An Assessee is a senior citizen having 8 lakh Income last year. The Assessee has bank interest of 8.5 Lakhs this year and hence will have to pay Tds @ 10 % amounting to 85,000. According to the new 15 H form guidelines should the Assessee pay tax on 2 lakhs (8L -5L-1L 80C) @ 20% amounting to 40000 or should he submit 15 H eventhough his income last year is 8L and claim income tax refund of 45000(85000-40000). Which option is better considering the opportunity cost?
2 Replies
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 01 April 2013
Its Seems that assessee is aged 80 year or more
Form 15H will be more beneficial for him instead of claiming refund
khishen shet
(ca)
(277 Points)
Replied 01 April 2013
But In the new form 15 H it asks for current year estimated income. And if it says that Assessee should not submit form 15 H if income tax exceeds the maximum amount not chargeable to tax. So what is the option to pay tax or submit 15 H?
Recent Topics
- Chu Kang and the situation of the situation and I
- How to reverse wrong transaction payment in phonep
- Paytm wrong transaction
- How to reverse wrong transaction payment in phonep
- Issue with refund for person who has filed for rel
- How to take ITC for October 2024 GST Payment in PM
- How to refund a wrong transaction Phone Pe?
- Avoiding tax audit in case of intraday equity loss
- Form 3CEAB
- Form 3CEAA and Form 3CEAB
Related Threads
CAclubindia
