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Should Senior Citizens Earning Under 12 Lacs File Form 15H?

Ramalingam Kalirajan |8104 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Feb 06, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Nanjunda on Feb 04, 2025Hindi

Money

Is 15h form to be submitted by senior citizens whose income is less than 12lack

Ans: Form 15H is meant for senior citizens (aged 60 and above) to prevent Tax Deducted at Source (TDS) on interest income. However, it can only be submitted if the total taxable income is below the basic exemption limit, which is Rs. 3 lakh for senior citizens and Rs. 5 lakh for super senior citizens (80+ years).

If your total income is Rs. 12 lakh, it exceeds the exemption limit, and you cannot submit Form 15H. TDS will be deducted as per applicable tax rates.

If your taxable income after deductions (like 80C, 80D, etc.) falls below the exemption limit, then you can submit Form 15H. Otherwise, you cannot.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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