ITR for Senior Citizens - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Mon, 24 Jul 2023 11:23:40 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png ITR for Senior Citizens - Rightsofemployees.com https://www.rightsofemployees.com 32 32 ITR filing 2023: These senior citizens do not have to file income tax returns https://www.rightsofemployees.com/itr-filing-2023-these-senior-citizens-do-not-have-to-file-income-tax-returns/ Mon, 24 Jul 2023 13:28:09 +0000 https://www.rightsofemployees.com/?p=19959 ITR For Senior Citizens: The news of relief for senior citizens is coming out in the country. The Modi government at the Center has updated today on a promise made by senior citizens in the Income Tax Return. Before the Union Budget-2023, the government changed the rules of income tax return for a category of […]

The post ITR filing 2023: These senior citizens do not have to file income tax returns first appeared on Rightsofemployees.com.

]]> ITR For Senior Citizens: The news of relief for senior citizens is coming out in the country. The Modi government at the Center has updated today on a promise made by senior citizens in the Income Tax Return. Before the Union Budget-2023, the government changed the rules of income tax return for a category of senior citizens, which has been updated.

Finance Ministry tweeted

The Finance Ministry said in its official tweet on Thursday that senior citizens above 75 years of age who have only bank pension account and interest on bank account as their only source of income, now they do not need to file ITR. For this, a new section Section 194-P has been included in the Income Tax Act-1961. This section is applicable from April, 2021. Some rules have been amended regarding this and banks have been informed about it.

Income Tax Return
Income Tax Return

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 forms and conditions. Along with this, necessary amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q.

What did the finance minister say

Finance Minister Nirmala Sitharaman had said, “Now that we are in the 75th year of our country’s Independence Day, we will continue our journey with enthusiasm. We will reduce the burden of tax compliance on senior citizens above 75 years of age in the country. For such senior citizens whose income comes from pension and interest, we propose that they should be exempted from filing Income Tax Return. The bank in which they have an account That bank will deduct the tax that is due on their income.

The post ITR filing 2023: These senior citizens do not have to file income tax returns first appeared on Rightsofemployees.com.

]]> ITR for Senior Citizens: Are Senior Citizens Exempted From Filing Returns? https://www.rightsofemployees.com/itr-for-senior-citizens-are-senior-citizens-exempted-from-filing-returns/ Fri, 22 Jul 2022 07:15:51 +0000 https://www.rightsofemployees.com/?p=1311 Income Tax Return: Less than two weeks are left for the deadline to end for filing Income Tax Return (ITR). For people getting salary or pension from the job, it is necessary to file the return by July 31. After this, tax will have to be paid on filing the return. The government gives concessions to senior citizens […]

The post ITR for Senior Citizens: Are Senior Citizens Exempted From Filing Returns? first appeared on Rightsofemployees.com.

]]> Income Tax Return: Less than two weeks are left for the deadline to end for filing Income Tax Return (ITR). For people getting salary or pension from the job, it is necessary to file the return by July 31. After this, tax will have to be paid on filing the return. The government gives concessions to senior citizens in the matter of income tax. Let us know what are the rules for ITR filing for senior citizens

It is not necessary to file income tax return for senior citizens of 75 years and above (ITR Rules for Senior Citizens). Senior citizens aged 75 years and below have to file income tax return. For them also its last date is 31st July, 2022.

In the budget presented in February last year, it was announced to exempt people aged 75 years and above from filing income tax returns. Certain conditions have been fixed to take advantage of this rule. First, the person should be a citizen of India and should be 75 years or more in the previous financial year. Second, the source of income of the individual should be only pension. Apart from pension income, the bank in which his pension comes, he can have interest income in that bank.

The government had added section 194P in the Income Tax Act, 1961 to give this exemption to senior citizens. A notification in this regard was issued on September 2 last year. Senior citizens fulfilling the above conditions will have to submit a declaration to their bank. In this, it has to be mentioned that the bank can deduct TDS from their income in the previous financial year. If the senior citizen has not submitted this declaration to the bank, then he/she will have to file ITR.

Senior citizens will have to submit this declaration to the bank in Form 12BBA. After this the bank will calculate the gross total income (pension plus interest income). The bank will take into account deductions, tax-exemptions and rebates available under section 87A to arrive at taxable income. After that TDS will be deducted according to the taxable income.

Bank will issue Form 16 for tax deducted under section 194P to senior citizens. This Form 16 will be in the same way as companies issue their employees in June every year.

The post ITR for Senior Citizens: Are Senior Citizens Exempted From Filing Returns? first appeared on Rightsofemployees.com.

]]>