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Section 194P

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Senior Citizen/ Super Senior Citizen – Income Tax Benefits allowable

Income Tax : Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interes...

September 6, 2024 1179 Views 0 comment Print

TDS Deduction for Specified Senior Citizens (Section 194P)

Income Tax : Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income ...

October 29, 2023 8712 Views 0 comment Print

TDS Rate Chart for FY 2023-24 / AY 2024-25 – Updated

Income Tax : Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Ea...

July 25, 2023 55455 Views 4 comments Print

Section 194P – TDS in case of Specified Senior Citizens

Income Tax : Understand Section 194P of the Income Tax Act, 1961, facilitating easy filing of income tax returns for senior citizens aged 75 an...

March 24, 2023 8340 Views 2 comments Print

TDS Rate Chart for FY 2023-2024 (AY 2024-2025)

Income Tax : TDS Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold L...

February 11, 2023 827907 Views 3 comments Print


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CBDT notifies meaning of specified Bank for Section 194P

Income Tax : For the purpose of Section 194P CBDT notifies specified Bank to mean a banking company which is a scheduled bank and has been appo...

September 2, 2021 10638 Views 0 comment Print


Latest Posts in Section 194P

Senior Citizen/ Super Senior Citizen – Income Tax Benefits allowable

September 6, 2024 1179 Views 0 comment Print

Learn about tax benefits for senior and super senior citizens, including deductions on health insurance, medical expenses, interest income, and filing exemptions.

TDS Deduction for Specified Senior Citizens (Section 194P)

October 29, 2023 8712 Views 0 comment Print

Section 194P, which exempts senior citizens aged 75 or more from filing tax returns if they have only pension and interest income from specified banks. Understand who deducts tax, eligibility, and compliance

TDS Rate Chart for FY 2023-24 / AY 2024-25 – Updated

July 25, 2023 55455 Views 4 comments Print

Updated TDS Rate Chart for FY 2023-24 (AY 2024-25). Find the latest rates for tax deduction at source for various transactions. Easy-to-understand guide.

Section 194P – TDS in case of Specified Senior Citizens

March 24, 2023 8340 Views 2 comments Print

Understand Section 194P of the Income Tax Act, 1961, facilitating easy filing of income tax returns for senior citizens aged 75 and above with only pension and interest income. Learn how to avail of TDS deduction benefits and simplify the tax filing process.

TDS Rate Chart for FY 2023-2024 (AY 2024-2025)

February 11, 2023 827907 Views 3 comments Print

TDS Rate Chart for FY 2023-2024 (AY 2024-2025) – Get complete details on Budget 2023 Amendments, Nature of Payment & Threshold Limits. Tax Deduction at Source (TDS) now at 3 crore limit for co-operative societies.

TDS Rate Chart for FY 2022-23 / AY 2023-24 – Updated

June 13, 2022 554013 Views 6 comments Print

Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incomes as per the Income-tax Act. Stay informed to ensure accurate tax deductions.

Section 194P: Recent Updates- Specified Bank & amp; form of Declaration

September 4, 2021 13773 Views 0 comment Print

Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021, which was made applicable w.e.f. 1st April, 2021. Extract of Section 194P: (1) Notwithstanding anything contained in the provisions of Chapter XVII-B, in case of a specified senior citizen, the specified bank shall, after giving effect to the deduction allowable under Chapter VI-A and […]

CBDT notifies meaning of specified Bank for Section 194P

September 2, 2021 10638 Views 0 comment Print

For the purpose of Section 194P CBDT notifies 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 (2 of 1934). Notification No. 98/2021-Income-tax | Dated: 2nd September, 2021. MINISTRY OF […]

Section 194P of Income Tax Act: Analysis

July 10, 2021 13884 Views 0 comment Print

Section 194P – TDS in case of specified senior citizen – Relaxation from filing ITR Section 194P was inserted in the Income Tax Act, 1961 vide the Finance Act, 2021 Applicability: In case of a specified senior citizen, the specified bank shall, after giving effect to the: ♦ deduction allowable under Chapter VI-Aand ♦ rebate allowable […]

Section 194P Deduction of tax in case of specified senior citizen

July 9, 2021 12318 Views 0 comment Print

The Finance Act, 2021 has inserted a new Section 194P of Income Tax Act, 1961 to provide relief to a senior citizen who is 75 years or more from the burden of filing of return of income. It provides that if tax has been deducted under the newly inserted provision, such senior citizen shall be […]

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