Thank you Mr Rajaram for the information. This was the one ,Mrs Nirmala
Seetharaman, Minister told in the parliament and I wrote to you earlier. Under
conditions, senior citizen pensioners aged above 75 years need not file
returns.Under conditions was not told by her.
Thank you once again
R. Gopalakrishnan, former ITS.
On Tuesday, 12 December, 2023 at 08:32:08 am IST, Rajaram Krishnamurthy
<[email protected]> wrote:
conditions for exemption under section 194P
- Senior citizens should be of age 75 years or above.
- Senior citizens should be ‘Resident’ in the previous year.
- He has pension income and interest income only. Interest income
accrued/earned from the same specified bank in which he is receiving his
pension.
- The senior citizen will submit a declaration containing some details
(mentioned below) to the specified bank.
- The bank is a ‘specified bank’ as notified by the Central Government. Such
banks will be responsible for the TDS deduction of senior citizens after
considering the deductions under Chapter VI-A and rebate under 87A.
Once the specified bank, as mentioned above, deducts tax for senior citizens
above 75 years of age, there will be no requirement to furnish income tax
returns by senior citizens.
Filing of a declaration by a senior citizen
The specified bank as mentioned above shall deduct TDS on the basis of a
declaration submitted by the senior citizen to the bank.
The declaration should contain the below-mentioned details :
- Total income of the senior citizen
- Deductions availed under Section 80C to 80U
- Rebate available under section 87A
- Confirmation from the senior citizen of having only pension and interest
income
How will the taxable income be calculated under the new section?
A senior citizen must submit a declaration using Form No. 12BBA. Once the older
citizen has filed the declaration, the bank will compute the gross total income
(pension plus interest income). To calculate net taxable income, the bank will
also consider the deductions, tax exemptions, and rebates available to elderly
citizens under Section 87A. After deducting deductions and rebates, the bank
would now deduct TDS for older persons.
The bank will request proof of deductions and tax exemptions that the senior
person is entitled to when filing the declaration. If they choose the previous
income tax regime, this will be required. If the older citizen chooses the new
income tax regime, no investment proof will be required.
Benefits to senior citizens under 194P
Once the specified bank as mentioned above deducts TDS under section 194P, the
provisions of section 139 (return filing) will not apply to senior citizens
aged 75 years and above. This means that if the specified bank deducts TDS
under this section, then the senior citizen need not file their ITR.
KR IRS 12 12 23
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