CBDT notifies Form 12BBA to be submitted by senior citizens wishing to claim benefit of Sec. 194P
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- Last Updated on 6 September, 2021
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Notification No. 99/2021, dated 02-09-2021
The Central Board of Direct Taxes (CBDT) has notified the Income-tax (26th Amendment) Rules, 2021. The amendment Rule has inserted a new Rule 26D, amended Rule 31, Rule 31A, and several forms of the Income-tax Rules, 1962.
As per the new Rule 26D, the senior citizen, who is required to claim the benefit of section 194P, shall be furnished a declaration in Form No. 12BBA in paper form to the specified bank. On furnishing the declaration, the specified bank will compute the total income of such senior citizens for the relevant assessment year after giving effect to the deduction allowable under Chapter VI-A and rebate allowable under section 87A. The specified bank will deduction income-tax on total income so computed on the basis of the rates in force.
The effect to the deduction allowable under Chapter VI-A shall be given based on the evidence furnished by the specified senior citizen during the previous year. The specified bank is required to properly maintain the declaration and the evidence furnished by the senior citizen and shall be made available the same to PCCIT or CCIT as and when required.
The procedure to submit Form no. 12BBA by the specified bank to PCCIT to CCIT shall be specified by the Pr. DGIT (Systems) or DGIT (Systems) as and when required.
The Board vides notification no. 98/2021, dated 02-09-2021, has notified 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.
Besides this, the Income-tax (26th Amendment) Rules, 2021 has also amended certain rules and forms. Rule 31 of the Income-tax Rules, 1962 has been amended to provide that certificate of deduction of TDS shall be given to senior citizens in Form no. 16 in respect of tax deducted on pension/interest income of specified senior citizen under section 194P. Form no. 16 has also been amended to incorporate necessary changes. Part B (Annexure-II) of the certificate in Form 16 has been notified which shall be issued by the specified bank to a senior citizen.
Rule 31A has also been amended to provide that quarterly statement of tax deducted under section 194P shall be deposited in Form no. 24Q. Form no. 24Q has also been amended to incorporate necessary changes. Annexure III to Form no. 24Q has been notified to furnish details of pension and interest income paid or credited during the financial year and net tax payable under section 194P.
Further, the amendment rule has also amended Form 26QB, Form 26QC, and Form 26QD to incorporate changes pertaining to Section 206AB. Section 206AB is a special provision that provides for a higher rate for TDS for the non-filers of income-tax returns.
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my age 81 now. and i am a retired Central Govt. employee. pl. let me know whether ITR to be submitted under present GO as i don’t have any other income except pension. and comes under 5 lakh annual income.
Sir, you don’t need to file the return as your income is below Rs. 5,00,000. However, you are requested to check Form 26AS to check if any tax has been deducted from your income. If yes, file return to claim refund of such tax.