alleryStart learning →A specified bank deducts tax from a senior citizen aged 75 or more under 194P. At what rate?
AFlat 5% of income
BFlat 10% of income
CRate in force on income
DFlat 20% of income
Answer & Solution
Correct answer: C. Rate in force on income
Under section 194P the bank computes tax on the senior citizen's total income at the rates in force.
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