te ITR filing: Not mandatory for THESE citizens to file Income Tax Return - Check exemption list | Zee Business

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: Not mandatory for THESE citizens to file Income Tax Return - Check exemption list
As of now, there is no proposal to extend the ITF filing last date. Pic: Reuters / Income Tax India

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.

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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.

Reported By: ZeeBiz WebTeam
Updated: Fri, Jul 22, 2022
01:49 pm
ZeeBiz WebDesk
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