Income-tax Act, 1961

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

Deduction of tax in case of specified senior citizen.

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 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.

(2) The provisions of section 139 shall not apply to a specified senior citizen for the assessment year relevant to the previous year in which the tax has been deducted under sub-section (1).

Explanation.-For the purposes of this section,-

(a)	-	"specified bank" means a banking company as the Central Government may, by notification in Official Gazette, specify;
(b)	-	"specified senior citizen" means an individual, being a resident in India-

(i)

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