Tds on pension income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2012 Please teel my provision of income tax related tds on pension income and Intrest from bank on Fixed Diposit for senior citizen.

thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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03 June 2012 Pension has been covered under the definition of Salary Income and as such the person responsible for making such payments is responsible to deduct TDS U/s 192.
.
The pensioner can submit proof of Deductions
U/s 80C , 80D , Housing Loan Interest etc.,
so that benefits of the same could be allowed to him. Taking into consideration the Estimated Total Income, the responsible person has to deduct TDS while making the periodical payments
.
TDS on FDR Interest/ SB A/c Interest is deductible where interest amount exceeds 10000.
.
A senior citizen may submit Form 15H to the Bank for non deduction of TDS, when his Gross Total Income is below 2.50 Lacs.
.

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