TDS on Pension by Bank

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I am receiving Pension from Bank. The total Pension after standard deduction exceeds the maximum amount which is not to be taxed. However after taking into consideration of deduction under 80C the tax liability is Nil. So in which form should I inform the Bank regarding my investment under sec 80C so that the Bank may not deduct Income Tax. I think there is provision for this.
Replies (6)

Bank doesn't deduct TDS on pension. If you have interest income from FD and the interest accrued on such FD is more than Rs.10,000, then only bank deducts tax and If you don't have income exceeding the basic exemption limit, in that case you have to submit Form-15G/15H to the bank, so the bank won't deduct TDS.

Sir, my doubt was not about TDS on interest income. I am a senior citizen and my income on Pension is above 400000. But if the investment in sec 80C(upto 1.5 lakh) is taken into consideration I am not liable for payment of tax. Bank is not aware of my Deduction under 80C. So I want to inform this to BANK. How I can inform this?
Apply for Non deduction certificate to IT dept and then submit it to bank sir.
Does Bank not deduct TDS on any anount of Pension?. Please elucidate.
if the pension is uncommuted then tds will be deducted...you can claim the same while filing itr

Format in which investment proof is to be submitted to your pension paying branch

INVESTMENT MADE PROOF/ DEDUCTION CLAIMED BY PENSIONER FOR AVAILING INCOME TAX REBATE

Name of Pensioner:__________________________________________________________

EC No. : ______________ PPO No:________________PAN: ________________________

FY: ___________ (AY: __________)

Address:_______________________________________________________________________

_______________________________________________________________________

Mobile No. : ___________________ Pension SB A/C No.: ______________________________ Head

Amount of Deduction claimed / Amount of

Investment

Interest on Housing Loan Accrued During The Year (Max Limit Rs. 2,00,000/-)

U/S 80e Higher Education ( Interest On Loan Which Has Been Served Only)

80ccd(1b) Self Contribution to NPS before 60 years age

( Max Limit Rs.50,000/-)

Us 80d Medical Insurance (Max Limit Rs. 25000/-)

Us 80d Med. Insurance For Sr. Citizen (Max Limit Rs.30000/-)

Us80dd Maintenance of Handicap Dependent

(Severe Disability Rs.1,25,000/- ,Other Rs.75,000/- ,Proof Per Sec)

Us 80ddb Medical Treatment on Specified Disease (Max Limit =>Sr. Citizen Rs.60000/-)

Us 80ddb Medical Treatment on Specified Disease (Max Limit =>Other Rs.40000/-)

U/S 80u Self Handicap

(Severe Disability 1,25,000/-, Other 75,000/-),Proof Per Sec 10-A Received A)

Children Education Tuition Fee

P.P.F.

Fixed Deposit Under Tax Saving Schemes Only

Housing Loan Principal

Life Insurance Premium paid (Prem. < Than 20% of Policy Amt.)

Other Deduction Under 80-C

 

Enclosure: Proof of Investment & Certificate as applicable

Date:Signature of Pensioner

_____________________________ For use of Branch / Office_____________________________

Entered by: Name: _________________________ Sign _______________________ Date______

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