Citizens above 75 years exempted from filing I-T returns: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. The bank paying income to them will deduct the necessary tax from their bank account. This has come after Budget 2018 had announced tax law changes to provide more tax benefits to senior citizens. These included tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, the deduction for medical expenditure in case of no health insurance coverage, etc.