You are here: Home » PF » News » Tax
Align credit card perks with your spending behaviour, say experts
Angels venture where others fear to tread
Business Standard

Senior citizens above 75 years can avoid filing ITR from next year

Instead, they will just have to make a declaration in Form 12BBA to their bank, which will deduct TDS

Topics
ITR filing | senior citizens | Income Tax Act

Bindisha Sarang 



retirement
Senior citizens must fulfil all conditions, so that the onus of paying tax gets transferred from them to their bank.

The Finance Act, 2021, has inserted Section 194P in the Income- Act, 1961, exempting of 75 years or above from filing income- return (ITR), provided they fulfil certain conditions.

TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST RS 249 A MONTH.

SUBSCRIBE TO INSIGHTS

What you get on Business Standard Premium?

  • icon Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • icon Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • icon Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
  • icon Pick your 5 favourite companies, get a daily email with all news updates on them.
  • icon 26 years of website archives.
  • icon Preferential invites to Business Standard events.

OR


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Tue, September 07 2021. 19:29 IST

RECOMMENDED FOR YOU

.