Senior citizens above 75 years under this category exempted for filing ITR: Know details here

The senior citizens above 75 years, having only pension and interest income from accounts maintained with bank in which they receive pension, will not have to file Income Tax Returns (ITR).

Senior citizens above 75 years under this category exempted for filing ITR. Source: Pixabay

Income Tax Return for Senior Citizen in India: The senior citizens above 75 years, having only pension and interest income from accounts maintained with bank in which they receive pension, will not have to file Income Tax Returns (ITR). In case of further details, the individuals must login to the official website of Income Tax at incometax.gov.in.

See Zee Business Live TV Streaming Below:

TRENDING NOW

Recently, the Ministry of Finance has tweeted about this provision from its official Twitter handle. The tweet said, "A new section 194P inserted in Income-tax Act,1961 provides that senior citizens above 75 years, having only pension & interest income from accounts maintained with bank in which they receive pension will be exempted from filing ITR."

A new section 194P inserted in Income-tax Act,1961 provides that senior citizens above 75 years, having only pension & interest income from accounts maintained with bank in which they receive pension will be exempted from filing ITR.#EaseOfCompliance #Economyrising #FinMin2021 pic.twitter.com/TjTSYNwlox

— Ministry of Finance (@FinMinIndia) December 6, 2021

It has to be noted that through Finance Act 2021, a new section 194P has been inserted in the Income Tax Act, 1961 in order to provide that in case of senior citizens who are above the age of 75 years and have only one pension income and interest income from the account(s) maintained with the bank in which they receive such pension, do not need to file an ITR.

An individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.

As per the Income Tax website, an individual resident who is 60 years or above in age but less than 80 years at any time during the previous year is considered as Senior Citizen for Income Tax purposes. A Super Senior Citizen is an individual resident who is 80 years or above, at any time during the previous year.

In related news, as per an ANI report, more than three crore Income Tax Returns have now been filed on the new e-filing portal of the Income Tax Department as of December 3, informed the Ministry of Finance on Sunday.

TAGS:

Income Tax Returns (ITR)pensioners