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Income Tax Rule: Now these people will not have to pay income tax, government has given exemption

ITR Filing: According to the rules of the Income Tax Department, it is not mandatory for many citizens to file ITR. Even if their annual income is more than Rs 5 lakh. However, for this, some guidelines or conditions have also been imposed by the Income Tax Department.

Today is the last date for filing Income Tax Return (ITR), if you have not done this important work till now, then complete it immediately, failing which you may have to pay a fine of up to Rs 5,000. The Income Tax Department has been advising taxpayers for a long time to file ITR by the prescribed deadline (ITR Filing Last Date). But, do you know that some people are not required to file income tax returns. The government has made a provision for exemption for this category. Let us tell you who have got this special exemption and what are the conditions applicable for it?

Age calculation from 31st March 2023

According to Income Tax rules, ITR filing is not mandatory for many senior citizens. Even if their annual income is more than Rs 5 lakh. However, for this, some guidelines or conditions have also been imposed by the Income Tax Department. For example, people who have completed 75 years of age as on March 31, 2023, can avail the benefit of this exemption. Not only this, but some other rules also apply in this regard, senior citizens who fulfill them get this relief.

This should be the source of income

People who have turned 75 and whose income source is only pension have been kept in the exempted category from filing this ITR. As per the rules, their source of income should be pension and interest from money deposited in the bank. Apart from this, the bank in which the pension is coming must be notified by the government. Under a new rule, the government had given this relief to people above 75 years of age in the year 2021. Under the Finance Act-2021, by inserting a new section 194-P in the Income Tax Act, 1961, senior citizens above 75 years of age, who receive pension and who receive interest from bank deposits, are exempted from filing ITR. Is.

Submit this form to the bank

Under this rule, to get exemption from filing Income Tax Return (ITR), a person has to make a declaration through the bank. Actually, a citizen of 75 years of age or above will have to fill the 12-BBA form and submit it to the bank. In this form you will have to give details of interest income on pension and FD or any other kind of investment. Also, the tax included in the information given in the form will have to be deposited in the bank. ITR will be considered filled once tax is deposited. After this there will be no need to file separate ITR.

6 crore ITR files till now

The data of ITR filed so far has been shared by the Income Tax Department. According to the data shared by the department, by July 30, 2023, more than 6 crore taxpayers of the country have filed their returns. If you are not one of these and have not filed ITR for the financial year 2022-23, then without wasting time do this work first of all today. If you do not file your ITR by the last date set by the Income Tax Department, 31 July 2023, then it is not that you will not get a chance to file it. Such taxpayers will be given a chance by the department, but they may have to suffer financial loss. Actually, the option to file late ITR is available till December 31, 2023, but with penalty, so it would be wise to do this now to avoid this.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
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