According to the Income Tax rules, the central government has exempted them from paying income tax. As per Income Tax Department rules, many citizens are not required to file ITR. Even if their annual income is above Rs.5 lakh. However, the Income Tax Department has also laid down some guidelines or conditions for this. Today is the last date to file Income Tax Return (ITR), if you have not done this important task yet, complete it immediately, otherwise you will be charged Rs. 5,000 as penalty. The Income Tax Department has been advising the taxpayers for a long time to file ITR within the stipulated time (ITR Filing Last Date). But did you know that some people don't need to file income tax returns? The government has made arrangements to exempt this category. As per Income Tax rules, filing of ITR is not mandatory for many senior citizens. Even if their annual income is above Rs.5 lakh.
However, the Income Tax Department has also laid down some guidelines or conditions for this. For example, those who completed 75 years of age on march 31, 2023 can avail the benefit of this exemption. Apart from this, some other rules also apply and senior citizens who fulfill them get this relief. Those who have attained the age of 75 years and whose only income is pension are placed in the exempted category from filing this ITR. According to the rules, their income should be pension and interest on money deposited in the bank. Apart from this, the government should inform which bank the pension is coming from. Under a new rule, the government extended this relief to those above 75 years of age in 2021. Under the Finance Act-2021, the Income Tax Act, 1961 exempts senior citizens above 75 years of age, senior citizens, pensioners and interest earners from bank deposits from filing ITR by inserting a new section 194-P. There is
Under this rule, a person has to make a declaration through the bank to get exemption from filing Income Tax Return (ITR). Actually, a citizen of 75 years or above should fill up Form 12-BBA and submit it to the bank. In this form you have to give details of pension and interest income on FD or any other investment. Also, the tax should be deposited in the bank as per the information given in the form.
ITR is considered filled once the tax is deposited. After that there is no need to file separate ITR. The Income Tax Department has shared the ITR data filed so far. According to data shared by the department, by July 30, 2023, more than 6 crore taxpayers of the country have filed their returns. If you are one of these people and have not filed ITR for FY 2022-23, don't waste time and do this work first today.
If you do not file your ITR by the last date set by the Income Tax Department, 31 July 2023, you will not get an opportunity to file it. Such taxpayers will be given an opportunity by the department, but they will face financial loss. In fact, the option to file late ITR is available till december 31, 2023, but with the penalty, it would be wise to do it now to avoid this.
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