🔴No Income Tax Return for Senior Citizens| Section 194P of Income Tax Act| CA Monica| தமிழ்

Published on 04-07-2024 Mail: [email protected] Insta id: our_ca_network Understanding of Section 194P 1. Specified senior citizen – The person will qualify as a ‘specified senior citizen’ if it satisfies the following conditions- • Condition 1 – The senior citizen should be of the age 75 years or more during the previous year. • Condition 2 – The senior citizen should be resident in India. • Condition 3 – The senior citizen should be receiving only two incomes i.e., – o Pension income; and o Interest income receivable from the specified bank from which he is receiving the pension income. • Condition 4 – The senior citizen has furnished a required declaration to the specified bank. 2. Specified bank – A specified bank means a bank as notified by the Central Government. Basic understanding of section 194P of the Income Tax Act Provisions of section 194P states as under- • TDS under section 194P is deductible only in the case of the ‘specified senior citizen’. • The specified senior citizen is required to submit a declaration containing income details. • Based on the declaration, the specified bank will- o Compute the total income of the specified senior citizen after giving the effect of deduction available under section 80C to section 80U and rebate admissible under section 87A of the Income Tax Act; and o Deduct appropriate income tax on such total income of the specified senior citizen. Benefit available to specified senior citizen under section 194P Once the tax is deducted by the specified bank under section 194P, the provisions of section 139 will not apply to the senior citizen. In nut-shell, such senior citizens are not required to furnish their income tax return. Filing of the declaration- As seen above, TDS would be deducted by the specified bank on the basis of the declaration filed by the specified senior citizen. The declaration would condition details like- • Total income; • Details of deduction available under section 80C to section 80U; • Rebate available under section 87A; • Declaration confirming receipt of only pension income and interest income. However, it is important to note here that the form and manner of submission of declaration are not yet prescribed. The effective date of section 194P The provisions of section 194P of the Income Tax Act are effective from 1st April 2021. income tax exemption for senior citizens 2019-20 income tax relief for senior citizens tax relief on pension explained income tax exemption for fy 2020-21 income tax exemption income tax exemption section wise details income tax exemption tamil income tax exemption for fy 2021-22 income tax exemptions and deductions income tax exemption for senior citizens 2019-20 income tax benefits for senior citizens section 194p of income tax act tds for senior citizens fixed deposit tds on fd for senior citizens pensioners latest news pensioners income tax return file pensioners latest news 2021 senior citizen saving scheme senior citizens best investment senior citizen saving scheme in post office specified senior citizens budget 2021 highlights budget 2021 highlights for income tax budget 2021 highlights tamil budget 2021 highlights for income tax budget 2021 highlights for individual taxpayers budget 2021 highlights for senior citizens no income tax on 14 lacs for senior citizens no income itr file non filing of income tax return itr filing for senior citizens itr filing exemption No Income Tax Return for Senior Citizens Senior Citizens Tax Exemption Senior Citizens No ITR Income Tax Exemption for Seniors No Tax Filing for Senior Citizens Tax Return Rules for Senior Citizens Senior Citizen Tax Benefits ITR Exemption for Seniors Tax-Free Income for Senior Citizens Senior Citizen Income Tax Rules No ITR for Elderly Income Tax Relief for Seniors Senior Citizens Tax Exemption Guide No Tax Return Seniors Tax Filing Exemption for Elderly Senior Citizens ITR Exemption Income Tax Benefits for Senior Citizens Tax-Free Senior Citizen Income Seniors No Income Tax Filing Senior Citizen Tax Policy Section 194P explained No ITR for senior citizens Tax exemption for senior citizens Section 194P eligibility Income tax rules for senior citizens No income tax return 75 years and above Tax relief under Section 194P Senior citizen tax exemption 2024 Income tax changes for senior citizens Section 194P simplified Senior citizen tax benefits India ITR exemption for senior citizens 2024 Section 194P age limit Tax rules for elderly in India 194P rules for banks Senior citizen income tax updates Automatic tax filing for seniors 194P declaration process Tax deductions for seniors Senior citizen ITR exemption FAQs Section 194P compliance for banks Tax filing rules for 75+ in India No tax return for pensioners Income tax exemption for elderly How Section 194P works Senior citizens and tax filing rules 194P tax rules 2024 update Pensioners no ITR filing required Tax exemption for elderly pensioners Senior citizen tax reforms