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Since 1st March, 1999
 
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Q&A

Form facts

I am 75-years-old and do not have any taxable income. However, I submit IT return every year just to enable me to furnish information on queries of sl. No. 4 & 5 of Form 15H that I have to submit to bank and post offices for non-deduction of tax at source. Do I need to submit income tax return? In that case, what will be my answer to queries in sl. No. 4&5 in Form 15H?
Debi Prasad Dutta, Calcutta
 
Form 15H is a form for self declaration. In sl.No. 4, you have to state the assessment year in which you won’t have any taxable income. In sl. No. 5, you have to provide information as regards to when your income was last assessed and by which income tax circle or ward. To provide these information, you don’t need to file income tax return. To supply information for sl. No. 5, you can find the details in the tax return you had last filed while in employment.
 
 
Show it as gift
If I keep some amount of money in my daughter-in-law’s bank account, who will have to pay the income tax?
Arijit Paul, Calcutta
 
You can gift the money to your daughter-in-law and she can keep the money in her account showing it as gift. Any interest on this amount will be taxable in the hands of your daughter-in-law. However, the gift amount will not attract any tax since you are giving it out of your tax-paid money. The gift process can be reversed on maturity of the account.
 
 
For super seniors
I am a senior citizen, aged 84 years. What are the rates of income tax and what is the basic exemption limit for an individual of 80 years and above?
N.K. Dutta, Calcutta
 
the budget for 2011-12, finance minister Pranab Mukherjee had introduced the concept of super senior citizens — taxpayers who are 80 years or more. The basic exemption limit for tax purposes was fixed at Rs 5 lakh for this category of taxpayers. While the basic exemption limit has been kept unchanged for 2012-13 financial year, super senior citizens having an annual income between Rs 5 lakh and Rs 10 lakh will now have to pay income tax at the rate of 20 per cent plus another three per cent education cess.
 
 
 
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