Form 15H Eligibility

[Asked by Guest]

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

[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.

AI Summary

Form 15H eligibility: senior taxpayers with net taxable income below exemption limit may submit to prevent TDS.
After deducting the Public Provident Fund investment under allowable deductions, the senior citizen's net taxable income falls below the basic exemption threshold for that age group; accordingly the taxpayer is eligible to submit Form 15H to payers requesting that Tax Deduction at Source not be made on interest, and any TDS wrongly deducted can be reclaimed by way of refund.