submission of form 15 H
I am a senior citizen having only interest income from deposits in bank. While opening a new deposit in State bank of Hyderabad in August I wanted to submit form 15H but it was not accepted as my total annual income is above chargeable to tax ie. Rs.3 lakhs. It may be noted that though my income is above 3 lakhs, my tax liability is nil as I have invested 1.5 lakhs in tax saving deposit and after deducting it my net taxable income will be less than 3 lakhs. In the new form 15H it was clearly mentioned in the foot notes that tax deductor should accept the same. Though the local branch manager got convinced he is unable to help as their system is not accepting the same.
It may be mentioned here that the same bank had accepted my form in April 2016 for existing deposits though my income mentioned was above 3 lakhs. Other banks where I have deposits have also accepted the same.
I have raised online complaint and also sent emails to senior executives of bank management but there is no response even after two months. I request opinion of knowledgeable persons whether I am right in insisting to submit form 15H. more
It may be mentioned here that the same bank had accepted my form in April 2016 for existing deposits though my income mentioned was above 3 lakhs. Other banks where I have deposits have also accepted the same.
I have raised online complaint and also sent emails to senior executives of bank management but there is no response even after two months. I request opinion of knowledgeable persons whether I am right in insisting to submit form 15H. more
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Mr. Ravinder Goyal, a senior citizen can submit 15 H if his estimated tax liability is nil after allowable deductions though total income is more than chargeable to tax. more
Dec 18
Please go through income tax TDS rules which makes it amply clear where an income tax payee can't submit Form 15G or 15 H. more
Dec 17
Thanks Mr. Mohit Pande for your suggestion. With the same intention I went to the bank last month, just days before my interest payment was due to submit the form. Now they gave the system printed form filling my aggregate annual income column with total interest income from that branch and I have signed. Though my problem is solved, I don't think that it is the correct procedure. The new form is formatted to know total income from all deposits in different banks, but they are following their own procedures. Some banks receive online forms and in all cases we don't have any thing to intervene. What I mean is though we are responsible for any wrong entry in the form, we are not able to correct it. more
Dec 14
Another option is for you to spread your deposits across different banks / branches and restrict each deposit to less than 1,25,000 or so such that the annual interest does not exceed 10k. TDS would not apply in such cases....you should of course declare all the interest income, including interest on savings bank accounts, recurring deposits, deposits in post offices etc. where TDS may not take place. This is because all interest income is taxable unless it is specifically exempt under section 10 (like PPF). Interest on savings bank accounts is exempt up to 10000 rupees per annum. more
Dec 13
