Some sites say Form 15H is allowed if the income is below the basic exemption limit (Rs. 4L), while others say it's permitted if the tax liability is nil. Parents ve opt for new tax regime, and their income is greater than Rs. 4L and less than Rs. 12L. Can they submit Form 15H to the bank?

Ans: Form 15G 15H can be submitted if tax liability is zero on taxable Income. In case person opt for old regime and person don't have any special rate income like capital gain on listed shares/equity mutual fund than there is no tax liability if income is upto 5 lacs. Similarly, under new tax regime, no tax liability for person earning income upto 7 lacs as per budget proposal for FY 23 24

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

Ans: No, Form 15H can be filed if taxable income is below the exemption limit. In your case taxable income is more than 3 lakhs so you can not submit