🔴No Income Tax Return for Senior Citizens| Section 194P of Income Tax Act| CA Monica| தமிழ்

Published on 13-07-2021
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Understanding of Section 194P
1. Specified senior citizen -
The person will qualify as a ‘specified senior citizen’ if it satisfies the following conditions-
• Condition 1 - The senior citizen should be of the age 75 years or more during the previous year.
• Condition 2 - The senior citizen should be resident in India.
• Condition 3 - The senior citizen should be receiving only two incomes i.e., -
o Pension income; and
o Interest income receivable from the specified bank from which he is receiving the pension income.
• Condition 4 - The senior citizen has furnished a required declaration to the specified bank.
2. Specified bank -
A specified bank means a bank as notified by the Central Government.
Basic understanding of section 194P of the Income Tax Act
Provisions of section 194P states as under-
• TDS under section 194P is deductible only in the case of the ‘specified senior citizen’.
• The specified senior citizen is required to submit a declaration containing income details.
• Based on the declaration, the specified bank will-
o Compute the total income of the specified senior citizen after giving the effect of deduction available under section 80C to section 80U and rebate admissible under section 87A of the Income Tax Act; and
o Deduct appropriate income tax on such total income of the specified senior citizen.
Benefit available to specified senior citizen under section 194P
Once the tax is deducted by the specified bank under section 194P, the provisions of section 139 will not apply to the senior citizen.
In nut-shell, such senior citizens are not required to furnish their income tax return.
Filing of the declaration-
As seen above, TDS would be deducted by the specified bank on the basis of the declaration filed by the specified senior citizen. The declaration would condition details like-
• Total income;
• Details of deduction available under section 80C to section 80U;
• Rebate available under section 87A;
• Declaration confirming receipt of only pension income and interest income.
However, it is important to note here that the form and manner of submission of declaration are not yet prescribed.
The effective date of section 194P
The provisions of section 194P of the Income Tax Act are effective from 1st April 2021.
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[@parkunamkubendran3598]

I am80 running.Very nice and useful information.Thanks a lot .

[@knabux]

மண்டையையும் கைகளையும் தேவையில்லாமல் ஆட்டுவதை தவிர்க்கலாமே

[@ViswanathanS-mr8ly]

MoNica ozhunga 194P understand பண்ணினா தானே simpleஆ sensibleஆ explain பண்ண முடியம்

[@ViswanathanS-mr8ly]

எப்டி தவிர்க்கறது? பெரிய anchor காண்பிச்சுக்க வேண்டாமா? Eng சரியில்லை.தமிழ் ம் சரி நஹி

[@magudapathip3179]

​@@ViswanathanS-mr8ly❤98

[@rameshr8031]

Anchor solra vizhayathula mattum concentrate pannunga.

[@Jessij13]

Correct..😅😅😅

[@venkatesans8971]

Thank you❤🌹🙏 above age 75 we👭👬 are all in the paradise. So no problem for income tax filing😮😢😂

[@parthasarathy1861]

This is equivalent to giving a helping hand for tax filing for pensioners above 75 yrs, having all savings/FDs, but no concession in tax . Really very good idea to

[@aspcivilengineer1174]

Uuuuuuuuuuuuuuuuuuuuuuuuuuuuumuuuuuuuuuuuuuuuuuuuuuuuuuuu

[@kanagavallib6588]

KZbin

[@thirumalai5805]

​@@aspcivilengineer11746:00

[@ranganathankrishnamoorthy5156]

@@kanagavallib6588 what is your message?

[@subbulakshmisubu2498]

​@@aspcivilengineer1174111q1àaàaaaaaà😊

[@jaggus5922]

Ms Manica, Your information is good for me madam and also others. Thanks.

[@camonica3619]

Inspite of negative feedbacks, getting a positive feedback gives more bliss! Thanks for your support..

[@jayalakshmiganesan7516]

It is a natural one of the individual.

