New Delhi, Aug. 18 (PTI): In a relief to senior citizens, the government today reverted to the system of self-declaration of income for filing tax returns.
A Central Board of Direct Taxes notification said income tax rules of 1962 have been amended to allow senior citizens self-declaration in the prescribed Form 15H. The facility of self-declaration was withdrawn in the 2002 budget in cases when the income or the aggregates of specified income exceeded Rs 50,000 per annum.
This amendment, however, took in its ambit the cases of senior citizens for whom tax liability might become nil due to the additional rebate of upto Rs 15,000 available to them.
But the Finance Act of 2003 has restored the facility of filing self-declarations by senior citizens in case no tax is payable on their total income. The Form 15H can be used by senior citizens only for this purpose.
The income that would be taken into consideration for this include interest on securities, dividends, interest from other sources and amount withdrawn from national savings schemes.