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of <h1>Section 194P exempts senior citizens 75+ from filing returns if banks deduct tax on pension and interest income</h1> Section 194P of the Income Tax Act, 1961 establishes a special tax deduction framework for specified senior citizens aged 75 years or above. Under this provision, designated banks must compute the total income of qualifying senior citizens after applying deductions under Chapter VI-A and rebate under section 87A, then deduct income tax at applicable rates. The section exempts these senior citizens from filing income tax returns under section 139. To qualify, individuals must be Indian residents receiving only pension income and interest from the same specified bank, and must submit a prescribed declaration. This provision was inserted by the Finance Act, 2021, effective from April 1, 2021.
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