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income tax budget 2021
Income Tax Return not mandatory for senior citizen above 75 2

Income Tax Return filing for senior citizen

It is not required for senior citizens above 75 w.e.f 2021-2022. However respective banks shall deduct Income Tax from interest income on their FDs

Loss on non filing of Income Tax return

The loss of non filing of income tax return to the senior citizesn will be that they won’t be able to claim back T.D.S deducted by banks on their fixed deposits.

Senior citizen age reduced to 75 from 80

Senior citizen definition will be changed w.e.f 2021-2022 – super senior citizen age will be treated as 75 years instead of 80 years.

No changes proposed in Budget 2021 about income tax on salaried class and corporate . Always remain updated about income tax and consult Deepak Malhotra Advocate for free legal advise

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