Those above 75 years exempt from ITR, know how-budget-2021-here-is-how-senior-citizens-can-avail-exemption-in-itr-filing-nodvkj – News18 Hindi

new Delhi. It is difficult for the elderly to file Income Tax Return. At the same time, Finance Minister Nirmala Sitharaman announced that the government is going to reduce the pressure on the elderly over 75 years. He said that those aged above 75 years, whose source of income is only pension and interest, they will no longer have to file Income Tax Return (ITR). However, the Finance Minister also said that the paying banks will deduct their required tax.

Naveen Wadhwa, the DGM of Taxmann, says, “This concession will be granted only when the pension income is deposited in the same bank from where the interest income is earned and the bank deducts it from the required tax.”

According to Wadhwa, if TDS is deducted by the bank on pension and interest income, then filing returns will not be an obligation for the senior citizen.

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The rule of exemption from income tax return will come into force from 1 April 2021. This rule will apply only to those senior citizens who would have been 75 years of age before 31 March 2022. However, apart from pension, if any pensioner above 75 years has any other income, he will have to file ITR.

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Sandeep Sehgal of consulting firm AKM Global says, “If the bank deducts the required TDS from pension, senior citizens aged 75 years or more will not be required to file ITR. However, if there is any other source of income or deduction, such senior citizens will have to file returns.

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