tax for senior citizens above the age of 75 years, there will be no need for the senior citizens to furnish income tax return.
