Bank not accepting form 15h

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P.C. Chaturvedi

REtired Electrical Engineer

54 Points Posted on 18 June 2015

Bank is not accepting my form 15H on the basis that my total income exceeds Rs. 300000. I am a senior citizen. My understanding is that ductions under chaper VI, deductions under section, deduction under 88B, deduction under 80D, Notes at the bottom of form 15H refer to clause 197A(1C) which also refers to clause 88B.

I will be i nvesting Rs. 150000 under Chapter VI, I have health insurance where the premium for me and my wife is in excess of Rs. 30000/=. Also Rs 10000 is deductable from the saving bank account interest. As my total income is less than Rs 5 Lacs, I am entitled for a deduction of Rs. 20000 from my income (or Rs 2000 from the payable tax. All put togather my tax liability will be ZERO. As such no TDS should be deducted by bank and accept my form 15H. Is my understanding correct? OR is bank correct in not accepting my form 15H?

Replies (3)

CA HAYEDAR SHAIKH

Practice

452 Points Posted on 18 June 2015

Dear Sir,

Any resident Individual who is above sixty years of age or completes sixty years during the financial year can submit form No. 15H provided his tax liability on the basis of his estimated income is nil for the financial year though the total amount of interest from all sources may exceed Rs. 3 lacs, the minimum amount liable for tax. So only senior citizens can submit this form.

Accordingly the bank needs to accept your form 15H.

A K Jain

Service

131 Points Posted on 18 June 2015

Bank has to accept form 15H which is the self declaration by customer. Bank should not access your income for tax purpose. If still they are not taking,make a complaint & no need to explain details of income or tax to them. Please also take acknowledgement from them.