Senior citizens exempted from filing ITR as per Income Tax Return New Rule

Senior citizens above 75 years of age, who only have pension and interest as the source of income will be exempted from filing Income Tax Returns(ITR) for fiscal year 2021-22 as per the new Income Tax Return rule notified by Central Board of Direct Taxes.

This new relaxation was announced by Finance Minister Nirmala Sitharaman during the Union Budget 2021. “In the 75th year of Independence, the government shall reduce compliance burden on senior citizens, who are above 75 years of age,” she said.