CBDT Notifies declaration forms for senior citizens for purpose of sec 194P
Central Board of Direct Taxes [CBDT] has issued declaration forms to be filed with banks by senior citizens aged 75 and up in order to be exempt from filing Income Tax returns for Financial year 2021-22.
The 2021-22 Budget included a provision exempting senior citizens 75 and older with pension income and interest from fixed deposits in the same bank from filing income tax returns for the fiscal year beginning April 1.
The Central Board of Direct Taxes (CBDT) has now issued rules and declaration forms that senior citizens must submit to the designated bank, which will deduct tax on pension and interest income and deposit it with the government.
This exemption from ITR filing is only available if the interest income is earned in the same bank where the pension is deposited.
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