Submission of form: 15h
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 October 2018
Sir,
A pensioner of 68 years old is having Gross Total Income of Rs : 3,90,000 /- with pension and bank int. ( Rs. 3,20,000 /- + 70,000 /- ) . After rebate u/s 80C ( Rs. 1,50,000 ) his Total Taxable Income is Rs. 2,40,000 /- . Tax liability is Nil . Can he submit Form : 15 H not to deduct TDS from his Bank Int. ?
Sudhir Saha
A pensioner of 68 years old is having Gross Total Income of Rs : 3,90,000 /- with pension and bank int. ( Rs. 3,20,000 /- + 70,000 /- ) . After rebate u/s 80C ( Rs. 1,50,000 ) his Total Taxable Income is Rs. 2,40,000 /- . Tax liability is Nil . Can he submit Form : 15 H not to deduct TDS from his Bank Int. ?
Sudhir Saha
12 October 2018
Yes, because estimated INCOME for declaration is Rs. 70,000 (interest) and
estimated TOTAL INCOME is Rs. 2,40,000 , well below the taxable limit.
estimated TOTAL INCOME is Rs. 2,40,000 , well below the taxable limit.
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 October 2018
But Bank says , 15 H Form cannot be submitted if total income exceeds the basic exemption limit of taxable income before any deduction / rebate . Here basic exemption limit is Rs. 3,00,000/- so bank did not receive the Form 15H and as a result TDS was deducted .
Sudhir Saha
Sudhir Saha
16 October 2018
Then,please file return and seek refund being no other option available.
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