What are the tax slabs for senior citizens in 2016-17? If my income is ₹7.25 lakh, can I submit Form 15H to the bank?
Tax slabs applicable to senior citizens (60 years and above and below 80 years)
Up to ₹3 lakh: nil
Between ₹3-5 lakh: 10 per cent plus cess
Between ₹5-10 lakh: 20 per cent plus cess
Above ₹10 lakh: 30 per cent plus cess
A senior citizen can can submit Form 15H to the bank only if the final tax on his computed income as per the provisions of the Income Tax Act is nil. Simply put, From 15H can be filed only if your net income is below the taxable limit of ₹3 lakh. Since your income is way above this limit, you cannot file Form 15H.