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of <h1>Section 194P: Banks to Deduct Tax for Seniors 75+ with Pension and Interest, Exempt from Filing Returns.</h1> Clause 47 of the Finance Bill, 2021, introduces section 194P to the Income-tax Act, focusing on tax deductions for specified senior citizens. It mandates that specified banks compute the total income of senior citizens aged 75 or above, who have pension and interest income from the same bank, and deduct income tax based on current rates. Such senior citizens are exempt from filing tax returns under section 139 for the relevant year. 'Specified bank' and 'specified senior citizen' are defined, with implementation effective from April 1, 2021.
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