Income Tax Return: Less than two weeks are left for the deadline to end for filing Income Tax Return (ITR). For people getting salary or pension from the job, it is necessary to file the return by July 31. After this, tax will have to be paid on filing the return. The government gives concessions to senior citizens in the matter of income tax. Let us know what are the rules for ITR filing for senior citizens
It is not necessary to file income tax return for senior citizens of 75 years and above (ITR Rules for Senior Citizens). Senior citizens aged 75 years and below have to file income tax return. For them also its last date is 31st July, 2022.
Income Tax e-filing portal has received more than 2 crore Income Tax Returns(ITRs) for AY 2022-23.
We urge you to file your ITR at the earliest, if not filed as yet.
Pl visit: https://t.co/GYvO3n9wMf #FileNow #ITD pic.twitter.com/BvFXS5QYFG— Income Tax India (@IncomeTaxIndia) July 20, 2022
In the budget presented in February last year, it was announced to exempt people aged 75 years and above from filing income tax returns. Certain conditions have been fixed to take advantage of this rule. First, the person should be a citizen of India and should be 75 years or more in the previous financial year. Second, the source of income of the individual should be only pension. Apart from pension income, the bank in which his pension comes, he can have interest income in that bank.
The government had added section 194P in the Income Tax Act, 1961 to give this exemption to senior citizens. A notification in this regard was issued on September 2 last year. Senior citizens fulfilling the above conditions will have to submit a declaration to their bank. In this, it has to be mentioned that the bank can deduct TDS from their income in the previous financial year. If the senior citizen has not submitted this declaration to the bank, then he/she will have to file ITR.
Have you filed your ITR for AY 2022-23 yet?
The due date to file ITR for AY 2022-23 is 31st July, 2022.
File today and avoid the last minute rush!
Pl visit: https://t.co/GYvO3n9wMf #ITR #FileNow pic.twitter.com/tX733vnyLR— Income Tax India (@IncomeTaxIndia) July 19, 2022
Senior citizens will have to submit this declaration to the bank in Form 12BBA. After this the bank will calculate the gross total income (pension plus interest income). The bank will take into account deductions, tax-exemptions and rebates available under section 87A to arrive at taxable income. After that TDS will be deducted according to the taxable income.
Bank will issue Form 16 for tax deducted under section 194P to senior citizens. This Form 16 will be in the same way as companies issue their employees in June every year.
