ITR filing: Senior citizens, under certain conditions, not required to submit returns. Details here

By inserting Section 194P in the Income Tax Act, 1961, the Centre granted exemption to senior citizens from filing returns.

Published on: Jul 23, 2022, 07:59:27 IST

By HT News Desk, New Delhi

Prefer HTon Google

Share via

Copy link

As the deadline to submit Income Tax (IT) returns – July 31 – nears, taxpayers, who are yet to file their returns, should do so immediately. Also, though the Union government has made it mandatory for all individuals, including senior citizens, to file ITRs, there are certain conditions under which senior citizens are exempted from submitting their returns.

Also Read: No plan to extend deadline for filing income tax returns, says Revenue Secretary

Exemptions for senior citizens

The provision to exempt older individuals, provided they fulfil certain conditions, was put forth by the central government in its Budget 2021 announcements. By inserting Section 194P (which came into effect on April, 2021) in the Income Tax Act, 1961, the Centre laid down the following conditions:

(1.) The senior citizen is a resident of India and aged 75 or above during the previous financial year, i.e. 2021-22.

(2.) He/she only has pension income and no other income. However, the person may also have interest income from the bank where pension income is being received.

(3.) The bank, in which pension and interest income is being received, is a ‘specified bank’ as notified by the Centre.

(4.) The senior citizen will be required to furnish a declaration to the bank, informing of it of particulars, in such form and verified in such manner, as may be prescribed.

(5.) According to a notification issued by the Government of India on September 2 last year, a ‘specified bank’ means any scheduled bank. Such banks are those that have been included in the Second Schedule of the Reserve Bank of India (RBI) Act, 1934.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Income Tax Return

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.