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Question ID : 44493

Submission of Form 15H / 15G

Dear Friends, I am A resident senior citizen (62 years of age) having only interest income of about Rs.6,50,000/= for Asst. Yr.2024-25. If I opt for the new scheme of taxation u.s.115BAC at the time of filing my Return of Income for Asst. yr.2024-25 then my Total Income will also be Rs.6,50,000/= and my tax liability will be NIL. Can I submit Form 15H to the Banks this year for non deduction of tax at source from my interest income. Also, can my wife (57 years of age) submit Form 15G to the Banks under the above similar conditions. Please advice accordingly. Thanks.

Posted by Sudeep B. Sarwate on May 24, 2023

Filed Under DIRECT TAXES

Answer ID : 85015

If total income from all sources of income is within exemption limit and tax on total income is Nil, Form 15H can be filed.

Posted by CA. chunauti dholakia on May 24, 2023
Answer ID : 85016

Since one of the condition ie., total income shall not exceed the basic exemption limit (Rs. 3,00,000/-) is not satisfied , form 15G/15H can't submit by you and wife.

Posted by B.CHACKRAPANI WARRIER on May 25, 2023
Answer ID : 85027

Yes you can submit

Posted by CA. MADHAVAN S on Jun 01, 2023
Answer ID : 85056

As total income crosses the basic exemption limit, therefore you are not eligible to submit the same.

Posted by SHUBHAM SONI on Jun 03, 2023