ITR Filing: Senior Citizens Can Skip It If They Have These Reasons

Outlook Money

Section 194P

Section 194P of the Income Tax Act 1961 relieves senior citizens from filing Income Tax returns (ITR).

ITR Filling

Residence

The individual must be an Indian resident.

Residence

Age

The individual must be 75 and above at any time during the previous financial year.

Age

Income Source

One should only have a pension and interest income, which must be credited to the same bank account.

Income source

Specified Bank

It must be a government-designated bank to handle all formalities, such as tax deducted at source (TDS), rebates, etc., on behalf of the senior.

Form 12BBA

Seniors must submit Form 12BBA to the bank to declare they have only the pension and interest income.

Form 12BBA