The 60-second version
Section 194P exempts specified senior citizens 75+ from TDS on interest if they file ITR voluntarily — bank stops TDS after Form 12BBA declaration.
194P is 75+ lane — Form 12BBA stops bank TDS if conditions met
Section 194P allows specified senior citizens aged 75+ to avoid TDS on interest if they have pension and interest income only and file ITR voluntarily.
Submit Form 12BBA to bank — bank verifies and stops deducting TDS under Chapter XVI-B.
Senior interest: Form 15G/15H guide for under-75.
Senior TDS relief
| Route | Age | Condition |
|---|---|---|
| 194P | 75+ | Pension + interest only, ITR filed |
| 15H | 60+ | Income below taxable limit |
| 15G | <60 | Income below taxable limit |
| 80TTB | 60+ | ₹50k deduction in ITR |
194P sequence
Confirm eligibility
75+, pension+interest only.
Form 12BBA
Submit to bank.
Bank verify
Stop TDS.
File ITR
Voluntarily each year.
Flow
194P kit
- Age proof.
- Pension stmt.
- Interest stmt.
- Form 12BBA.
- ITR ACK.
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Single income type
Only pension and interest — FD, SCSS interest counts as interest.
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Age 74?
Use Form 15H if below exemption — not 194P.
Rental income?
Disqualifies 194P.
SCSS interest?
Counts as interest — still eligible if only pension+interest.
Missed ITR?
Bank may resume TDS next year.
NRI senior?
194P for residents — NRI uses DTAA/195.
vs 15H?
194P no income ceiling if conditions met; 15H needs below basic exemption.
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