Is it proper not to submit Form 15H to Bank

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  1. Swapan Chakrabarti

    Swapan Chakrabarti New Member


    I am 62 years of age and my income is from pension and Bank FD interest.

    In last FY (2014-2015) my total pension was Rs. 3,51,557/- and interest from FD was Rs. 1,66,811/- So the total income comes to Rs. 5,18,368/-. I have savings of Rs. 1,50,000/-under 80C. After deduction taxable income comes to Rs. 3,68,368/-.

    Deducting Rs 3,00,000/- being senior citizen, I am liable to pay tax on Rs. 68,368/-.

    Since my pension and Bank interest together was coming under tax limit, I could not submit Form 16H to Bank. As a result Bank has deducted Rs. 16,681/- from my FD interest as tax.

    My actual tax liability was only Rs. 4837/- plus cess, whereas I have paid Rs 16,681/- through Bank deduction.

    Kindly advise i) How I would get back the excess amount deducted; ii) Appropriate ITR Form should I use; and iii) It is correct not to submit Form 15H in my case. Thanks and regards. Swapan Chakrabarti
    Last edited: May 6, 2015
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. You can claim refund at the time of filing of ITR. When you mention your total income for the year and the TDS deducted, it will automatically calculate that excess TDS has been deducted and will compute a refund
    2. You can use ITR-1 as it is the easiest to file
    3. You are not allowed to submit Form 15H as your taxable income is above the amount that is exempted from the levy of income tax
  3. Swapan Chakrabarti

    Swapan Chakrabarti New Member

    Thank you for enlightening me on this matter.
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