CBDT notifies Form 12BBA as declaration by senior citizens of the age of 75 years or more for claiming exemption from filing return of income u/s 194P
Finance Act 2021 has inserted a new section 194P in the Income Tax Act 1961 to provide Relaxation for certain category of senior citizen of 75 years or more from filing return of income-tax (ITR)
As per the newly inserted section 194P, the relaxation from filing return of income is available to senior citizens who are of the age of 75 year or above on satisfying the following conditions :-
(i) The senior citizen is resident in India and of the age of 75 or more during the previous year;
(ii) He has pension income and no other income. However, in addition to such pension income he may have also have interest income from the same bank in which he is receiving his pension income,
(iii) This bank is a specified bank. The Government will be notifying a few banks, which are banking company, to be the specified bank; and
The senior citizen is required to furnish a declaration to the specified bank.
CBDT has notified the Income-tax (26th Amendment) Rules, 2021 and introduced new Rule 26D with respect to furnishing of declaration and evidence of claims by specified senior citizen under section 194P
The said Rule 26D provides that the declaration required to be furnished by the specified senior citizen to the bank shall be in Form no. 12BBA.
On furnishing of the declaration in Form No. 12BBA, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A, compute the total income of such specified senior citizen for the relevant assessment year and deduct income-tax on such total income on the basis of the rates in force.
The effect to the deduction allowable under Chapter VI-A shall be given based on the evidence furnished by the specified senior citizen during the previous year.
The said declaration and evidence for claiming deduction under Chapter VI-A shall be properly maintained by the Specified Bank and shall be made available to the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax, as and when required.
The following Forms have been notified
The format of Form 16 and TDS Statements ( Form 24Q , Form 26QB, Form 26QD ) have been substituted accordingly
Download CBDT Notification No. 99/2021 Click Here >>
Also CBDT has issued Notification No. 98/2021 to notify specified Bank to mean a banking company which is a scheduled bank and has been appointed as agents of Reserve Bank of India under section 45 of the Reserve Bank of India Act, 1934.
Download CBDT Notification No. 98/2021 Click Here >>
- Revisionary order purportedly passed earlier but dispatched after written Submissions quashed
- Assessment u/s 147 based on seized material found during search of third party void ab-initio
- TDS deductors given relief for non deduction of TDS at higher rate for inoperative PANs
- Reassessment order quashed due to error in personal hearing video conferencing link
- Assessee may show that it was over assessed under erroneous impression of law
