Submission of Form 15H withSBI.

[kushal mukhoti]

SBI is not accepting Form 15H if the aggregate income exceeds Rs.3 Lakhs or Rs 5 Lakhs for Senior Citizens and Super Senior Citizens respectively. I have submitted Form 15H successfully with the other two banks wherein I have reported my aggregate income above Rs 5 Lakhs. I think this contravenes the instructions contained in the form itself. I am attaching a screenshot of the corresponding portion of the instruction in Form 15H issued by IDBI Bank. The limit should be Rs 7 Lakh up to which no tax is payable under the default new tax regime.  

[Gurumurthy Venkatraman]

Even they accept system will debit by default. Any amount exceeding the tax limit system will not accept.

On Tue, 2 May, 2023, 12:37 kushal mukhoti, <kush...@gmail.com> wrote:

SBI is not accepting Form 15H if the aggregate income exceeds Rs.3 Lakhs or Rs 5 Lakhs for Senior Citizens and Super Senior Citizens respectively. I have submitted Form 15H successfully with the other two banks wherein I have reported my aggregate income above Rs 5 Lakhs. I think this contravenes the instructions contained in the form itself. I am attaching a screenshot of the corresponding portion of the instruction in Form 15H issued by IDBI Bank. The limit should be Rs 7 Lakh up to which no tax is payable under the default new tax regime.  

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[S L GULATI-ADV:-]

Sir

Exemption limit is Rs 3 lac for persons below 60 years and 5 lac for super senior citizens. A senior citizen with age over 75 years has the option not to file his/her ITR, provided income from business is not included.

15G/15H can be accepted by the banks as per the above limits. Income exceeding exemption limits are not eligible for 15G/15H.

Please be guided accordingly.

S L Gulati  EX PNB

Advocate 

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[kushal mukhoti]

Recently, I downloaded one request form from my net-banking portal for updating my mobile number in my savings bank account with SBI. The downloaded form was blank except for one reference number. I filled up the form with my new mobile number and other particulars and submitted it over the counter of my base branch. On the way back to my home, I received a message from the bank informing me that the mobile number has been updated. But to my surprise, I found that the updated mobile number is not the number I requested for. It was an old mobile number which is linked to my Aadhaar. I immediately rushed to the branch and sought clarification about this. The lady at the counter countered me that I have typed this mobile number (the updated one) in the application form and the updation has been made according to the reference number generated on the application form. I repeatedly said that there is no scope to type/write anything and anywhere before downloading it from the net-banking portal and I filled up the entire form with my own hand after getting its printout. But everything fell on deaf ears. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAAHPOk5RE8KF6tSuqsRGhNeByL10USDm1mj6QW9SDvdCn-%2BQ7w%40mail.gmail.com.

[Ramani Konnayar]

 Canara Bank of which I am a pensioner accepts 15H upto estimated income of ₹7 lakhs as per new regime. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAG_RgPFUWhTKjTPF3%2B56TzZV%3D7TuV9F15FsHzy_LestfxLkKrg%40mail.gmail.com.

[kushal mukhoti]

Mr S L Gulati, 

I am attaching herewith the relevant portion of the Income Tax Act concerning TDS for your kind perusal. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAG_RgPFUWhTKjTPF3%2B56TzZV%3D7TuV9F15FsHzy_LestfxLkKrg%40mail.gmail.com.

[kushal mukhoti]

Most of the banks including PSU banks fine-tune their system to accept Form 15G/15H as and when the rules and regulations are changed. But our big brother does not care about that. They do not update their system regularly. I am attaching herewith a screenshot of one rejection message by SBI while submitting form 15H online showing an aggregate income of a little more than five lakhs. I was reluctantly compelled to close down all my FDs with SBI and shifted to another bank to avoid TDS. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_zVW%2B7XBzTuCiXvGhXh-j28-OgmCNRBzZ5Ajx5BJaxwiw%40mail.gmail.com.

[kushal mukhoti]

Most of the banks including PSU banks fine-tune their system to accept Form 15G/15H as and when the rules and regulations are changed. But our big brother does not care about that. They are still in the primitive age. Their net-banking system is the worst of all. I have closed down all my FDs with SBI and shifted to another bank to avoid TDS. 

On Wed, May 3, 2023 at 3:52 PM Ramani Konnayar <knra...@gmail.com> wrote:

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKcPo_zVW%2B7XBzTuCiXvGhXh-j28-OgmCNRBzZ5Ajx5BJaxwiw%40mail.gmail.com.

[S L GULATI-ADV:-]

Please read the provisions, how many are eligible after going through 197A(1B) of the IT Act?  I am attaching the provisions u/s 197A(1B) for the perusal of friends. Here again, if the aggregate of income under different sections is such that tax comes to Zero, in this case, only senior citizens will be eligible. I further state that a person above the age of 75 years has the option of not filing his/her ITR provided no income from the business. I hope the issue is clarified. I think,  there should be no issue for those filing the ITRs, as the refund comes with interest. 

