Senior citizens above 75 years exempted from filing ITR in FY 2021-22

The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal year 2021-22, essentially meaning that they will not have to file ITR. It means Senior Citizens above the age of 75 years, who only have pension and interest as a source of income, will be exempted from filing the income tax returns (ITR) for fiscal year 2021-22.

In order to be eligible for exemption, there are certain conditions that must be satisfied by the senior citizens. These conditions are as follows:

(a) The senior citizen is a resident of India and of the age of 75 or more during the previous year.

(b) The senior citizen, who has pension and no other income.

However, he or she may have interest income from the same bank in which he or she is receiving his or her pension income.

(c) The central government will be notifying a few banks, which are banking company, to be the specified bank, mentioned in the Budget 2021.

(d) He or she has to furnish a declaration to the specified bank. The declaration containing such particulars, in such form and verified in such manner, as may be prescribed.