Specified senior citizen declaration rules govern bank-based deduction claims, income computation, tax deduction, and evidence maintenance. Specified senior citizens may furnish the required declaration to the specified bank in Form No. 125. The bank must compute total income after giving effect to Chapter VIII deductions and rebate under section 156, and deduct income-tax at the rates in force. The declaration and supporting evidence for Chapter VIII deductions must be maintained by the bank and made available to the Chief Commissioner of Income-tax when required.
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Specified senior citizen declaration rules govern bank-based deduction claims, income computation, tax deduction, and evidence maintenance.
Specified senior citizens may furnish the required declaration to the specified bank in Form No. 125. The bank must compute total income after giving effect to Chapter VIII deductions and rebate under section 156, and deduct income-tax at the rates in force. The declaration and supporting evidence for Chapter VIII deductions must be maintained by the bank and made available to the Chief Commissioner of Income-tax when required.
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