Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Reporting of deductions under sec 80 TTB

Kk Nair (172 Points)

02 November 2019

Sir, I am a pensioner and have interest income from Banks on FDs and SCSS above 50,000. I am senior citizen and eligible for tax rebate of 50,000 under sec 80 TTB. I am submitting Form 15H to each banks every year. Sir my doubt is whether I should submit form 12BB to banks showing the eligibility for above deduction. If yes should I submit above form to each Bank. I am not liable to pay tax, income being below taxation limit. How this entitlement will reflect in 26 AS if I don't info the same to Bank?

Reply
Follow
Share

4 Replies

Kapadia Pravin (17259 Points)
Replied 02 November 2019

Form 12BB is not applicable to you. it's a form to be submitted by salaried employee to Employer.

Bank comes to know all this by Date of Birth.
In FDR itself you are getting higher rate applicable to senior citizen.

Upto 50000 interest income bank will not deduct TDS.

If no TDS no entry in 26AS

Upgrade to CAclubindia Pro. Subscribe Now!

Rijo John (audit manager) (447 Points)
Replied 02 November 2019

Form 12BB is only for salaried persons

You can submit 15H every year to every banks for non deduction of tax

But the interest received by you is reflected in your 26AS if the deductor uploaded that details

herbsandchilli Trading (81 Points)
Replied 02 November 2019

Originally posted by : Kapadia Pravin
	Form 12BB is not applicable to you. it's a form to be submitted by salaried employee to Employer.Bank comes to know all this by Date of Birth. In FDR itself you are getting higher rate applicable to senior citizen.Upto 50000 interest income bank will not deduct TDS. If no TDS no entry in 26AS

Depends on the bank . last year (AY2019-20) Indian Bank & Union bank did not up-load any info in to the Form 26AS as the interest rarned in FD's were below Rs10,000 respectively.. I added the Banks IFSC, sb a/c no & interest earned in to the total income from other sources . (all banks gave Interest certificatefor FY2018-19)

This year (AY2020-21) as a senior citizen no TDS up to 50000 interest on FD's .

so far only PNB & Bank of India have reported the FD interest paid till in to Form 26AS (more than Rs10000 each but no TDS deducted as a/c classified senoir ) No other bank has uploaded any interest credited in to Form26AS for the period April 1 2019-sep30 2019 . Since interest earned in any one bank wont be above Rs 50000 , only few banks are going to report it( interest below 50k with out TDS.)

But we have to report all bank FD+sb interest earned with IFSC, sb a/c no to the last penny. (so that 80TTB Rs 50000 reduction can be availed as long the total sb+FD interest income is above 50k (whether or not appears in Form 26as )

senoior citizens should not give 15H if the total income is above 5 lakhs.

Kk Nair (172 Points)
Replied 02 November 2019

Respected experts, I am receiving interest on FDs and SCSS from SBI and UBI and the interest is already reflecting in my 26AS even though there were no TDS. In addition I am receiving my pension also from SBI. I am liable to file ITR as my total income is above 3 Lacs, as per sec 139, even though after deductions there is no tax liability. I am giving 12BB showing the deductions under sec 80 to the bank so that TDS is not made on my pension. My query was should I show deductions applicable under sec 80 TTB also in form 12BB as deduction column under sec 80TTA is already mentioned in the form. I think after retirement my employer is Bank from where I am drawing pension. My int is above 50,000 in UBI, but Int in SBI from where I am drawing pension is less than 50,000. Both the banks are reporting my interest to IT Department as the interest is already reflecting in 26AS in every quarter.