ITR Filing: Good news for tax payers, No need to Pay Tax these people

Here is good news for taxpayers. Generally everyone who has taxable income has to pay tax. For this, Income Tax Returns (ITR) should be filed annually. ITR Filing: Good news for tax payers, No need to Pay Tax these people.

Introduced in Budget 2021, Section 194P of the Income-tax Act, 1961 offers relief to select senior citizens from filing income tax returns if they meet certain eligibility criteria. But the Centre has given relief to some Tax payer. It is clarified that these people are not required to file tax returns. It is not wrong that many people will get comfort from this.

This benefit is only available to select people. Narendra Modi government Budget 2021 revealed this. It has been proposed that there is no need to file Income Tax Return. But this does not apply to everyone. Only senior citizens (above 75 years) get this benefit.

According to section 194P, senior citizens are not required to file ITR if they fulfill the following criteria:

a)The senior citizen is a resident of India and should be of 75 years or more during the previous year, i.e., in FY 2022-23 (ended on March 31, 2023)

b) He has a pension and no other income. However, he may have interest income from the same bank in which he is receiving his or her pension income.

Further, their income should be only through interest, pension. The central government has clarified that such people cannot pay any tax. According to Section 194P of the Income Tax Act, senior citizens are not required to file ITR. But there are some conditions for this. This applies to those aged 75 years or above as on 31 March 2023.

That means there is no need to file ITR for the financial year 2022-23. Further, there is no need to file ITR if you are getting any income in the form of interest from the bank from which you get your pension income. Otherwise, surely others have to file income tax returns. Otherwise, they will face difficulties. You may have to pay a fine.

The deadline for ITR filing ends this month. So if anyone needs to file ITR then complete this task immediately. Don’t wait until the end. Sometimes the Income Tax website may go down. Otherwise there may be problems in ITR filing. So file ITR without delay.

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