Krishna (Fictional Character): Arjuna, there are many practical difficulties that a senior citizen may face while claiming an exemption for ITR filing. Senior citizen generally have FD/RD/saving bank interests as their major incomes. The interest rate for banks differ at times, so it is ...
“For senior citizens who only have a pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” Finance Minister Nirmala Sitharaman had said In the Budget Speech 2021-22. She had said that in the 7...
Capital gains -A senior citizen will not be liable to capital gain tax in case of transfer of a residential property under a reverse mortgage scheme. Non-filing of ITR -From the assessment year 2022-23, senior citizens of 75 years or more with only pension income and interest income on th...
The process for filing of income tax return is same as citizen less than 60 years of age. Other than exemption limit there is no change in Income under various heads, type of ITR form to fil. l So if your income in year is above 5 lakhs you need to e-File your return. If TDS h...
The new reform proposed for the financial year 2021-2022 states that senior citizens are exempted from filing ITR, as they have their monthly pension and interest as their only source of annual income. As a senior citizen, if you still want to save for your retirement, SCSS is the best in...
Is Filing of Income Tax Return different for Senior Citizen? The process for filing of income tax return is same as citizen less than 60 years of age. Other than exemption limit there is no change in Income under various heads, type of ITR form to fil. l So if your income in year is...