New Income Tax Return Rule: Senior Citizens above 75 years exempted from ITR filing

They will now be exempted from filing the income tax returns (ITR) for fiscal year 2021-22.

This piece of news is for those senior citizens who are above 75 years and they only have pension and interest as their only source of income. They will now be exempted from filing the income tax returns (ITR) for the fiscal year 2021-22. In its notification, the Central Board of Direct Taxes (CBDT) has revealed several rules and declaration forms that would be filled by specified banks. The banks will further reduce the tax on pension and interest income and deposit with the government. During the Union Budget 2021, finance minister Nirmala Sitharaman had announced that “In the 75th year of Independence of our country, the government shall reduce the compliance burden on senior citizens who are 75 years of age and above.” “For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income," finance minister further added.