Senior stocktaking

One of the proposals in the Finance Bill 2021-22 relates to the exemption, for those who are above 75, from filing I-T returns; provided they do not have any income from other sources. And therein lies the catch that could disqualify a number of 75+ I-T payers from availing of this benefit; especially those from urban areas, who are investing in shares of joint stock companies. The dividends received by such assessees will be categorised under ‘Income from other sources’ and taxed according to the prevalent rates, if it exceeds Rs 5K. Arun Malankar