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Late filing of 15h

govind rawani (article) (63 Points)

10 December 2021

is late filling of 15 h by deductor attracts penalty?

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 10 December 2021

form 15H can be submitted if age is more than 60 years and tax calculated on total income is nil. Form 15H can be submitted if age is more than 60 years and tax calculated on total income is nil. Form can be filed even if the amount of interest is more than basic exemption limit. For FY 2020-21, due to the spread of the second wave of COVID-19, the government had extended the validity of Form 15G and Form 15H up to 30th June 2021 from 31st March 2021.

For senior citizens, the limit stands at Rs 50,000 in one financial year. The bank FD interest income is fully taxable in the hands of the investor and banks levy TDS which may be adjusted while filing the income tax return.