Insertion of new section 194P.

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..... 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 f .....

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..... rm and verified in such manner, as may be prescribed. . - Clause 47 of the Bill seeks to insert a new section 194P of the Income-tax Act relating to deduction of tax in case of specified senior citizen. Sub-section (1) of the said section seeks to provide that notwithstanding anything contained in the provisions of Chapter XVII-B, in case of a specified senior citizen, the specified bank shall, af .....

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..... , 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 .....

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