RBI Pensioners may note the following information for Income tax guidelines about matters like reporting savings, investments, and claiming rebates/deductions to the offices concerned for the Financial Year (FY) 2024-25.

New Tax Regime

a) By default, the TAX REGIME from Financial Year (FY) 2024-25 is ‘NEW TAX REGIME’ for the retirees.

b) Only those Retirees who want to opt for the Old Tax Regime have to give in writing to their office.

c) Once the choice of TAX REGIME is recorded in the Samadhan portal by the office, it cannot be changed for the current FY.

Please note that there will be a scheduled SHUTDOWN PERIOD during the last 8-10 days of each month while salary and pension processing is in progress.

Attention: Link Your PAN to Aadhaar
Some pensioners’ Permanent Account Numbers (PAN) have become inoperative due to the non-linking of their Aadhaar numbers. According to existing Income Tax rules, TDS (Tax Deducted at Source) in such cases will be deducted at a higher rate for the Financial Year (FY) 2023-24 and beyond.
To avoid this, pensioners should prioritize linking their Aadhaar number with their PAN. If this linkage is not completed before May 31, 2024, income tax will be deducted at the highest rate for the current FY 2024-25 and also for the previous FY 2023-24 (with penal interest). Additionally, Form-16 for FY 2023-24 cannot be issued to pensioners unless their PAN is linked to their Aadhaar number.

How To link PAN with Aadhar click here.
Here is the direct link to check the Aadhaar PAN card link status  
Enter your PAN and Aadhaar numbers and click ‘View Link Aadhaar Status’. The PAN-Aadhaar linking status will be displayed on the screen.

The time period for reporting to offices, as well as the ‘Roles and Responsibilities of RBI Retirees/Pensioners’ extracted from the Bank’s letter, are detailed below.:

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ROLES AND RESPONSIBILITIES OF RETIREES/RBI PENSIONERS 

  1. All retirees/ pensioners must intimate their choice of tax regime as well as submit proof/ evidence of actual savings, investments, income from other sources, and claims for various rebates/ deductions, etc. under the Act, to the local office within the stipulated date for verification and entering in the Samadhan portal. 
  2. It may be noted that in the event of pension going into negative on account of additional tax payable on income from other sources reported by the retiree/ pensioner, Samadhan HR Operations Division will be constrained to remove part or the entire amount of income from other sources in the system to ensure that pension for the month is processed. 
  3. Retirees/ RBI pensioners may please note that the data in respect of actual savings, investments, income from other sources, and claims for various rebates/ deductions under the Act, etc. maintained in the Samadhan database at the time of monthly pension processing will be taken into consideration for tax calculation purposes.
  4. No changes to the data maintained in Samadhan can be carried out after the March payroll run. 
  5. Retirees/ pensioners may also note that as per extant income tax provisions, the claims for various rebates/ deductions under the Act have to be made for each financial year, e.g. claim for deduction u/s 80U (persons with disability) or 80DD (dependent with disability) has to be made every year and will not be given by Samadhan suo moto. 


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