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News INCOME TAX

  • Sep 06, 2021
  • Forms for exemption from I-T returns for senior citizens of 75 years & above notified

    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.