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Section 194P of the Income Tax Act, 1961, was introduced to provide relief to senior citizens from the burden of filing income tax returns. Here's a brief overview:

Who it applies to: This section is applicable to individuals who are resident senior citizens, i.e., aged 75 years or more.

Income source: It applies to those who have only pension and interest income from the same bank where they receive their pension.

Exemption from filing: Under this section, if the bank is already deducting TDS (Tax Deducted at Source) on the interest income earned by such senior citizens and on the pension, they are not required to file their income tax return if they meet the conditions specified.

Form 12BBA: The bank will compute the income tax liability and deduct the appropriate tax. They will then furnish details of income and tax deducted in Form 12BBA to the income tax department.

No other income: It's important to note that this exemption from filing income tax returns is only applicable if the individual's income consists only of pension and interest from the same bank.

Voluntary filing: Even if not mandatory, senior citizens who fulfill the criteria can still choose to file their income tax returns to claim refunds, if any.

This provision aims to reduce the compliance burden on senior citizens and streamline the taxation process for them.
Senior Citizen Tax Benefits | Income Tax Return Filing Exemption for Senior Citizen | Section 194P

No itr for pensioners
Section 194p
Senior citizen tax relief options?
Who benefits from section 194P?
Pension and interest income treatment?
Filing exemptions for seniors?
Benefits of 194P for seniors?
What is Section 194P?
Who does Section 194P apply to?
What types of income are covered under Section 194P?
What is the purpose of Section 194P?
What is age for individuals under Section 194P?
How does Section 194P benefit senior citizens?
What is Form 12BBA
What is Section 194P
Can senior citizens with additional income avail of Section 194P?
What happens if a senior citizen has income from multiple banks?
What is the role of the income tax department in Section 194P?
Can senior citizens voluntarily file returns under Section 194P?
How does Section 194P simplify tax filing for seniors?
Are there any exemptions or deductions available under Section 194P?
Can senior citizens claim refunds under Section 194P?

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