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Query regarding tds from bank

ranjan mishra (Others) (27 Points)

15 June 2015

Respected Sir, My mother is a widow. She is of 61 years and and having around 28 Lakhs in Savings A/c of SBI. She has got this money as she was nominee of my father's account. Every now and then,the bank deducts TDS from her account. She gets 1000/- Rs. pension from EPS 95 scheme of EPFO which is her sole monthly earning. Please guide me if by any means this TDS can be saved. Regards, Ranjan Mishra

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6 Replies

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 15 June 2015

Ask her to submit Form 15H every Financial year to the bank without fail ie in the month of April itself

Rahul Kumar (ARTICLE ASSISTENT) (147 Points)
Replied 15 June 2015

Form 15G / H is a self-declaration, which is provided by a person resident in India (not being a company or firm) to their deductor that the tax on his estimated total income for the previous year, will be nil. The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.

Rashi Bajaj (CA) (752 Points)
Replied 16 June 2015

I agree with Mr. Sivaram and Mr. Mathur. If your mother does not have any other source of income (like renting, etc.) which would create tax liability, she will have to submit a self declaration in form 15H.

ranjan mishra (Others) (27 Points)
Replied 18 June 2015

Thank you all for replying.Could you please guide me how to get refund for current year and if possible ,for previous year.

Rashi Bajaj (CA) (752 Points)
Replied 18 June 2015

Refund for FY 2013-14 can be claimed while filing the Income Tax return for that period. In TDS sheet, fill all details of tax already deducted. While your computation would show NIL tax liability, amount from the TDS sheet will be considered while ariving at the refund amount.

MANIAN T.V (SENIOR MANAGER(Retd) Nationalised Bank) (83 Points)
Replied 08 October 2015

Suggestion to Mr.Ranjan Misra. Why keep this amount in SB with only 4% interest.Total exempted SB int is Rs 10000/= per annum. Think of keeping the amount in FD at the present rate of 7.25%plus 1% for senior citizen . Once in three months or every month u can get interest at a discounted rate. As yr mother is a senior citizen and her interest income and pension is not exceeding the taxable income,submit Form 15 H to the bank. Tax will not be deducted. You will get a benefit of minimum 4% on Rs28 lakhs.( not less than Rs112000/ per year a monthly income Rs10000 more. Consult yr bank manager where you are having this SB account.

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