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.