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15h & TDS deduction

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mahan

self

77 Points Posted on 19 October 2021

even after asubmitting 15h, bank deducts TDS for the reason total estimated income from that bank exceeds Rs 2.50 lacs;

As per RBI guidelines,

-1. whether Bank need not deduct TDS, merely relying on the declaration in 15H by the client ?

- 2. Whether, Bank should deduct TDS if total extimated income from the bank exceeds certain amount?

-3. if bank has to deduct TDS, what is the cut off Quantum of estimated total income from that bank?

Replies (3)

Quick Summary

This discussion clarifies why banks might still deduct TDS even after you submit Form 15H. It explains that if your total estimated income from that specific bank exceeds the basic exemption limit, your 15H declaration may be considered invalid by the bank. The threshold for this is typically £50,000 for senior citizens and £40,000 for others.

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 19 October 2021

The TDS which have deducted by bank will be refunded to your account within few days

Janak Shah

357 Points Posted on 20 October 2021

1) As per Income Tax Act, 15H declaration will be applicable if total income exceeds basic exemption limit.

2) Usually bank rely on declaration made by assessee, but in your case according to bank records your income exceeded basic exemption limit. As a result of which the declaration was invalid.

3) The threshold limit is 50k in case of resident Senior citizen and 40k for others