Specified senior citizen status requires eligible pension, limited bank interest income, residency, age threshold and prescribed declaration. Specified senior citizen, for TDS/TCS purposes under the Income-tax Act, 2025, is a resident individual aged seventy-five years or above whose income is ... Summary
Specified senior citizen status requires eligible pension, limited bank interest income, residency, age threshold and prescribed declaration.
Specified senior citizen, for TDS/TCS purposes under the Income-tax Act, 2025, is a resident individual aged seventy-five years or above whose income is limited to pension and interest from an account with the specified bank paying the pension. The individual must furnish the prescribed, duly verified declaration to that bank. The corresponding Income-tax Act, 1961 definition applies substantially the same age, residency, income-source, banking and declaration conditions.
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