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!!