Eligibility for Form 15H in New Tax Regime

Hello,

I researched Form 15H for senior citizens. Some sources state it's allowed if the total income is below the basic exemption limit (₹4L), while others say it's permitted if the tax liability is nil. My parents plan to opt for the new tax regime this year, and their income is between ₹4L and ₹12L. Can they still submit Form 15H to the bank?

 

Thanks,

Gagan

Replies (1)

To be eligible for submitting Form 15H, an individual must meet the following criteria:

  1. Age Requirement: The individual must be a senior citizen, aged 60 years or above. 

  2. Resident Status: The individual must be a resident of India.

  3. Tax Liability: The net tax liability for the financial year must be nil. This means that after considering all deductions and rebates, the individual should not have any tax payable.

Tax calculated on total income should be NiL. The assessee can submit 15H, even if the interest income exceed basic exemption limit, provided the tax paid on total income for the relevant previous year is NIL.

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