TDS Section 194P — Senior citizen (75+) — pension and interest, single bank
FY 2025-26 · Rate Slab rate (after Chapter VI-A deductions)
What does this section cover?
Bank deducts TDS on combined pension + interest income of resident senior citizen aged 75+, exempting them from filing ITR.
Why this section: Section 194P relieves 75+ seniors with only pension + interest from a single bank from filing ITR — the bank computes total tax and deducts at source.
Key facts
- Threshold
- Basic exemption limit (declaration filed with bank)
- Applicable for
- FY 2025-26
- Who deducts
- Specified bank (where pension is credited and FD held)
- Paid to
- Resident senior citizen aged 75 or above
- Statutory source
- Section 194P, Income Tax Act
Common terms accountants use
If your description mentions any of these, Section 194P is likely the right answer. The matcher in this tool is a keyword scorer — not an AI classifier — so cross-check borderline cases against the official CBDT TDS rate chart.
Related TDS sections
Other sections in the same series or adjacent. Useful when narrowing down between similar payment categories.
Need a different section?
Describe the payment in plain English — “rent of plant”, “senior citizen interest”, “NRI dividend” — and the matcher will surface the right section.
Search TDS sections →Source: curated from the CBDT TDS rate chart. Dataset snapshot: 2025-04-01. Rates can change between Finance Acts and notifications — verify before deducting.