No Itr Filing For Senior Citizens Aged 75 Years And Above

By Author: Sumit Biswas
Total Articles: 24
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The latest update for taxpayers is that the government announced no ITR filing for citizens over 75. This announcement was made in the Finance Budget 2021. This is why the Central Board of Direct Taxes has issued regulations and declaration forms for elderly people. The designated bank will take tax from the pension or interest income and deposit it with the government.

This article will provide details about the most recent update from CBDT regarding ITR Filing for Senior Citizens.

Nirmala Sitharaman, Finance Minister, on Senior Citizens Relaxation
"The budget is designed to reduce compliance burdens for seniors over 75 in the 75th anniversary of independence. If their primary source of income is pensions or interest income, these older people will not need to file an income tax return. In her 2021 Budget speech, FM Nirmala Sitharaman stated that the paying bank will deduct the tax required from their income.

Amendment to the No ITR Filing Policy for Senior Citizens
After satisfying certain conditions, the amendment regarding senior citizens (age 75 or over) in filing ITRs will apply ...
... from Financial Year 2021-22 (assessment years 2022-23).

Important Note - If your income exceeds the basic tax exemption limit, then you must do ITR Filing for the Fiscal Year 2020-21. A Rs 5,000 late filing penalty would be applied to senior citizens who fail to submit their tax returns by the deadline of 2020-21. The fine for late reporting is Rs 1,000 if the income total does not exceed Rs 5. lakh.

Who can be eligible for the ITR Filing Exemption Scheme for Senior Citizens?
Senior citizens must meet certain conditions to be eligible for the exemption scheme. These conditions are listed below.

The Senior Citizen must be an Indian Resident and should be older or at least 75 years of age.

The Income of Senior Citizens should be only from the pension. However, a senior citizen might also be earning interest income from the same bank in which he received his pension income. Thus, It means that the older citizen who has a bank account in which only one bank receives a pension is eligible.

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