ITR Filling New Rule: According to the Income Tax Department, the last date for filing Income Tax Return (ITR) is July 31. According to the rules of the Income Tax Department, it is mandatory for every person earning more than the prescribed limit to file ITR. But do you know that some people are not required to file ITR. Yes, under the rule implemented by the Central Government in 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.
Discounts to these senior citizens
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 must be fulfilled
Having a pension account and FD account in the same bank has been considered a necessary condition for exemption from filing ITR for senior citizens above the age of 75 years. 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.
You can take advantage of this discount
Senior citizens above the age of 75 years can visit the bank to avail 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 file separate ITR after this.
