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of <h1>Senior citizens to submit Form 12BBA to banks under Section 194P for tax calculation, deductions, and rebates.</h1> Specified senior citizens must furnish a declaration in Form No. 12BBA to designated banks under section 194P. Upon receiving this form, the bank calculates the senior citizen's total income for the relevant assessment year, applying deductions under Chapter VI-A and rebates under section 87A, and deducts tax accordingly. The bank must maintain the declaration and evidence for Chapter VI-A deductions and provide them to tax authorities when requested. The Director General of Income-tax (Systems) will specify the procedure for banks to furnish these details to tax authorities as needed.
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