23 March 2020
Bank deduct TDS in cases of interest payments for more than Rs 10,000 p.a. but banks do not deduct TDS if form 15H is submitted. Is there any threshold criteria or upper ceiling where banks will deduct TDS even if form 15H is submitted? For example, if a person earns Rs 10 lakh as interest on FD, he should not be allowed to avoid TDS by just submitting a form.
24 March 2020
Form 15H is submitted by a resident individual whose age is 60 years and above, that is, senior citizens and super senior citizens. The wordings on Form 15H mention that an individual as mentioned above is required to declare the total income where tax payable is nil. The total income mentioned in the form is the net taxable income on which the taxpayer's estimated total tax payable is nil. This form should only be submitted by an individual if tax-liability is zero." If income is Rs 10 Lakhs, an individual cannot submit Form 15G/15H, as per law.
26 March 2020
Senior citizen should not submit form 15H if he has taxable income exceeding basic exemption limit..
For >60 and upto 80 years= 3.5lacs
Above 80years=5lacs
If income exceeds above limits then one can't submit form 15H
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