Q:I am a retired (VRS) employee and I have an income of Rs 1.43 lakh from bank deposits. I have no other income or pension and I invest Rs 80,000 for tax rebate. Can I submit form 15H to the bank for TDS or do I have to get a refund from the income tax office by filing a return.
Ruchira Kanhere kanhere@nagpur.dot.net.in
A: If you subtract Rs 12,000, deductible under section 80L from your income, the tax liability works out at Rs 15,200 and after claiming the rebate under section 88 it comes down to nil. You are on the borderline.
If you are sure of not coming into the tax net, go ahead and file 15H; not otherwise. All the same, you will have to file returns.
Incidentally, I don
