ITR For Senior Citizens: The nation is hearing about senior citizen assistance. Today, the Modi administration modified a senior citizen Income Tax Return guarantee. The government amended senior citizen income tax return requirements before the Union Budget 2023.
Tweets from the Ministry of Finance
On Thursday, the Finance Ministry tweeted that elderly people over 75 who exclusively get bank pensions and interest no longer need to submit ITR. For this, the Income Tax Act of 1961 included Section 194-P. From April 2021 on, this applies. Banks were advised of these changes.
What exactly is an amendment?
The Central Board of Direct Taxes says this component is working. Forms and conditions have been notified for this. Rule 31, Rule 31A, Form 16, and 24Q also required changes.
What was the answer given by the Minister of Finance?
Finance Minister Nirmala Sitharaman stated, “Now that we are in the 75th year of our country’s Independence Day, we will continue our journey with enthusiasm. We will ease tax compliance for seniors over 75. We suggest exempting pension and interest-earning seniors from income tax filing. Their bank deducts income tax.