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Max Limit for TDS exemption Under form 15H

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106 Points Joined February 2022
Form 15 H is ment for availing exemption from TDS by Senior Citizens.

What is the max limit for this facility ?

Please guide.
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On 03 May 2022 at 21:25 Report
Replies (9)
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Profession Business
28196 Points Joined May 2017
It's a declaration by all the assesse who want to declare the income instead of filing returns.
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On 04 May 2022 at 05:56
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CFO- at NHTF
58280 Points Joined August 2012
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
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On 04 May 2022 at 09:00
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790 Points Joined December 2020
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.
1 Reply
On 04 May 2022 at 09:08
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CFO- at NHTF
58280 Points Joined August 2012
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
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On 04 May 2022 at 09:44
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Profession Business
28196 Points Joined May 2017
Everyone knows that there are two types of forms 15H /15G
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On 05 May 2022 at 06:35
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106 Points Joined February 2022
Yes.15H is for senior citizens above 60 yrs. Am I right ?
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On 05 May 2022 at 07:27
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CFO- at NHTF
58280 Points Joined August 2012
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
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On 05 May 2022 at 08:28
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106 Points Joined February 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 ?
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On 24 June 2022 at 05:51
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CFO- at NHTF
58280 Points Joined August 2012
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
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On 24 June 2022 at 06:04

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