Exemption to some senior citizens from filing the Income Tax Return!! - Let's decode the provision
In the Union Budget 2021, some specified senior citizens have been exempted from filing the Income Tax Return (ITR). So …. Is this exemption is available to all the senior citizens? Which kind of income should an individual have to claim this exemption from return filing? Does this senior citizen require to pay income tax and if yes, then how he/she will pay tax, when he/she does not file his /her ITR? Today we will find the answers to all these questions, because we are going to discuss the relevant provision in a very simple language. In Union Budget 2021, a new Section 194P (TDS in the case of specified senior citizen) has been inserted to The Income Tax Act, 1961 (the Act). Due to this newly inserted Section 194P, some of the senior citizens can claim exemption from filing the ITR. The simplified presentation of the relevant provisions of this section is as under: (1) This provision is applicable with effect from 1 st April, 2021. (2) Normally in Income Tax Act, a perso...