Clarifications required regarding furnishing of 15h

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This query is : Resolved

sidambaraselvan (Querist)

20 February 2018 Kindly assist and guide me the procedures to be followed for furnishing Form 15H (for senior citizens) with the Bank in which Fixed Deposits are held.

1. If the net income is greater than 3,00,000/= which means it includes pension, interest from deposit then a senior citizen can file Form 15H and Pan copy with a Bank where F.D is held.

2. As a senior citizen, it is difficult for my neighbours to calculate the amount of pension, interest income from F.D. in advance during the month of April of the financial year. when they go to bank, bank officials are simply saying to file Form 15H along with Pan to avoid TDS within 15 days of April of that financial year. In that situation how should I advice them. Because all of them are 65 years and more old. Interest from f.d. is more than 10,000 but their total income including interest income is less than 3,00,000. If Form 15H along with pan is not filed, bank will deduct TDS. As they are not liable to pay income tax, there is no necessity to file income tax return (Am I correct?). But to claim refund they have to file return. For that they have to contact Income tax return preparer or chartered accountant. If they file form 15H with pan copy TDS will not be deducted by the bank. Their total income is less than 3,00,000. so there is no need to file return (Am I correct?).

3. If they don't file form 15H along with pan copy, how can a senior citizen ascertain the calculation of tds deducted by the bank.

4. If a senior citizen files pan copy along with Application form for opening F.D. account, is it compulsory to file only pan copy every financial year, if Form 15H is not filed.

Thanks in advance.
Kindly assist me so that I can guide my neighbours as they asked this doubt with me.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

21 February 2018 1. 15H cannot be given since taxable income > 3 lakhs.

2 Your understanding is correct.

3. Tax will be deducted @ 20%. TDS can be known from generating form 26AS from www.incomtaxindiaefiling.gov.in

4. No., PAN copy needs to be filed only at the time of opening FD.

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)

22 February 2018 To know the income, the pension amount is going to be fixed unless there is revision. The income from FD can be ascertained as the percentage is fixed. You can submit Form 15H. PAN is not required every time for the banking transaction.

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