Form 15H Eligibility, Income Tax

[keyur dave]

Hello,

I am senior citizen having pension income 230000 and interest income of 170000 totaling 400000.

I am also investing 150000 in ppf.

Can I submit form 15H to banks for not to levy TDS?

Or I have to pay TDS on interest earned and claim refund?

Keyur

Posts / Replies

[Ganeshan Kalyani]

Sir, it seems that your net income, after availing deduction u/s 80C of your investment in PPF, comes to 2.5 lacs which is below income tax slab. For senior citizen of age between 60 to 80, income up to ₹ 3 lacs is exempt and very senior citizen of age above 80, income up to ₹ 5lacs is exempt from income tax. Sir, your net income is below the taxable income. Hence I am of the view that you are eligible to submit Form 15H to the Bank requesting not to deduct TDS. Deducting TDS and claiming refund is a revenue neutral to the Income tax department. Thanks.

[KASTURI SETHI]

Agreed with Sh.Ganeshan Kalyani, Sir. Thanks for enrichment of knowledge.

[Ganeshan Kalyani]

Thanks Sri Kasturi Sir for appreciating my views. It boosts my morale. Thanks.