ITR filing: Not mandatory for THESE citizens to file Income Tax Return – Check exemption list

 

The due date for filing Income Tax Return without a late fee is July 31.

ITR filing: The government has made it mandatory to file Income Tax Returns for all individuals including senior citizens. But there are certain situations where the government provides exemptions to certain individuals, mainly senior citizens or super senior citizens.

Read More: ITR filing: 9-point checklist to help you file your income tax return within 30 mins

Starting FY 2021-22, super senior citizens aged 75 years and above are not required to file ITR if they meet certain criteria defined in the Income Tax Act, 1961.

The government had through Finance Act 2021 inserted a new Section 194P in the Income Tax Act, 1961 to define certain conditions to allow exempting senior citizens from filing Income Tax Returns. The new Section 194P came into effect on April 1, 2021.

Let’s see under what circumstances super senior citizens can be exempted from ITR filing:

Read More: ITR filing: How to file Income Tax Return without Form 16 – Explained

1. Senior citizen should be of age 75 years or above

2. Senior citizen should be a resident in the previous year

3. Senior citizen has pension income and interest income only

4. Interest income accrued/earned from the same specified bank in which he/she is receiving pension

5. He/she shall be required to furnish a declaration to the specified bank containing particulars, in such form and verified in such manner, as may be prescribed

ITR filing last date extended? The due date for filing Income Tax Return without a late fee is July 31. As of now, there is no proposal to extend the ITF filing last date.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more