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
- 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!!