Not mandatory for THESE citizens to file Income Tax Return - Check exemption list: ITR filing

The due date for filing Income Tax Return without a late fee is July 31.

Not mandatory for THESE citizens to file Income Tax Return - Check exemption list: ITR filing
Not mandatory for THESE citizens to file Income Tax Return - Check exemption list: ITR filing



ITR filing: The government has made it obligatory to file Income Tax Returns for all people including senior residents. Yet, there are sure circumstances where the public authority gives exceptions to specific people, for the most part senior residents or very senior residents.

Beginning FY 2021-22, very senior residents matured 75 years or more are not expected to document ITR assuming they meet specific measures characterized in the Income Tax Act, 1961.

The government had through Finance Act 2021 embedded another Section 194P in the Income Tax Act, 1961 to characterize specific circumstances to permit excluding senior residents from documenting Income Tax Returns. The new Section 194P became effective on April 1, 2021.

How about we see under what conditions very senior residents can be absolved from ITR filing:

1. Senior resident ought to be old enough 75 years or above

2. Senior resident ought to be an occupant in the earlier year

3. Senior resident has annuity pay and interest pay as it were

4. Premium pay accumulated/procured from a similar determined bank wherein he/she is getting benefits

5. He/she will be expected to outfit a statement to the predefined bank containing specifics, in such structure and confirmed in such way, as might be recommended

ITR filing last date broadened? The due date for filing Income Tax Return without a late expense is July 31. At this point, there is no proposition to broaden the ITF filing last date.

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