Fd interest not recieved acccrued
This query is : Resolved
04 February 2014
S IT TAXABLE FOR A SENIOR CITIZEN ON INTEREST ACCRUED WITH 15G FORM DULY SUBMITTED FOR THE AY 2014-15.IS HE TO SHOW HIS ACCRUED INCOME OF 2013-14 DURING THIS AY.I
07 February 2014
Clarifications:
1. Senior citizen are eligible to fill form 15H only as per IT rules.
2. Senior citizen should fill this form 15H for tax exception only when his/her total income from all sources for Finacial year 2013-14 is likely to be 2.5 lakhs or less. Then banks/ other institutions will not deduct tax at source. But be careful , if you feel that you have doubts of exceeding the 2.5 lakhs limit for FY , then donot fill 15H form
3.The accrued income will be required to fill in his IT return and rate of intrest to be filled in 15H form. Pleased read the form 15H avaiable at IT website .
1. Senior citizen are eligible to fill form 15H only as per IT rules.
2. Senior citizen should fill this form 15H for tax exception only when his/her total income from all sources for Finacial year 2013-14 is likely to be 2.5 lakhs or less. Then banks/ other institutions will not deduct tax at source. But be careful , if you feel that you have doubts of exceeding the 2.5 lakhs limit for FY , then donot fill 15H form
3.The accrued income will be required to fill in his IT return and rate of intrest to be filled in 15H form. Pleased read the form 15H avaiable at IT website .
07 February 2014
For very senior citizen 5 lakhs standard deductions is allowed.
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