Form 15 H is ment for availing exemption from TDS by Senior Citizens.
What is the max limit for this facility ?
Please guide.
9 Replies
sabyasachi mukherjee
(27803 Points)
Replied 04 May 2022
It's a declaration by all the assesse who want to declare the income instead of filing returns.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 04 May 2022
Form 15H is for Tds purposes and not for filing ITR.
Generally banks instruct customers to declare 15H declaring total income .
Maximum limit is basic exemption limit .
3lacs/3.5lacs for Senior Citizens
5lacs for super senior citizens
You may declare actual income in form 15H.Banks may deduct Tds accordingly
Generally banks instruct customers to declare 15H declaring total income .
Maximum limit is basic exemption limit .
3lacs/3.5lacs for Senior Citizens
5lacs for super senior citizens
You may declare actual income in form 15H.Banks may deduct Tds accordingly
Kev Men
(788 Points)
Replied 04 May 2022
The form 15H can be submitted by senior citizens if the 'net taxable income' is below the basic exemption limit.
i.e. below Rs. 3 lakhs for senior citizens till 80 years.
and below Rs. 5 lakhs for senior citizens above 80 years.
i.e. below Rs. 3 lakhs for senior citizens till 80 years.
and below Rs. 5 lakhs for senior citizens above 80 years.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 04 May 2022
It is not required if your income is above 3lacs .
But few banks ask you to fill the form as a formality.
But mention your expected total income
But few banks ask you to fill the form as a formality.
But mention your expected total income
sabyasachi mukherjee
(27803 Points)
Replied 05 May 2022
Everyone knows that there are two types of forms 15H /15G
naval rungta
(98 Points)
Replied 05 May 2022
Yes.15H is for senior citizens above 60 yrs. Am I right ?
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 05 May 2022
Yes.You are right but it depends on estimated total income whether to fill or not .
If your income is above BEL then you may not required to fill and let them deduct Tds
If your income is above BEL then you may not required to fill and let them deduct Tds
naval rungta
(98 Points)
Replied 24 June 2022
Mr Reddy S, thanks but even if income is below the exemption limit of 3 lakhs I understand Form 15H is required to be filed in cases where income from dividend is above Rs 5000/- as per income tax rules. Am I right ?
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 24 June 2022
Form 15H has to be submitted if the income is below basic exemption limit for not deducting tds.
You may consider it as a declaration and submit to the bank / FI
You may consider it as a declaration and submit to the bank / FI
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