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
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.
When assessee failed to explain source of purchases expenditure, estimating profit rate was contrary to provision of Section 69C which…
Income Tax Department not trusted even upon its lawyers – SC slams ITD on adopting a long process resulting delay…
When goods are loaded in two trucks with one e-way bill specifically mentioning both truck numbers, no intention to evade…
GOI makes four new Labour Codes effective from 21st November 2025 Government of India has announced that the four Labour…
Provident fund dues definitely have a first charge over claim of bank under SARFAESI Act – Supreme Court In a…
CBDT notifies the Capital Gains Accounts (Second Amendment) Scheme, 2025 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT…