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        Section 53 - Insertion of new section 194P.

        Finance Act, 2021
        Chapter III
        DIRECT TAXES - Income-tax

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        Tax deduction at source for specified senior citizens: banks must compute income after deductions and deduct tax accordingly. Section 194P requires a specified bank to compute a specified senior citizen's total income after Chapter VI-A deductions and rebate under section 87A, and to deduct income-tax on that total income at rates in force; the specified senior citizen is not required to file a return under section 139 for the assessment year in which tax is deducted. A specified bank is a notified banking company; a specified senior citizen is a resident individual aged seventy-five or more receiving only pension and interest from an account in the same specified bank and who furnishes a prescribed declaration.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Tax deduction at source for specified senior citizens: banks must compute income after deductions and deduct tax accordingly.

                                Section 194P requires a specified bank to compute a specified senior citizen's total income after Chapter VI-A deductions and rebate under section 87A, and to deduct income-tax on that total income at rates in force; the specified senior citizen is not required to file a return under section 139 for the assessment year in which tax is deducted. A specified bank is a notified banking company; a specified senior citizen is a resident individual aged seventy-five or more receiving only pension and interest from an account in the same specified bank and who furnishes a prescribed declaration.


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