Page 75 - DHC Budget Book 2021-22 Final
P. 75
6.3
Relaxation In filing return of income for certain senior citizens [Sec. 194P] [w.r.e.f. AY 2021-22]
It is proposed to insert a new Sec. 194P to exempt Resident Senior Citizens of the age of 75 years or above deriving only pension income in
a specified bank and interest income only from such specified bank where pension income is received, from filing of return of income.
The specified bank shall deduct tax at source
on the aforesaid income at the rates in force after allowing deduction under Chapter VI-A and rebate u/s 87A, based on declaration (form to be prescribed) furnished to such bank.
Specified bank means a banking company which will be notified by CG.
Content Tax Provisions Applicable to Non-Corporate Assessee Direct Tax 73
