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
Menu
Senior citizen IT
Replies (3)
If senior citizen having income only from pension and interest then they don't need to file IT return nor have to pay any advance tax
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.
No payment of advance tax (if no business income) by senior citizen assesses.
No Return filing is effective from FY 2021-2022 . Rules will be published soon.
No Return filing is effective from FY 2021-2022 . Rules will be published soon.
Recent Topics :
- 600128 HSN rate
- Social Security benefit from US by resident
- E-way notices
- Itr form for Salary income, Interest, Dividend And
- Will my TDS be deducted as NRI?
- PENSION ARREAR RECEIVED - EPS 95 SCHEME
- Processing of Form 144 (prev 27Q)
- Capital Gain on sale of Vacant Land- Whether Demol
- Hello dear I want help .
- Category B/D pop up after the file is e verified
Related Topics :
CAclubindia
