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
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 16 March 2021
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
CA HARSHITA AGARWAL
(FCA)
(71 Points)
Replied 16 March 2021
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.
Kapadia Pravin
(17259 Points)
Replied 16 March 2021
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.
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