Forms for exemption from income tax returns for senior citizens notified


The income tax department has notified declaration forms to be filed by senior citizens aged 75 years and above with the banks to get exemption from filing I-T return for fiscal year 2021-22.

The 2021-22 Budget had introduced a provision for exempting senior citizens of 75 years and above having pension income and interest from fixed deposit in the same bank from filing income tax returns for the financial year beginning April 1.

The Central Board of Direct Taxes (CBDT) has now notified rules and declaration forms which senior citizens would have to file with the specified bank who in turn would deduct tax on pension and interest income and deposit with the government.


Such exemption from ITR filing would be available only in case where the interest income is earned in the same bank where pension is deposited.

The income-tax act requires all individuals having income exceeding the threshold limit to file their income-tax returns. While the threshold for senior citizens (60 years or more) and super senior citizens (80 years or more) is slightly higher, crossing the threshold saddles one to file tax-returns.

Non-filing of tax return not only attracts penalties and but one also gets subject to higher rate of TDS.


Nangia & Co LLP Director Itesh Dodhi said recognising the compliance burden on senior citizens, this year’s budget brought in some relief to the senior citizens above the age of 75.

“The CBDT has notified the forms (Form 12BBA) for declaration by the senior citizens to the banks and notified the reporting requirement by the specified banks. With dedicated counters for senior citizens in all major banks and banks providing doorstep banking to senior citizen, this measure is expected to make life easier for senior citizens,” Dodhi added.

In the Budget Speech 2021-22, Finance Minister Nirmala Sitharaman had said that in the 75th year of Independence of our country, the government shall reduce compliance burden on senior citizens who are 75 years of age and above.


“For senior citizens who only have pension and interest income, I propose exemption from filing their income tax returns. The paying bank will deduct the necessary tax on their income,” she had said.

Subscribe to Mint Newsletters


* Enter a valid email

* Thank you for subscribing to our newsletter.


Never miss a story! Stay connected and informed with Mint.
our App Now!!

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook

We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.


For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TechAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More