Income Tax Return Filing: Under the new rule of the Government of India in the year 2021, people above the age of 75 years earning income are not required to file ITR, although some terms and conditions have also been fixed for this.
The last date for filing Income Tax Return is 31st July. According to the rules, it is mandatory for every person earning income to file ITR. But do you know that according to the rules of the Government of India, some people earning income are not required to file ITR. Yes, under the new rule of the Government of India in the year 2021, people above the age of 75 years earning income are not required to file ITR, although some terms and conditions have also been fixed for this.
Exemption to these senior citizens above the age of
75 years According to the rules of the government, all those senior citizens above the age of 75 years, whose source of income is pension or interest on bank deposits, then it is not necessary to file ITR. A new section has been added in the Income Tax Act, 1961 under the Finance Act-2021. This is the new section 194-P.
This condition should be
that for the exemption of senior citizens above the age of 75 years from filing ITR, it has been considered a necessary condition to have a pension account and FD account in the same bank. Keep in mind that tax is deposited on the interest earned on FD, then in that case the benefit of this exemption cannot be taken.
Only senior citizens who fulfill all the necessary conditions have been kept in the purview of this exemption. Senior citizens above the age of 75 years can visit the bank to take advantage of this exemption . For this, it will be mandatory for the applicant to fill and submit the 12-BBA form in the bank.
In this form, the applicant has to share the information related to FD and pension. After filling the tax amount given in the form, the applicant gets the benefit of this exemption. That is, there is no need to fill ITR separately after this.
