Are you aware of Section 194P of the Income Tax Act, 1961?

It provides relief to senior citizens aged 75 years and above by exempting them from filing income tax returns. If you or a loved one is eligible for this benefit, make sure to take advantage of it.

Section 194P of the Income Tax Act, 1961 pertains to the deduction of tax at source on payment of certain amounts by specified senior citizens.

According to this section, specified senior citizens, who are above the age of 75 years and have income from pension and interest, are exempt from filing income tax returns if the following conditions are met:

1. The specified senior citizen has income from pension and interest only.
2. The specified senior citizen has furnished a declaration to the specified bank or specified entity that is paying the pension or interest, stating that he or she is above the age of 75 years.
3. The specified bank or specified entity has deducted the necessary tax at source on the payment of pension or interest.

By meeting these conditions, specified senior citizens are not required to file income tax returns for the assessment year 2022-23 and onwards.

(Income tax filing, Tax updates, Chartered accountant, Tax savings)

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