[@lalithaps5886]

I am a senior citizen 86 yrs. Due to age related problem I have engaged cook and house maid , which comes to around rs 15000/ per month. It is taxable! Any relief for this ? Why can't the Govt consider this sympathetically and give relief? As University employee I was regularly payying tax .after retirement 1996, until now, I am paying tax. But now , I have to engage helper out of my physical inability..

[@KannanKannan-yp8jf]

Specified banks list irruntha podunga ithu more confusing

[@brittojohn1844]

He must have pension income and interest income from a bank account (savings or deposits) only. Interest income must be accrued/earned from the same bank in which he is receiving his pension. The senior citizen will submit a declaration containing some details (mentioned below) to the bank. The bank must be specified, and a ‘specified bank’ is a banking company as notified by the Central Government. Such banks will be responsible for the TDS deduction of senior citizens after considering the deductions under Chapter VI-A and rebate under 87A.

[@natarajans.m375]

Very important information

[@krishnank5833]

Thanks.....thanks......

[@padminithiruvengadathan9043]

One should invest all in one govt authoriesd bank and he must get pension through the same bank so that bank will deduct income tax and pay Hence this Sr citizen above age 75 need not file ITR separately Auditor will lose such fees for filing ITR No use for others age above 75

[@sasidharankr2344]

Madam, I am a railway pensioner and a sr. Citizen. I received a medical reimbursement ( for treatment as bed patient) of Rs. 200000. Is it taxable. I request your kind update. Thanks

[@ramanujampachavazhi6834]

Pension&interest on FD total amount may be notified.

[@raviswaminathan8275]

பாப்பா நாங்க முட்டாள்கள் இல்லை. அரசியல்வாதிகளில் 75% சீனியர் சிட்டிசன் தான் அவங்க எல்லாம் இன்கம் ட்டக்ஸ் கட்டாயம் இல்லாமல் இருக்க முடியுமா?

[@FredrickMonahan]

Those senior citizens who do not have pension income but have 6only interest income and their age is less than 75years do they have to file I.T.return.

[@sandhyashyamsundar242]

What about POSCS interest

[@kulothunganviswanathan6211]

What are the specified banks? What about the investment in Post Office?

[@ramamoorthysarangapani7258]

I am a super citizen having a taxable income over Rs 5 lacs after deduction. I have to pay tax only for the exceeds amount or extra Rs 12500 from 2.5 lacs to 5 lacs.thanks

[@adhikrishnanpolaiah5228]

Mam, what about mutual fund income.

[@MB-ll7pj]

what are the specified banks?if one has a/c s in two o more banks eligibe for this exemption

[@kumarsubramanian7086]

what are the specified banks in this regard, whether it will get changed by central government time to time? was it applied to super senior citizens too.Expecting your kind reply please.

[@camonica3619]

Yes applicable to super senior citizens too.. No clarity given regarding specified banks. It may be notified by CG from time to time. Let's wait and watch..

[@palanimuthumurugan6445]

Specified banks not mentioned.

[@SampathKumar-pf6ke]

Why reputed Finance companies are excluded

[@chandrasekarankrishnamoort8048]

ஓவ்வொரு வருடம்declaration கொடுக்கவேண்டும் அ ஒருமுறை கொடுத்தால் போதுமா

[@padminithiruvengadathan9043]

No use for 98oercent of Sr citizens

[@gopalakrishnan5895]

This Chapter is 👌 🌲 SUGGESTIONS: I request you to Explain the Rate of Depreciation for Fixed Assets under The IncomeTax Act 1961

[@SubramanianS-m1z]

எழுத்து வடிவில் விவரங்கள் வெளியிட்டார் நலமாக இருக்கும்.

[@nambi1946]

Specified bank means all nationalised banks or in one bank name

[@jahirhussain7823]

Here some called himself as super citizens, what it means , could you please explain. Thanks

[@malavisvanathan8741]

Above 80 years

[@srinivasank883]

At times, the Bank people's directions, conditions, it make us, the Sr.Citizens, feel filing of I.T.Return will be more easy and also be Acknowledged !

