Hello All,
Myself a Senior citizen and my wife age is 56 years .
We both have income only from Bank Deposits, Mutual Fund dividends and Savings bank interest . Earlier years we were giving Form 15 H and 15G for not deducting TDS.
Last year, since the total income for each of us comes around 5 - 6 lakhs, one deposit company said we are not eligible to submit Form 15G or H so we did not give the forms and TDS was deducted and refund was claimed in ITR.
Now it is said that in the NEW IT rules, Tax will be ZERO for Income upto 12 Lakhs.
Actually i am not clear if we can give the new Form 121 this year because the Tax upto 12 Lakhs is zero OR we are still ineligible to give Form 121 as the income for each of us is more than 5 lakhs.
please clarify.
CAclubindia
