ITR filing: Not mandatory for THESE citizens to file Income Tax Return - Check exemption list
The due date for filing Income Tax Return without a late fee is July 31.
ITR filing: The government has made it mandatory to file Income Tax Returns for all individuals including senior citizens. But there are certain situations where the government provides exemptions to certain individuals, mainly senior citizens or super senior citizens.
Starting FY 2021-22, super senior citizens aged 75 years and above are not required to file ITR if they meet certain criteria defined in the Income Tax Act, 1961.
The government had through Finance Act 2021 inserted a new Section 194P in the Income Tax Act, 1961 to define certain conditions to allow exempting senior citizens from filing Income Tax Returns. The new Section 194P came into effect on April 1, 2021.
Let's see under what circumstances super senior citizens can be exempted from ITR filing:
1. Senior citizen should be of age 75 years or above
2. Senior citizen should be a resident in the previous year
3. Senior citizen has pension income and interest income only
4. Interest income accrued/earned from the same specified bank in which he/she is receiving pension
5. He/she shall be required to furnish a declaration to the specified bank containing particulars, in such form and verified in such manner, as may be prescribed
ITR filing last date extended? The due date for filing Income Tax Return without a late fee is July 31. As of now, there is no proposal to extend the ITF filing last date.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Retirement Planning: In how many years your Rs 25K monthly SIP investment will grow to Rs 8.8 cr | See calculations
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
01:49 PM IST