“For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” she had said.
Forms for exemption from I-T returns for sr citizens of 75 yrs & above notified
PTI, Sep 5, 2021, 5:23 PM IST
The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal year 2021-22.
The 2021-22 Budget had introduced a provision for exempting senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank from filing income tax returns for the financial year beginning April 1.
The Central Board of Direct Taxes (CBDT) has now notified rules and declaration forms which senior citizens would have to file with the specified bank who in turn would deduct tax on pension and interest income and deposit with the government.
Such exemption from ITR filing would be available only in case where the interest income is earned in the same bank where pension is deposited.
The income-tax act requires all individuals having income exceeding the threshold limit to file their income-tax returns. While the threshold for senior citizens (60 years or more) and super senior citizens (80 years or more) is slightly higher, crossing the threshold saddles one to file tax-returns.
Non-filing of tax returns not only attracts penalties and but one also gets subject to higher rate of TDS.
Nangia & Co LLP Director Itesh Dodhi said recognizing the compliance burden on senior citizens, this year’s budget brought in some relief to the senior citizens above the age of 75.
“The CBDT has notified the forms (Form 12BBA) for the declaration by the senior citizens to the banks and notified the reporting requirement by the specified banks. With dedicated counters for senior citizens in all major banks and banks providing doorstep banking to senior citizens, this measure is expected to make life easier for senior citizens,” Dodhi added.
In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had said that in the 75th year of Independence of our country, the government shall reduce the compliance burden on senior citizens who are 75 years of age and above.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
Cache of arms including foreign-made revolvers seized by CBI in Sandeshkhali raids
24 Indian Fishermen Released from Sri Lankan Detention, Repatriated to India
SC verdict on EVM tight slap to Congress-led opposition: PM Modi in Bihar rallies
Board exams twice a year from 2025: MoE asks CBSE to work out logistics, no plan for semesters
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi