Rule 208 provides for the specified senior citizen's declaration to the specified bank in Form No. 125, and requires the bank to compute total income after Chapter VIII deductions and the section 156 rebate and deduct tax on it.
208
Rules 2026 · Rule 208
Furnishing of declaration and evidence of claims by specified senior citizen under section 393(1) [Table: Sl. No. 8(iii)]
Rules 201-260
The declaration (sub-rule 1). The declaration under section 402(39)(c) read with section 393(1) [Table: Sl. No. 8(iii)] may be furnished by the specified senior citizen to the specified bank in Form No. 125.
Bank computes and deducts (sub-rules 2 and 3). After giving effect to the deduction allowable under Chapter VIII and the rebate under section 156, the specified bank computes the senior citizen's total income for the tax year and deducts income-tax on it at the rates in force. The Chapter VIII deduction is given on the evidence the senior citizen furnishes during the tax year.
Records (sub-rule 4). The bank properly maintains the declaration and the evidence, and makes them available to the Chief Commissioner of Income-tax when required.