Section 194P provide relief to senior citizen from filing of Income Tax Return
New section 194P of the Income Tax Act will provide conditional relaxation for senior citizens who are aged 75 or above 75 years.
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Senior Citizen
New section 194P of the Income Tax Act will provide conditional relaxation for senior citizens who are aged 75 or above 75 years.
Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021.
FM Smt. Nirmala Sitharaman did not announce any changes in the Income Tax slab but have changed some rules to help ease of compliance for taxpayers.
An Individual resident is considered a Senior Citizen between the age group of 60 to 80 years, as on the last day of the previous financial year.
Under the Indian Income Tax Act, a Senior Citizen gets significant tax benefits that include exemption limit benefits, which can be summarised from the Income Tax Slab applicable to the senior citizen. Here in this post, you will get Income …