Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details
Income Tax Slab 2021-22: In a bid to simplify tax compliance of the senior citizens, the Finance Minister Nirmala Sitharaman announced today in the parliament while presenting Budget 2021 that there is no need for the senior citizens who are 75 years or above to file their Income Tax Return (ITR).
Income Tax Slab 2021-22: In a bid to simplify tax compliance of the senior citizens, the Finance Minister Nirmala Sitharaman announced today in the parliament while presenting Budget 2021 that there is no need for the senior citizens who are 75 years or above to file their Income Tax Return (ITR). However, this ITR filing exemption is available only for those senior citizens in above mentioned groups who have only pension and interest income.
Announcing about the income tax return exemption for such senior citizens FM said, "Those senior citizens, who are 75 or above years of age and have pension and interest income only are exempted from filing their ITR from FY 2021-22." She said that the move will help the government simplify tax compliance.
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On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation building.
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