{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"53","heading":"Insertion of new section 194P","text":"Insertion of new section 194P. 53. After section 194-O of the Income-tax Act, the following section shall be inserted, namely:— '194P. Deduction of tax in case of specified senior citizen.—(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) | who is of the age of seventy-five years or more at any time during the previous year; (ii) | who is having income of the nature of pension and no other income except the income of the nature of interest received or receivable from any account maintained by such individual in the same specified bank in which he is receiving his pension income; and (iii) | has furnished a declaration to the specified bank containing such particulars, in such form and verified in such manner, as may be prescribed.'.","html":"<p><b>Insertion of new section 194P.</b></p><p><b>53.</b> After section 194-O of the Income-tax Act, the following section shall be inserted, namely:—</p><p>'194P. <i>Deduction of tax in case of specified senior citizen.</i>—(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.</p><p><span class=\"num\">(2)</span> 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).</p><p><i>Explanation</i>.—For the purposes of this section,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"specified bank\" means a banking company as the Central Government may, by notification in Official Gazette, specify;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"specified senior citizen\" means an individual, being a resident in India—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>who is of the age of seventy-five years or more at any time during the previous year;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>who is having income of the nature of pension and no other income except the income of the nature of interest received or receivable from any account maintained by such individual in the same specified bank in which he is receiving his pension income; and</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>has furnished a declaration to the specified bank containing such particulars, in such form and verified in such manner, as may be prescribed.'.</td></tr></table></div>","words":257,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/53/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}