Income Tax Notification No 98/2021 CBDT Notified Banks for TDS u/s 194P in case of specified senior citizen
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 2ndSeptember, 2021
(Income-tax)
S.O. 3595(E).––In exercise of the powers conferred by clause (a) of Explanationto section 194P of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies specified Bankto 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 (2 of 1934). Explanation: For the purpose of this notification,–– 1. “banking company” shall have the meaning assigned to it in clause (a) of section 45A of the Reserve Bank of India Act, 1934 (2 of 1934);2 “scheduled bank” shall have the meaning assigned to it in clause (e) of section 2 of the Reserve Bank of India Act, 1934 (2 of 1934). 2.This notification shall come into force from the date of publication in the Official Gazette. [Notification No. 98/2021/F. No. 370142/11/2021-TPL]
ANKIT JAIN, Under Secy.
( Tax Policy and Legislation Division)
Video Explanation of Income Tax Notification No 98/2021 Specified senior citizen
Also Refer
Download Form no 12BBA Income Tax Act : For TDS of Senior Citizen under Section 194P
Section 80TTB Income Tax : Deduction of Rs 50000 p.m to senior citizen