Form 15-H applicable only if total income is nil

by SC Vasudeva


Q. I am an assessee aged over 83 years. My taxable income is little over Rs 5 lakh. My income is from pension, SCSS, MIS and fixed deposit in banks only. It is learnt that a senor citizen is not required to deposit advance tax. The bank and the post office deduct TDS on the interest paid.

a) Can I furnish Form 15-H to avoid TDS and deposit estimated tax at the end of the financial year, i.e. in March 2014?

b) For the assessment year 2012-13, my refund after adjustment of TDS is above Rs 29,000. The same has not yet been received from the Income Tax Department. Please advise if there is any chance of getting the refund now or not?

— Amar Nath Sharma

A. You can file Form 15-H with the bank only in case your estimated total income for previous year would be nil. On the basis of the facts given in the query you have a taxable income and therefore the provision of the Act relating to the filing of Form 15-H would not be applicable to you.

a) You are entitled to refund of Rs 29,000 plus the interest due on such excess deposit of tax provided the same has been correctly computed. There is no question of lapse of the amount refundable to you. You should approach the assessing officer for getting the due refund together with the interest payable thereon.

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