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RBI relief for senior citizens

Senior citizens no longer need to worry about tax being deducted by banks.

Joel Rebello

Updated : Sep 14, 2017, 03:57 PM IST

MUMBAI: Senior citizens no longer need to worry about tax being deducted by banks.

In a clear direction, the Reserve Bank of India has said that “banks should not make any deduction of tax at source where the depositor is filing Form 15H or Form 15G or a certificate under section 197(1) of the Income Tax Act, 1961”.

The forms are to be submitted by taxpayers to inform the bank that they are not liable to tax deductions. Form 15H is for senior citizens while 15G is for others.

The RBI’s move comes after the finance ministry wrote to it that it still receives a number of complaints regarding non-acceptance of the forms by banks and about deduction of tax from interest despite submission of the forms.

“Apparently there was no clarity among the banks earlier,” said investment adviser and chartered accountant Sandeep Shanbhag.

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