Budget 2021 proposes to exempt senior citizens who are 75 years or above and have only pension and interest income in a financial year, from filing income tax returns. As per the Budget 2021 proposals, they will not be required to file income tax returns (ITR) anymore. The bank paying income to them will deduct the necessary tax from their bank account.
Exemption from ITR filing for Senior Citizens earning Pension and Interest
February 1, 2021
