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.