Tax deduction at source for specified senior citizens: banks must compute taxable income after deductions and deduct tax accordingly. A specified bank must compute the total income of a specified senior citizen after allowing Chapter VI-A deductions and the section 87A rebate, and deduct ... Summary
Tax deduction at source for specified senior citizens: banks must compute taxable income after deductions and deduct tax accordingly.
A specified bank must compute the total income of a specified senior citizen after allowing Chapter VI-A deductions and the section 87A rebate, and deduct income-tax at the rates in force; the senior citizen need not file a return under section 139 for the assessment year in which tax is so deducted. A specified senior citizen is a resident individual aged seventy-five or more, receiving pension and only interest from accounts in the same specified bank, who has furnished the prescribed declaration; a specified bank is a notified banking company.
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