Union Budget 2021: People of this age 75 years no longer need to fill ITR
People of this age 75 years no longer need to fill ITR- Union Budget 2021, the government has placed this condition in the budget
Finance Minister Nirmala Sitharaman said in her budget speech for 2021-22 that in the 75th year of the country's independence, we will reduce the burden of tax compliance for senior citizens aged 75 years and above.
Finance Minister Nirmala Sitharaman said in her budget speech for 2021-22 that in the 75th year of the country's independence, we will reduce the burden of tax compliance for senior citizens aged 75 years and above. He said, 'For senior citizens who have income from pension and interest only, it is proposed to give exemption from submission of the income tax return. Their concerned paying bank will deduct the necessary tax on their income.
No Need To File Returns
After the budget, Finance Secretary Ajay Bhushan Pandey said that exemption from filing income tax returns will be applicable only in those cases where the interest income is received in the bank where pension comes. Pandey said, "People who are 75 years of age and above and whose income comes from interest on pension and term deposits in the same bank and their income is only from interest, then there is no need to file returns."
Finance Secretary, "Banks will deduct tax on the income given and submit it to the government." He clarified that if senior citizens have other sources of income, they will have to file income tax returns.
Also Read :- UNION BUDGET HIGHLIGHTS -2021AND INCOME TAX HIGHLIGHTS
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