Exemption from TDS for senior citizens having annual income upto Rs 5 lakhs

Kashmir Times. Dated: 6/10/2019 7:56:31 AM

Dear Editor,
Central Board of direct Taxes CBDT has given relief to senior citizens with age above 60 years and having annual income upto rupees five lakhs by exempting them from provisions of Tax deducted at source TDS on interest paid by banks and post-offices in case those requiring such exemption file form 15-H with banks or post-offices.
But it requires senior citizens to remember annual filing of form 15-H and to visit banks or post-offices every year to file 15-H. CBDT should provide filing one-time declaration in this regard by senior citizens with annual income less than rupees five lakhs rather than filing form 15-H every year. Declaration submitted by the desiring senior citizens should have commitment that in case income in some year exceeds rupees five lakhs, the assesse will inform concerned bank or post-office for deducting tax at source as per rules. Annual income of most senior citizens remains unchanged, and filing form 15-H is troublesome for them.
—Madhu Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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