Section 194P - Income Tax Return Filing Exemption for Senior Citizen | Benefits to Senior Citizens

Section 194P - Income Tax Return Filing Exemption for Senior Citizen | Benefits to Senior Citizens

Finance Act 2021 inserted a new section 194P which provided conditions for exempting senior citizens from filing Income Tax returns aged 75 years and above. New Section 194P is applicable from 1st April 2021.

Section 194P was introduced in Budget 2021 to provide conditional relief to the senior citizen above the age of 75 years from filing the Income-tax return.Section 139 of the Income Tax Act governs the filing of income tax returns by every individual with income above the basic exemption limit.The entire provisions of the newly introduced section 194P are briefly explained in the present video.

Watch the video to know-

In this video, a Detailed discussion of Section 194P (Newly introduced by Union Budget 2021) has been done including the Meaning of Specified Senior Citizen.
- Section 194P Return filing exemption for Senior Citizen aged 75 Year or more,
- Return filing exemption for Senior Citizen aged 75 Year or more,
- Tax Benefits Available to Senior Citizens,
- No ITR filing for senior citizens aged 75 years and above,
- No ITR filing required for senior citizens,
- Income Tax for Senior Citizens,
- Senior citizens need not file income tax returns,
- Relaxation for senior citizen of 75 years/more from filing return,
- Income Tax for Senior Citizens on or above 75 year,
- Budget 2021 income tax returns exemption senior citizens,
- For senior citizens (who are 75 years of age and above)
- Senior citizens above 75 years of age
- TDS New Section 194P as per Budget 2021

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