Taxology India Profile picture
Aug 10 7 tweets 4 min read
Do you know, filing of Income Tax return for senior citizen is not compulsory if TDS is deducted u/s 194P.

Let's understand more about section 194P [ A 🧵]

#incometax #IncomeTaxReturns #ITRfiling #seniorcitizens @PratibhaGoyal @TaxationUpdates @AbhasHalakhandi #incometaxportal
Finance Act, 2021 inserted a new Section 194P to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income.

It provides that if TDS has been deducted u/s 194P, then such senior citizen shall be exempted from filing Income Tax Return
Section 194P provides conditional relief to the senior citizen from filing the Income-tax return.

It is applicable only if the below mentioned conditions are satisfied.

a) Such senior citizen should be resident in India;

(b) Senior citizens should be of age 75 years or above;

(c) He has pension income and interest income only. Interest income accrued/ earned from the same specified bank in which he is receiving his pension;
(d) Such banks will be responsible for the TDS deduction of senior citizens after considering the deductions under Chapter VI-A and rebate under 87A.

(e) The senior citizen will submit a declaration containing some details (read below) to the specified bank
The declaration submitted by them should contain the following details :

a. Total income of the senior citizen
b. Deductions availed under section 80C to 80U
c. rebate available under section 87A
d. Confirmation from the senior citizen of having only pension and interest income

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