An Assessee is a senior citizen having 8 lakh Income last year. The Assessee has bank interest of 8.5 Lakhs this year and hence will have to pay Tds @ 10 % amounting to 85,000. According to the new 15 H form guidelines should the Assessee pay tax on 2 lakhs (8L -5L-1L 80C) @ 20% amounting to 40000 or should he submit 15 H eventhough his income last year is 8L and claim income tax refund of 45000(85000-40000). Which option is better considering the opportunity cost?
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Income tax urgent query
Replies (2)
Its Seems that assessee is aged 80 year or more
Form 15H will be more beneficial for him instead of claiming refund
But In the new form 15 H it asks for current year estimated income. And if it says that Assessee should not submit form 15 H if income tax exceeds the maximum amount not chargeable to tax. So what is the option to pay tax or submit 15 H?
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