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.
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Tax exemption for filing ofITR
Replies (6)
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.
Ok thanks. So do you mean to say that the senior citizen needs to submit the declaration on a voluntary basis?
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.
Can you provide me a copy of the declaration form to be filled by the SC. Thanks.
I think the format is yet to be prescribed.
Ok thanks
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