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Monday, September 6, 2021

Pleasures | Good news for individuals over the age of 75, the Income Tax Department made a big announcement

Pleasures |  Good news for individuals over the age of 75, the Income Tax Department made a big announcement





The income tax department made a big announcement
 Tax relief for persons above 75 years of age
 The form has to be filled and submitted to the bank
 Great relief has been given to persons above 75 years of age by the Income Tax Department.  In the financial year 2021-22, people above the age of 75 now have to file an income tax return.






The proposal was made while announcing the budget

 When the budget for the financial year 2021-22 was announced, it was proposed to exempt seniors above the age of 75 from IT returns.  Which has now been fully implemented.  Now people over the age of 75 do not have to pay income tax this year.


The form has to be submitted to the bank

 These rules have been implemented by the Central Direct Board especially for senior citizens.  Also, advertisement forms have been issued for them.  The form he has to submit to the bank.  Which will be credited to the government by deducting tax on the amount of pension and interest.  Exemption from paying income tax will be available in cases where interest is received from the same bank as the income deposited in the pension.





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