INCOME TAX AS YEAR 2021-22

 INCOME TAX FOR FY-2021-22 AND FILING RETURNS FOR FY 2020-21 (CURRENT FILING BY DEC 2021)

  There is no change either in Income tax slabs or the Tax Rate to what has been for the previous year ie FY - 2020-21. As such, it is necessary to refresh the slabs and the rates of the previous year and the Regimes,  Old Vs the New Regime. We are pleased to include the same in this post. 

          Beginning in 2021 all ITRs will be filed on the new portal of the Income Tax Department which is fully live wef 20th Sep 2021 (it had problems from 7th Jun 21 onwards after the launch) 

https://incometax.gov.in  replacing the old portal https://incometaxindiaefiling.gov.in 

    The Income tax Department has eased the return filing by us. 

Watch the detailed video placed in this portal as you proceed reading further for introduction. 

  There is only one change in the Budget 2021 that Assesses above 75 Years of age who have no other income than their Pension and Bank Interests have been exempted to file their income tax returns subject to few conditions.

In their case the bank will work out the tax liability based on the pension and the Interest from FDs etc and deduct the tax as per slabs and submit the same to the IT Dept. The details of various terms and conditions  for Senior Citizen above 75 yrs of age to enjoy the exemption in filing ITRs are given at the end of this post.

  In addition to the above the dividends received on equity shares will be taxed as normal income. Few other changes in Resident new status and subscription to EPF do not effect us as such not being elaborated in this post.

  

  The senior assesses of 75 years and above  will have to file a declaration to the specified bank.  One who does not meet the conditions, will be required to file the return as hither to fore. 

It is estimated that a large number of pensioners will be benefitted who just have only one bank account in the specified bank.

   We hope that family pensioners will also be covered under this scheme. The doubt has arisen since Family Pension is considered under the IT Act as Income from other sources. 

   In view of the above we are of the opinion that we as Veterans will need to file our returns either under the old regime or the new regime as per the most beneficial option to be arrived at as stated in the Worked Out Example in the succeeding paragraphs.

NEW PORTAL OF INCOMETAS FOR EFILING

Please watch this detailed video