Secretary: S.Sundarakrishnan Mob: 9486100188 Web Master: S. Narasimhan Mob: 9444415150
GOOD NEWS: Senior citizens 75 years and above are exempted from FILING INCOMETAX RETURNS. Pension paying banks will deduct IT automatically as TDS.
NO CHANGE IN INCOMETAX CEILING LIMITS OR EXEMPTIONS
Banks are deducting tds.If there is any refund you have to file ITR.So this is not much useful.
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Yes! Also, after 15 years, pensioners will get their commuted pension also, which means more TDS. After 80, 20% additional pension will be given and after that for every additional 5 years, another 10% will be added. That means more & more TDS without any IT REFUND if we save as per Sec. 80C , D etc. if we DO NOT FILE ANY ITRs.