Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Smitha S   05 August 2021

Tax exemption for filing ofITR

I want detailed explanation on exemption for filing ITR for senior citizens above 75 years.

what is the scenario if the senior citizen is having pension income and rental income and the total income falls under taxable income

if the senior citizen is having only pension income, will the bank file the ITR for the sc without his consent?

I need elaborate information regarding this.


 6 Replies

CMA Poornima Madhava

CMA Poornima Madhava (CMA)     05 August 2021

1) If there is rental income too and the taxable income is within the basic exemption limit, then no need to file ITR. But if there is any TDS credit, then ITR to be filed for claiming refund.

2) The bank will not file ITR without the consent of the assessee. The assessee is required to provide a declaration on the basis of which the bank would deduct required tax if any and intimate govt. But if there is rental income, then this exception is not available, in which case only the assessee can file ITR.

Smitha S

Smitha S   05 August 2021

Ok thanks. So do you mean to say that the senior citizen needs to submit the declaration on a voluntary basis?
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     05 August 2021

Not voluntary, it is compulsory to submit declaration and other documents specified if the bank is required to deduct applicable taxes.. For more, read about section 194P.

Smitha S

Smitha S   05 August 2021

Can you provide me a copy of the declaration form to be filled by the SC. Thanks.
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     05 August 2021

I think the format is yet to be prescribed.

Smitha S

Smitha S   05 August 2021

Ok thanks

Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags