ITR filing 2022-23: These senior citizens do not have to file ITR this year

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.

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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.

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c) This bank, in which pension and interest income is received, is specified. As per the notification by the central government, a senior citizen can submit the declaration to any scheduled bank.

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d) He has to furnish a declaration to the specified bank. The declaration containing such particulars, in such form and verified in such manner, as may be prescribed.

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These people will primarily fall into two categories: one who is required to pay no taxes and the second who are required to pay taxes. In the latter case, the specified bank will deduct the taxes as per the information provided by the senior citizen.

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