submission of form 15H

My dear Pankaj, I am having trouble with my bank (nationalized) regarding sending credit of TDS deducted from the interests on my Fixed Deposits to the Income Tax Department. Despite repeated complaints at various levels, the problem has remained unresolved and the bank has been failing to send the credits to the Income Tax Department as required. One of my friends has suggested that I submit form 15H to avoid deduction of TDS by the bank. But I will remain in the taxable slab even though I am a senior citizen and I am not sure if at all I can submit form 15H. I have been depositing advance tax as per IT rules. I would be grateful if could advise if submission of 15H will be of any help in the circumstances.

Sincerely, Swapan Kumar Sen Kolkata

asked Mar 04 '12 at 20:26 by swapansen 1344


If you are a senior citizen (age above 60 years), you can submit form-15H for non deduction of taxes by bank. In such case whole liability of paying taxes on bank interest would be yours.

answered Mar 07 '12 at 17:10 by pankaj 5.2k320

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Asked: Mar 04 '12 at 20:26

Seen: 1,412 times

Last updated: Mar 07 '12 at 17:10