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15 h for taxable income

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(Querist)
09 February 2013 There are a lot of questions on 15 H still i couldnt find a direct answer to this .

I fall into the 30% tax bracket. So any income from FD should be taxed at 30%. Now bank deducts TDS at 10% and then I have to keep a tab on how much the bank has deducted and then pay the rest 20%.

It become a little tedious to maintain 2 multiple documents (filed at multiple times). Can I file 15H and pay the 30% myself ? Or is it illegal ?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 February 2013 Since your gross income exceeds that taxable limit.
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In the Form you have to certify & verify that your gross total income does not exceed then the taxable limit. As such your declaration will be a false one. As such Form No 15H is not a solution.
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You must be knowing the rate of interest on your FDR. Compound it on quarterly basis and manage the balance tax liability.
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Sourav

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Sourav (Querist)
10 February 2013 Thanks Paras for confirmation
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