Section 194P: TDS by bank for specified senior citizens
Section 194P of the Income-tax Act, 1961 covers TDS by bank for specified senior citizens. From 1 April 2026 the same deduction sits in Section 393(1), Table Sl. No. 8(iii), Income-tax Act, 2025. The rate, threshold and conditions below were read from incometaxindia.gov.in on 13 October 2026.
Section 194P at a glance
| Nature of payment | Total income of a specified senior citizen (after Chapter VIII deductions and s.156 rebate) |
|---|---|
| Who deducts | Specified bank (notified banking company) |
| Income-tax Act, 2025 | Section 393(1), Table Sl. No. 8(iii), Income-tax Act, 2025 |
TDS rate
| Payee | Rate |
|---|---|
| Specified senior citizen (resident, 75+, only pension and interest from the same specified bank, declaration furnished) | Rates in force |
Rates exclude surcharge and health and education cess.
Conditions and exceptions
- Definitions in s.402 cl.35 and cl.39 (incometaxindia.gov.in/w/section-402-5).
- Takes precedence over other provisions of the Chapter (Note 5).
Which Act applies to your payment
The 1961 Act governs a payment if it was credited or paid on or before 31 March 2026, whichever happened first. If both happen on or after 1 April 2026, the 2025 Act applies.
Source and verification
Income Tax Department: Section 393(1), Table Sl. No. 8(iii), Income-tax Act, 2025 →
Last verified on 13 October 2026. Finance Acts change TDS rates and thresholds; check the source before you deduct. This is general information, not advice for your situation.
Related
Frequently asked questions
What is the TDS rate under section 194P?
Rates in force for specified senior citizen (resident, 75+, only pension and interest from the same specified bank, declaration furnished). Rates exclude surcharge and cess.
What is section 194P called under the new Income-tax Act?
From 1 April 2026 it is Section 393(1), Table Sl. No. 8(iii), Income-tax Act, 2025. The e-filing portal's TDS FAQ says the rates and thresholds were carried over; the section number is what changed.
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