ITR Login: Such senior citizens should not have any other income other than pension. Although the account in which the pension is coming, they are getting income as interest from that bank, they can get these senior citizens.
Income Tax: People are currently filing income tax returns and more than 2 crore income tax returns have already been filed. This time the government has set the last date of 31 July 2023 for individual taxpayers. For the financial year 2022-23, people can file income tax return till 31 July. At the same time, some people have also been given exemption from filing ITR. However, for this some conditions have to be followed. Let’s know about it…
Income tax return
Under Section 194P of the Income Tax Act, 1961, relief has been provided to certain senior citizens from filing income tax returns. However, such people will also have to follow certain conditions. Actually, senior citizens should be residents of India and their age should be 75 years or more by 31 March 2023 and they should be exempted from filing income tax return.
Although tax,
One special thing has to be taken care of in this. Actually, such senior citizens should not have any other income other than pension. Although the account in which the pension is coming, they are getting income as interest from that bank, they can get these senior citizens. A declaration can be submitted for this. At the same time, such senior citizens will come in two categories. No tax will be paid in one category and tax will have to be paid on coming in the second category.
Tax regime
Explain that two tax regimes are being used for filing ITR. One is the new tax regime and the other is the old tax regime. Both the tax regimes have their own distinct advantages.
