Senior citizens above 75 years of age who have only bank pension account and interest on bank account as their source of income. They no longer need to file income tax returns.
ITR For Senior Citizens: A great news has come out for senior citizens in the country. The budget of the year 2023 is going to come soon. Earlier , the Modi government has given a gift to the senior citizens. The government has updated one of its big promises given in income tax. The Central Government has changed the rules of Income Tax Return for a category of senior citizens.
Finance Ministry tweeted information
The Finance Ministry has said in its official tweet on January 5 that senior citizens above 75 years of age who have only bank pension account and interest on bank account are the source of income. They no longer need to file income tax returns. For this, a new section Section 194-P has been included in the Income Tax Act-1961. For your information, let us tell you that this section is applicable from April, 2021. Regarding this, the government has amended some rules and banks have been informed about this.
Relief for Senior Citizens!
Section 194P inserted in IT Act, 1961 exempting senior citizens above 75 years of age, having only pension & interest income, from filing ITR. Specified banks & relevant forms notified.#PromisesDelivered pic.twitter.com/KHQOIyQabr
— Ministry of Finance (@FinMinIndia) January 5, 2023
What is amendment
According to the Central Board of Direct Taxes, this section has been operationalised. For this, a notification has been issued regarding the related conditions and forms. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.
Finance Minister had announced in the budget speech
In the budget speech of 2021-22, Finance Minister Nirmala Sitharaman had said that on the occasion of the 75th anniversary of independence, the government will reduce the burden on senior citizens of 75 years and above. He had said that the senior citizens who have only interest and pension income. I propose to exempt them from filing income tax returns.
