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of <h1>New Rules for TDS on Senior Citizens: Declaration in Form 12BBA Required u/s 194P.</h1> The Income-tax (26th Amendment) Rules, 2021, introduce amendments to the Income-tax Rules, 1962, specifically addressing tax deduction at source (TDS) for specified senior citizens under section 194P. The rules mandate that specified senior citizens must furnish a declaration in Form No. 12BBA to their bank, which will then compute and deduct income tax based on current rates, considering deductions and rebates. The specified bank is responsible for maintaining these records and providing them to tax authorities upon request. Additionally, changes are made to various forms, including Form No. 16 and Form No. 26QD, to accommodate these amendments.
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