whether from FY 2020-21, senior citizen (>60 yrs) not having income from any business or profession but having income from only pension and interest need not pay advance tax and also need not file IT return ??
pl explain to understand
mahan (self) (71 Points)
16 March 2021whether from FY 2020-21, senior citizen (>60 yrs) not having income from any business or profession but having income from only pension and interest need not pay advance tax and also need not file IT return ??
pl explain to understand
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 16 March 2021
CA HARSHITA AGARWAL
(FCA)
(71 Points)
Replied 16 March 2021
The new refeilf is applicable from FY 2021-22 . But if the total income does not exceed Rs 300000 in FY 2020-21 then also no need to file ITR
Also there are few conditions to IT Return filling relief such as
1. You can have only Pension and Interest income
2. All of your income should be received in the bank
3. The bank itself deduct relevant taxes from your account.
Kapadia Pravin
(17249 Points)
Replied 16 March 2021
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