Please intimate if a person above the age of 75 yrs is required to file IT return for the assessment year 2021-22.
Ans: As per the Budget 2021, senior citizens above the age of 75 years, who have only pension and interest as a source of income, will be exempted from filing the income tax returns.
This is provided banks will be responsible for the TDS deduction of senior citizens, after considering the deductions under Chapter VI-A and rebate under 87A.