No ITR for Specified Senior Citizens: Through Finance Act 2021 a new section 194P was inserted in IT Act  | StaffNews

No ITR for Specified Senior Citizens: Through Finance Act 2021 a new section 194P was inserted in IT Act  | StaffNews: No ITR for Specified Senior Citizens: Through Finance Act 2021 a new section 194P was inserted in IT Act

No ITR for Specified Senior Citizens: Through Finance Act 2021 a new section 194P was inserted in IT Act

ITR for Senior Citizens – To give a much-needed relief to the senior citizens who are 75-years of age or more, the government has given this exemption in filing of the Income Tax Returns (ITR).

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

The Ministry of Finance has also tweeted in this regard today. This was introduced in Budget 2021 and announced by Finance Minister Nirmala Sitharaman.

Comments

Popular posts from this blog

Approval of the Government of India for extending the benefits of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY) to all senior citizens aged 70 years and above.National Health Authority L.S. CHANGSAN (I.A.S.) Chief Executive Officer D. O. No. S-12018/395/2022-NHA 20th September, 2024

Grant of notional increment on 1st July I 1st January to the employees who retired from Central Govt, service on 30th June / 31st December respectively for the purpose of calculating their pensionary benefits - regarding.