Exemption for ITR filing for senior citizen (Section 194P)

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Exemption if:-

- senior citizen above the age of 75 years and resident in previous year;
- pension income and interest income only. Interest income accrued/ earned from the same specified bank in which he / she is receiving his pension;
- Specified Bank includes SBI and other nationalized banks;

Condition:-
Senior Citizen needs to file Form 12BBA to Bank which is a simplified form and they should take an acknowledgement copy for their records. For any deduction being taken under Chapter VI-A then evidence should also be furnished along with this declaration to Bank.

Caution:-
Senior Citizens should obtain Form 16 from the Banks after the year end and within the due date of ITR filing. Kindly note, one should not get confused between Form 16 and Form 16A, if TDS is deducted u/s 194P then Banks should provide Form 16 and not Form 16A.

References:-
Section 194P of Income Tax Act, Notification 98/2021 & Notification 99/2921