Is Form 15H applicable for SCSS?
Factors Affecting Form 15H Submission
Form 15H can only be submitted by an individual who has reached the age of 60 years and above i.e. senior citizens. Other individuals/HUFs are required to submit Form 15G in order to prevent TDS deduction.
Who can submit Form 15H?
Form 15H is solely for senior citizens, that is, individuals who are at least 60 years of age. Since these forms are valid for only one financial year, eligible individuals wanting to claim TDS deductions on investment interest have to submit it on every financial year.
Is TDS applicable on SCSS?
Tax Implications of Senior Citizen Savings Scheme (SCSS)
The principal amount deposited in SCSS is eligible for a tax deduction of up to Rs. 1.5 Lakh per annum under section 80C of the Income Tax Act, 1961. … 50,000 for a fiscal, Tax Deducted at Source (TDS) is applicable to the interest earned.
Is interest on SCSS fixed for 5 years?
The scheme offers a high interest rate on the deposit. Get an income tax deduction of up to Rs. 1.5 lakh under Section 80C of the Indian Tax Act, 1961. The 5-year tenure of the account can be extended for another 3 years.
Is premature withdrawal allowed in SCSS?
“Since the SCSS has a 5-year lock-in period, any withdrawals prior to that are treated as premature withdrawals even if it is due to the death of the depositor. Premature withdrawals under the scheme also attract a major penalty which ranges from 1-1.5% on the principal amount,” R.
When should I submit 15H form?
Resident individuals, aged 60 years or more, have to file form 15H at the beginning of each financial year (April) while those below 60 years of age have to file form 15G. “Most senior citizens have savings in fixed deposits, mainly in public sector banks.
Is Form 15H mandatory?
Form 15G and Form 15H are self declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory.
Can Form 15H be submitted online?
You can submit Form 15G or Form 15H either through the Internet Banking of the bank or through the mobile app of the bank. … With most banks starting from the State Bank of India (SBI) to ICICI Bank account holders can submit Form 15G and Form 15H online using internet banking or mobile banking facility.
Is SCSS or PMVVY better?
But, in SCSS, one’s interest rate may vary on the quarterly basis while in PMVVY, one’s interest rate is fixed at the time of investment for the entire investment period.” Jhaveri said that in SCSS, investment period is for five years while in PMVVY, the investment period is 10 years.
Can husband and wife both invest in SCSS?
Ans: Yes, one can open a joint SCSS account with his/her spouse only and the maximum amount that can be invested in it is Rs. 15lakhs only.
Does HDFC offer SCSS?
New Delhi: Several banks including State Bank of India, HDFC Bank, Bank of Baroda, are offering senior citizens special fixed deposit (FD) schemes, providing higher interest rates on term deposits.