ITR filing 2023: These senior citizens do not have to file income tax returns. Details here

livemint.com:

ITR filing 2023: Last date for income tax return (ITR) filing for the financial year 2022-23 is 31st July 2023. Is it mandatory for senior citizens to file income tax returns for the financial year 2022-23? There is confusion in the minds of many persons as regards who has to file an ITR. Introduced in Budget 2021, Section 194P of the Income-tax Act, 1961 offers relief to select senior citizens from filing income tax returns if they meet certain eligibility criteria.

Section 194P is applicable from 1st April 2021.Section 194P of the Income Tax Act exempts senior citizens aged 75 and above from filing ITR if they meet certain conditions, including having pension and interest income only from specified banks and submitting a declaration to the bank. The specified bank will deduct tax and there will be no need to file ITR. “Section 194P of the Income Tax Act exempts senior citizens from filing ITR if they meet certain conditions, like, ‘Must be a resident of India and attain the age of 75 years or more by the end of FY 2022–23.

The income should be just from pensions or interest through banks. Interest income accrued/earned from the same specified bank from which he receives his pension. Additionally, senior citizens should submit a declaration to these specified banks,"said Abhishek Soni, CEO and Co-founder Tax2win.  Senior citizens with total income below the taxable limit may not file ITR.