Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details

 

Income Tax Slab 2021-22: Big news for senior citizens! No need to file ITR; check Budget 2021 details



Income Tax Slab 2021-22: In a bid to simplify tax compliance of the senior citizens, the Finance Minister Nirmala Sitharaman announced today in the parliament while presenting Budget 2021 that there is no need for the senior citizens who are 75 years or above to file their Income Tax Return (ITR). 

Income Tax Slab 2021-22: In a bid to simplify tax compliance of the senior citizens, the Finance Minister Nirmala Sitharaman announced today in the parliament while presenting Budget 2021 that there is no need for the senior citizens who are 75 years or above to file their Income Tax Return (ITR). However, this ITR filing exemption is available only for those senior citizens in above mentioned groups who have only pension and interest income.

Announcing about the income tax return exemption for such senior citizens FM said, “Those senior citizens, who are 75 or above years of age and have pension and interest income only are exempted from filing their ITR from FY 2021-22.” She said that the move will help the government simplify tax compliance.

On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation building.


Comments

  1. Amar NATH NARANGFebruary 5, 2021 at 5:31 AM

    If senior citizen has saving accounts and interst income is above ₹ 50000/,how thetax will be treated?The tax will be deducted in all banks if the income is Only by interst and family pension.In most of the cases,senior citizens are getting pension above rs ,,,50000/ .How the tax will be deducted when the income exceed than the tax-free limits?

    ReplyDelete
  2. vinod goyalFebruary 5, 2021 at 5:51 AM

    who will detect tax. if banks then these banks will harrase the citizen and will ask so many documents for saving etc

    ReplyDelete
    Replies
    1. UnknownFebruary 6, 2021 at 6:15 PM

      It is not for common people those who are in corporate level like MD,CEO or JMD and other top management cheated through their own hired charted accountant and company secretaries for them

      Delete
  3. COL VINODFebruary 5, 2021 at 6:34 AM

    Sad to see IT Dept. also becoming part of this propaganda. Truth is that this exemption of filing IT return is applicable provided no other income except pension and is Not a big deal. Because Sir, Pension is paid after deduction of IT as per the income slab of the pension. This deducted tax is deposited by the pension disbursement authority against the PAN Card number of the individual attached with the account. This report is available in the Form 16A of IT. So the true gainer is not pensioner but the IT Dept. that will save loads of work by NOT going through this worthless exercise.

    ReplyDelete
    Replies
    1. UnknownFebruary 6, 2021 at 6:22 PM

      Act is coming and Going except few almost all company created their families illegal accounts and taking unnecessary loans to avoide IT through their own hired charted accountant and cpany secretaries always shows loss of productions purposely in papers.example Anil Agarwal Led Vedanta Group and smaller pharmaceutical industry in Gujarat and Hyderabad circle.pharmaceutical industry never loss.they are always been profit margin in more than 150% that too buyer market conditions

      Delete
  4. UnknownFebruary 5, 2021 at 7:20 AM

    How much time it is going to take to file a return? As mentioned by another member IT will be deducted by the disbursing authorities. The announcement another gimmick by the FM. No use for senior citizen

    ReplyDelete
  5. Sri Aiyer Raju SreenivasanFebruary 5, 2021 at 7:47 AM

    As Col. Vinod says everything about a Pensioner's income is available with the Government. The exercise of filing an ITR is a redundant exercise of harassing the salaried/pensioned class. Why wait till 75 to put an end to this exercise in futility? Why not extend this to everyone whose only source of income is salary/pension/interest from banks whether they are in service or retired?

    ReplyDelete
  6. Dr.ArunFebruary 6, 2021 at 1:22 AM

    If excessive tax IS deducted...how can one get refund without filling a return?

    ReplyDelete

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