Income Tax Return Filling Last Date: More than 2 crore taxpayers have filed ITR for FY 2022-23. Taxpayers who have crossed a certain age limit are exempted from filing ITR. However, they have to fulfill some conditions.
New Delhi: According to the Income Tax Department, people earning 3 lakh or more annually should file ITR. More than 2 crore taxpayers have filed ITR for FY 2022-23. The last date for filing ITR is 31 July 2023. In such a situation, taxpayers should file the return before the end of the deadline. However, some categories of people are exempted from filing income tax.
Under Section 194P of the Income Tax Act, 1961, relief has been provided to select senior citizens from filing income tax returns. However, they have to fulfill the eligibility conditions to avoid the compulsion of filing ITR.
Who is exempted from filing ITR under section 194P
A senior citizen who is a resident of India and has attained the age of 75 years or more during the previous year i.e. FY 2022-23 (ending March 31, 2023) is exempted from filing ITR. Such senior citizens should not have any other income other than pension. However, such people can get interest income from the same bank in which they get their pension.
Be sure to keep this in mind
According to the notification of the Central Government, senior citizens can submit the declaration form in the bank where pension and interest income comes. The details should be included in the declaration as per rules. Such senior citizens will come in two categories, in the first category no tax will have to be paid and in the second category people will have to pay tax.
Who will fill ITR after the death of taxpayers
According to Income Tax rules, whoever is the legal heir of the deceased person will have to file ITI in the name of the deceased. This return will be filed for the income that has been earned in the name of the deceased person. For this, first of all, the successor has to register himself legally. The heir can not only file income tax return in the name of the deceased person but can also claim refund.
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at informalnewz@gmail.com
