Relief for Senior citizens from filing ITR

Relief for Senior citizens from filing ITR!!

Relax!… Maybe you don’t need to File ITR

Union Budget 2021 has provided relief for Sr citizens from filing ITR

S-194P of IT Act, 1961

Applicability:- 01/04/2021 Onwards

Conditions:

• Age>=75 y
• Status: Resident Individual

Income Source: Pension income and interest income in specified bank (notified by CG) only. Interest income accrued/ earned from the same specified bank in which he is receiving his pension.

Declaration to Specified bank containing some details as follows:-

• Total Income of Sr citizen
• Deductions u/s 80C to 80U
• Rebate u/s 87A

Banks will be responsible for the TDS on basis of declaration. After TDS is deducted, No need for assessee to file ITR

NOTE:- Assessee can have one specified bank account only!!

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