Senior Citizen Above 75 Years No Need To File IT Return If Income Source Is Pension And Bank Interest Only

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Income Tax Return: 31st December is the last date for filing income tax return. But do you know that there is no need to file income tax return for senior citizens above 75 years of age if their source of income includes only pension and interest from hard earned money deposited in the bank. A new section 194P has been inserted in the Income Tax Act, 1961 under the Finance Act 2021, under which senior citizens above the age of 75 years, who receive pension and interest from bank deposits, are exempted from filing ITR.

The Income Tax Department has also said this from its official Twitter handle. In a tweet, the Income Tax Department has written that, a new section 194P inserted in the Income Tax Act, 1961 provides that, senior citizens above the age of 75 years, who have only pension and interest from the accounts maintained in the bank. Income, in which they receive pension, will be exempted from filing ITR.

In fact, under the new rules of income tax, such people above the age of 75 years, who have no other source of income other than pension, will not be required to file ITR. With this new provision, such senior citizens need not file income tax returns.

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