[@wingsofmind]

Madam, ennoda appa commission-ku paddy oru party kitta iruntgu ricemill ku kuduppar. Athula 2crore ku mela vantha cash-a concern party ku tranfer panniduvom. Ricemill kaaranga cash-a kudupaanga en appa antha cash-a avaroda account-la deposit pannitu transfer panniduvaar. Ippa enna problem na, IT department la irunthu notice plus order u/s 148 vanthirukku. Ippa enna madam panrathu. Please kindly suggest some ideas

[@krishnasaminarayanasamy5534]

நான் எல் ஐ சி பென்ஷனர். எனது பென்ஷன் NEFT transfer மூலம் எனது பேங்கிற்கு மாதாமாதம் credit செய்யப்படுகிறது.என் வயது 80. நான் ஐ.டி. ரிட்டர்ன்ஸ் file செய்ய வேண்டியதில்லையா?

[@t.muthuswamymuthu3491]

Good

[@madhusoodanuppala7049]

Without income how they are going to pay income tax and other taxes. No pension,no income age 75yrs. Super. Send it to FM and PM.

[@rajanarayanasamy2518]

அடப்போம்மா. எந்தெந்த பாங்க்குன்னே சொல்லாம குழப்பிட்டியே !

[@camonica3619]

When this video was made, the list was not released.. so dint mention bank names..

[@loveislife4769]

Incorrect. Senior citizens are those above 60 years and super citizens are those above 80 years.

[@camonica3619]

You are right. But as per this section, senior citizen means 75 and above is what I meant.

[@loveislife4769]

@@camonica3619 I checked IT Portal

[@rganesh1990]

You ve confused more. Tell us the list of Specified banks. Tell us where the declaration should be submitted? What is the format. After submitting declaration how can we inform that to the IT department.

[@rajkanthcj783]

சுடுகாடு போகும் வரை டேக்ஸ் கரும்புச்சக்கை கூட.. இல்லை இல்லை பிணத்திற்கு கூட டேக்ஸ் கட்டித்தான் ஆக வேண்டும் என்றாலும் மூடிகிட்டு கட்டிட்டு போக வேண்டியது தான்..

[@sundaresang705]

Seventy years citizen ITR submit panna vendaam.,bank la poy sonna podhuma .rendum seyylenna action yedhavadhu eduppargala please let me know ? Thanks

[@camonica3619]

75 years! Notice might be sent only if income is more than taxable limit.. need to respond to that notice by then.

[@aananthaap5415]

கடைசி யா. பிச்சை எடுக்க னும்

[@rajanarayanasamy2518]

தகவல முழுசா தெரிஞ்சினு விடியோ போடும்மா.

[@ramalingam2646]

What are the months included for the year ,22.....23?

[@camonica3619]

Apr 22 to mar 23 in case of FY 22-23

[@balasundaramm6180]

Most confusion than clarification

[@camonica3619]

Pls check on this kzbin.info/www/bejne/l2K6omtuZbR_gs0

[@Meiyappan-x6x]

May I get some personal clarification I am 85?

[@diwakaranvalangaimanmani3777]

கண்டிப்பாக ஸ்டேட் பாங்க் ஆஃப் இண்டியா இருக்கும்.

[@govindhansrinivasareddiar2411]

There is no use

[@azhgarthiruvenkatacharii8860]

Whether Indian Bank interest Wii be exempted

[@camonica3619]

No such provision as of now

[@krishnamurthyannasamy]

Please let me know when my daughter sent for my additional expenses will it includes in incme

[@camonica3619]

Only those transactions in nature of income shall be taxed.. not all transactions.. so if your daughter sent it out of her taxed income, no worries

[@SubramanianS-m1z]

Is it authenticated information.Please clarify.

[@camonica3619]

Yes

[@jonesaroquiasamy1375]

சீனியர் சிட்டிசன்னா என்னங்க.

