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A resident senior citizen aged 75 or more, whose only income is pension and interest from the same specified bank, can give a declaration to the bank. The bank computes and deducts tax, and the senior need not file a return.
ITR
Senior citizens aged 75 who may skip filing
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Provisions
Sec 194P, Income-tax Act 1961
Analysis
He submits Form 12BBA to the bank where pension is credited. If he has interest from another bank, or rental income, the exemption does not apply and he must file if income exceeds the limit. Filing is still needed to claim a refund.
Close
- Check that all pension and interest is from the same bank.
- Check age 75 or more and resident status.
- Submit Form 12BBA to the bank.
- Confirm the bank deducts the right tax.
- File a return if any other income exists or a refund is due.
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