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Late filing of 15h

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govind rawani

article

49 Points Posted on 10 December 2021

is late filling of 15 h by deductor attracts penalty?

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Quick Summary

This discussion addresses whether a deductor faces penalties for the late filing of Form 15H. Form 15H allows individuals over 60 to declare nil tax liability on their income, particularly relevant for bank FD interest. While the form's validity was extended due to COVID-19, the core question remains about the consequences for the deductor if they fail to submit it on time to the income tax authorities.

debora M

BUSINESS DEVELOPMENT MANAGER

1382 Points Posted on 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.