| I am a senior citizen and my total income from MIS and the Senior Citizen Savings Scheme (SCSS) is not taxable. My post office is not accepting Form 15H from depositors of SCSS for non-deduction of tax at source. Can the post office authorities deduct tax at source later on if I don’t submit Form 15H now? |
Mathew L. Costa, Joka |
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| The finance ministry notification regarding TDS on Senior Citizen Savings Scheme mentions that only people who are 65 years or more can submit Form 15H for non-deduction of tax at source. It didn’t mention anything about those SCSS depositors below 65 years of age. However, people who are 55 years or more and have taken voluntary retirement can deposit in SCSS. But nothing about non-deduction of TDS is mentioned for these people in the government notification. This has already created utter confusion among SCSS depositors. However, if the post office deducts tax at source on your interest income in SCSS and your total income is not taxable, you can show this TDS in your income tax return, with the TDS certificates as supporting documents (these you must collect from the post office) and claim the refund of the tax deducted. |
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| Infrastructure bonds |
| Please clarify the applicability of income tax on the interest income from infrastructure bonds, such as those of ICICI, IDBI, PFC, REC and others. |
Tapan Chakraborty, Calcutta |
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| Before the new umbrella section 80C was enacted, investments in infrastructure bonds were allowed for a 15 per cent or 20 per cent tax rebate (depending on the income slab) under section 88. The interest income on these bonds, however, has always been subject to TDS. So, if your total annual income is not taxable, you will have to submit Form 15H with the issuer of the bond for non-deduction of tax at source. |
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| Road signs |
| Can you provide the address of the Company Law Board? |
Ramesh Kumar Banka, Howrah |
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| The address of the Eastern Region Bench of the Company Law Board is 9, Old Post Office Street, Calcutta and the address of the Principal Bench is 5th floor, A-Wing, Shastri Bhavan, New Delhi. |
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| If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700001. |
