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A new section 194P inserted in Income-tax Act, 1961 provides that senior citizens above 75 years, having only pension & interest income from accounts maintained with bank in which they receive pension will be exempted from filing ITR.

No ITR for specified senior citizens

Through Finance Act, 2021, a new section 194P has been inserted in the Income-tax Act, 1961 to provide that in case of senior citizens above the age of 75 years having only pension income and interest income from the account(s) maintained with the bank in which they receive such pension, they do not need to file an ITR.

No ITR for specified senior citizens

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4 Comments

  1. GANDHI MOHAN BHARATI says:

    It seems a joke. Can anyone tell me how many benfitted under this new enactment. One account only and pension only etc. conditions !!!!!

  2. Bhagavan says:

    I understand that Senior citizens aged above 75 years need not submit ITR.. Whether they are exempted from tax even if they have taxable income from pension and interest from deposits earned on account of retirement benefits

  3. Anil kumar Goel says:

    I am Sr. Citizen of about 80 years of age. Please start sending the information about ITR and other income tax rule which relates to very Sr. Citizen

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