Quick Summary
The Central Board of Direct Taxes has released the Income-tax (26th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962. Under the amended rules, CBDT has inserted a new Rule 26D after rule 26C which lays down the provisions for Furnishing of Declaration and Evidence of Claims by Specified Senior Citizenu/s 194P. Furthermore, a new Form 12BBA has also been inserted which is a Declaration to be Furnished by Specified Senior Citizen under sub-clause (iii) of clause (b) of Explanatio
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FAQ :
Rule 26D lays down the provisions for furnishing declarations and evidence of claims by specified senior citizens under Section 194P of the Income-tax Act.
A new Form 12BBA has been inserted, which is a declaration to be furnished by specified senior citizens under Section 194P.
The specified bank, after receiving the declaration in Form 12BBA and considering allowable deductions and rebates, will compute the total income and deduct income tax.
The bank will compute the total income after giving effect to deductions allowable under Chapter VI-A and rebate under Section 87A, based on the evidence furnished by the senior citizen.
The specified bank must maintain the declaration and evidence properly and make them available to the Principal Chief Commissioner or Chief Commissioner of Income-tax when required.
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