Senior citizens 75 and above need not file IT returns subject to conditions!

Budget 2021 has only one offering for senior citizens. If some conditions are met, those aged 75 and above need not file income tax returns. They have to pay the necessary tax but need not file returns.

The conditions for exemption from filing ITR from 1st April 2021 are:

1. The senior citizen should be a resident and should be 75 years of age or more during the financial year for which tax has to be paid
2. He/She must receive a pension and interest income from the same bank! Different banks are negligible.
3. Only certain specified banks are allowed
4. A declaration should be given to the bank

Another interest income from any other source or any kind of capital gains would mean the person has to pay tax. Thus this benefit will not help many!