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of <h1>Section 194P: Banks Must Deduct Tax for Seniors 75+ with Pension and Interest Income, Exempting Them from Filing Returns.</h1> Section 194P of the Income Tax Act, effective from April 1, 2021, mandates that specified banks deduct tax at source for specified senior citizens aged 75 or above, who have income solely from pensions and interest from the same bank. These banks compute the total income for the assessment year, considering deductions under Chapter VI-A and rebates under Section 87A, and deduct tax accordingly. Specified senior citizens are exempt from filing income tax returns if tax is deducted under this section. The specified bank must maintain declarations and evidence provided by the senior citizen and furnish them upon request to tax authorities.
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