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Since 1st March, 1999
 
THE TELEGRAPH
 
 
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Q&A

Tax for seniors

I am a senior citizen. My gross income, comprising interest from bank and post office deposits, for assessment year 2013-14 will be below Rs 5 lakh. I have neither salary income nor any business income. Please let me know whether I am entitled to deposit my total income as self-assessed tax before submission of returns in July 2013. Am I entitled to exemption of tax up to Rs 10,000 on interest income of my savings accounts in bank and post offices. Please let me know under which provision of law I should claim such exemption?
Dali Kar, Calcutta
 
ance minister Pranab Mukherjee has not changed the income tax slabs for senior citizen taxpayers for financial year 2012-13 or assessment year 2013-14. So, senior citizens who are 60 years of age or more but less than 80 years will have to pay tax if their annual income is more than Rs 2.5 lakh. The threshold income limit is Rs 5 lakh for super senior citizens who are 80 years or more. If you are more than 60 years but less than 80 years, you shall have to submit income tax if your annual income is more than Rs 2.5 lakh. Since you have income only from interest on bank and fixed deposits, you can submit self-assessed form in ITR2. Of course, you can claim exemption up to Rs 10,000 on interest income from savings bank accounts (only) under Section 80TTA.
 
 
 
Please mention in your form
I am 70-years-old. My total income doesn’t exceed Rs 2 lakh. My income is from bank fixed deposits and post office monthly income scheme. I have not submitted tax return after assessment year 2009-2010. While submitting Form 15H in banks and post offices, should I write that I was last assessed for income tax for assessment year 2009-10 (please refer column 5 in Form 15H) and continue to mention the same in years to come even if my total income remains less than the basic exemption limit?
Sudha Priya Datta, Tollygunge
 
Yes. You shall have to mention that in Form 15H because this form is a declaration by the applicant that he/she doesn’t have any taxable income during assessment year for which the income has to be assessed.
 
 
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