Insertion of new section 194P.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f Chapter XVII-B, in case of a specified senior citizen, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force. (2) The provisions of section 13....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me; and (iii) has furnished a declaration to the specified bank containing such particulars, in such form and verified in such manner, as may be prescribed.'. - Clause 47 of the Bill seeks to insert a new section 194P of the Income-tax Act relating to deduction of tax in case of specified senior citizen. Sub-section (1) of the said section seeks to provide that notwithstanding any....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nking company as the Central Government may, by notification in Official Gazette, specify; (b) "specified senior citizen" means an individual, being a resident in India- (i) who is of the age of seventy-five years or more at any time during the previous year; (ii) who is having income of the nature of pension and no other income except the income of the nature of interes....