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Budget 2021 update :It has been proposed to exempt the senior citizens from filing income tax returns if pension income and interest income are their only annual income source. Section 194P has been newly inserted to enforce the banks to deduct tax on senior citizens more than 75 years of age who have a pension and interest income from the bank.Failing to plan for your retirement now is planning to fail financially after retirement. Who doesn’t look forward to that golden period – free from work and family-related responsibilities? You have all the time to pursue your passions. But to be able to lead a comfortable life post-retirement, you need to have significant retirement corpus as well as a steady source of income (pension).