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?
CAclubindia