[@manig5056]

This condtion all for only 75 age what about 60-74 this all so senior citizen please clarify 😊

[@camonica3619]

Above 75 only.this section applicable.. other have to file sir

[@wingsofmind]

Engalukku avlo periya income laam illa madam. En appavuku commission mattum thaan varum.

[@camonica3619]

Appear in person to IT department and explain this transaction.. they will ask you to pay taxes only on your income.. but you should respond on time.. otherwise it will be a problem

[@wingsofmind]

OK madam I understood madam. But they are asking for FY 2018-2019. NOTICE AND ORDER has come u/s 148 on March 2023.

[@radhakrishnanr4283]

கையும் தலையும் வலிக்க போ வது

[@ranganathankrishnamoorthy5156]

Very very confusing!!Your lecture is of no use?! im 77 years old with no writing skill.Shivering!Total income is below 6 lakhs.

[@camonica3619]

If you have only pension income and interest income you can provide a declaration to bank so that they will deduct the tax and you need not file IT returns

[@ranganathankrishnamoorthy5156]

@@camonica3619 I'm 77.Will you please ask a bank employee to come and meet me to accept my declaration.(15 minutes to type I took)

[@malavisvanathan8741]

@@ranganathankrishnamoorthy5156 please go to your bank or ask your children, friends to do it for you.

[@muruganandhamr.9995]

என்ன கேட்டகிரியானாலும் மறக்காம ரிட்டன் பைல் பண்ணுங்க. பாங்க்ல விரிக்கிறதை ஐடி விரிங்க இல்லைன்னை இறந்து போங்க. இதுதான் கழுகுகளின் வழி?

[@vijayar4383]

Iru iru ippa ni Inna syllabus vara

[@kumarchannel1983]

Mam articleship pathi oru vedio podunga pls nama articleship work la enna pannanum adhuku foundation students edhavudhu course mudikanuma and ongolada experience share pannunga mam pls

[@camonica3619]

Ok will do

[@kumarchannel1983]

@@camonica3619 tq akka

[@vijayakumarjayakumar3458]

Incomplete presentation with out sharing the specified bank names...

[@camonica3619]

Specified bank names were not released by govt by then when we created this video!

[@hknmurthy1562]

Please ask English language.

[@shanmugamsuseela5845]

டெபாசிட் வட்டி எவ்வளவுக்கு மேல் போனால் டிடிஸ் பிடிப்பார்கள்.

[@gknataraj]

Ore bankila,,ella branchilayum serthu,,50,000,mela,int. Vantha,,TDS,pidippanga. Aana,,total income,,5laks,,keezha,,iruntha,,15H/15G,,form submit pannina,,TDS pidikkamattanga!

[@S.S.Pandian-x1d]

Ethu summa uthar makkalai emmatum vezhai.

[@keerai]

Please inform specified banks..

[@dineshramdk328]

Ama akka CA kku yanna vela avagga yanna work annuvagga. Akka sollu.. Ga..

[@camonica3619]

Ok will do

[@ignatiusdayalan3277]

We senior citizen for servant we pay 25 thousand ? Tariff of exemption government is not increased the tariff so sad u won't get likes at all

[@chandrasekarank4561]

IAM RET NOT IT BUT IAM NOT IT NO BUT E FILI

[@rajkanthcj783]

வேஸ்ட்.

[@svr1937]

வள வள பேச்சு. யூஸ் இல்லே.

[@mohamedyaseena8923]

Confused speach

[@alwarjeyaram7008]

Olunga solluppaa.aam,illai. Modi masthaan.

[@dineshramdk328]

Akka..

[@camonica3619]

nyabaga iruku bro.. CA ku enna work antha video thaana?

[@dineshramdk328]

@@camonica3619 ama akka

[@selvakoperumal1988]

Kindly Clarify How to 🎉 Contact U

[@mathaiyansv5057]

1:37

[@jeevak4314]

செம குழப்பம்