Outlook Money
Section 194P of the Income Tax Act 1961 relieves senior citizens from filing Income Tax returns (ITR).
The individual must be an Indian resident.
The individual must be 75 and above at any time during the previous financial year.
One should only have a pension and interest income, which must be credited to the same bank account.
It must be a government-designated bank to handle all formalities, such as tax deducted at source (TDS), rebates, etc., on behalf of the senior.
Seniors must submit Form 12BBA to the bank to declare they have only the pension and interest income.