In the Union Budget 2021, the Finance Minister had announced that senior citizens above the age of 75 years, who only have pension and interest as a source of income will be exempted from filing the income tax returns.
During her budget speech, the FM said, “In the 75th year of Independence of our country, the government shall reduce compliance burden on senior citizens who are 75 years of age and above.”
“For senior citizens who only have 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 added.
It must be noted that the senior citizens who are above 75 years age, are not exempted from paying tax but only from filing income tax return (ITR) if they are eligible to certain conditions.Read More →