Senior citizen tax slab and FOrm 15H applicability

POSTED BY akila mahesh ON April 29, 2013 2:45 pm COMMENTS (5)

Dear Ashal,

My mom is a Sr. citizen and she is earning around Rs.2.8L as interest from FDs in bank. Should she pay TDS / Would TDS be deducted? If so pls. let us know how much TDS would she pay for earning of Rs.2.8L as interest from FD?

Thanks,
AKila.

5 replies on this article “Senior citizen tax slab and FOrm 15H applicability”

  1. akila mahesh says:

    Thanks ashal

  2. Dear Akila, the TDS ‘ll be applied on 2.8L Rs. & thus @ 10% the TDs amount ‘ll be 28000 Rs.

    My workable solution for her, please that much amount from the FDs as the remaining interest falls below 2.5L Rs. & thus making her eligible to file form 15H. The redeemed amount is to invested in Debt fund growth option & do not redeem it for next 2-3 years.

    Thanks

    Ashal

  3. akila mahesh says:

    Pls confirm if the tax would be 10% on (280000-250000) = 3000 + sevice charges applicable rite?

  4. Dear Akila, is her sole income is this 2.8L Rs. interest or there is more income say pension? Please confirm.

    Thanks

    Ashal

    1. akila mahesh says:

      Yes this is her sole income which is invested in Sundaram finance. Shez getting 2.8L as interest and only income for this financial year…

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