S L Gulati

Advocate. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKGV8OzTHovWnJpoPpzBQ3jOe_k01ePXrguMXYenD58XVf-KXg%40mail.gmail.com.

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Thanks & regards.
Sincerely yours,

S.L.Gulati
Adv. & Tax Consultant
M- 90348-89525 (PNB EVRS)
M- 9306280765

[kushal mukhoti]

Do you mean to say that SBI is doing the right thing by not accepting Form 15G/15H where the declared aggregate income exceeds 3 or 5 lakhs respectively? 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAG_RgPH1HiPvn1K1ffdKYyN1VkQ6Vt-01SLy0SER5YVnSfyqkQ%40mail.gmail.com.

[Ramakrishnan S]

Sir, 

My experience with SBI is also much unsatisfactory. 

They neither care to provide acknowledgement ot dodge it or act reluctantly if insisted, either on direct submission of papers or on requests/applications/ messages sent by SMS or on e mail. Follow up by reminders will also result in vain. Waiting time for their "darshan" is also more with scant attention to all the group of customers, irrespective of age! 

Ramakrishnan. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKGV8OyVLgOAdosXCR5QxySkS_QjexCDMxwsWKAP8-TYszDkAg%40mail.gmail.com.

[kds nair]

Upto 20/02/2003,SBI was accepting all particulars through HRMS.You could have utilised the opportunity before that date.

On Thu, 4 May, 2023, 3:45 pm kushal mukhoti, <kush...@gmail.com> wrote:

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAKGV8OyVLgOAdosXCR5QxySkS_QjexCDMxwsWKAP8-TYszDkAg%40mail.gmail.com.

[Narayanan Kasthurirengan]

It is my humble understanding that Form 15H/15G can  be submitted if your total income less all allowable deductions 

is less than  3/5/7 lakhs 

K NARAYANAN 

On Tue, 2 May 2023, 16:07 kushal mukhoti, <kush...@gmail.com> wrote:

SBI is not accepting Form 15H if the aggregate income exceeds Rs.3 Lakhs or Rs 5 Lakhs for Senior Citizens and Super Senior Citizens respectively. I have submitted Form 15H successfully with the other two banks wherein I have reported my aggregate income above Rs 5 Lakhs. I think this contravenes the instructions contained in the form itself. I am attaching a screenshot of the corresponding portion of the instruction in Form 15H issued by IDBI Bank. The limit should be Rs 7 Lakh up to which no tax is payable under the default new tax regime.  

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[S L GULATI-ADV:-]

Rebate of tax is permitted us 87A of the IT Act under new regime for FY 2023-24  up to Rs. 7 lac  in case income is from salary/ pension/ interest,  from bank  PO deposits subject to the conditions.  mentioned us 197 1(B) of the I tax Act, 1961. Apart from this standard deduction is Rs. 50,000/- in new tax regime. Limit for old tax  regime is Rs. 5 lac us 87A. Standard deduction and other deductions under various other sections also available. 

Please be guided accordingly

SLGulati

On Tue, 2 May 2023, 16:07 kushal mukhoti, <kush...@gmail.com> wrote:

SBI is not accepting Form 15H if the aggregate income exceeds Rs.3 Lakhs or Rs 5 Lakhs for Senior Citizens and Super Senior Citizens respectively. I have submitted Form 15H successfully with the other two banks wherein I have reported my aggregate income above Rs 5 Lakhs. I think this contravenes the instructions contained in the form itself. I am attaching a screenshot of the corresponding portion of the instruction in Form 15H issued by IDBI Bank. The limit should be Rs 7 Lakh up to which no tax is payable under the default new tax regime.  

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[kushal mukhoti]

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2Hegk_%2B%3DGPBgv%3DrSKYoP%3D%2BDU%3DTgH0khBNFtX3FUQ3Bpno4Q%40mail.gmail.com.

[Narayanan Kasthurirengan]

Fortunately my experience with state Bank of India is far better.  I am a retired employee of syndicate bank  and I have my senior citizen dep with SBI  SRIRANGAM.  Every year I submit Form 15H  and at the end of the day I receive SMS acknowledging it's registration from the bank.  

It is my opinion that any problem we face with individuals should not be projected as that of the Institution.  In fact my SB AC was opened in two minutes by SBI using aadhar authentication.  I did not even fill up opening form.  They printed the forms and took a snap of me using their camera connected to the system.  For more than 4 years I am comfortable with SBI

K NARAYANAN 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CAGNvMyhT4iUM4_-%3D3x6w0AVuXx60xVm8Jr6Mq-DjEyXs88ES0A%40mail.gmail.com.

[kds nair]

The problem highlighted related to SBI retirees and not relating to public.

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2HejWCfVbzsLQwyWNY3MMb9T158LocObtfkuxd2MM9-GDFQ%40mail.gmail.com.

[kushal mukhoti]

The subject matter of the discussion mainly was the non-acceptance of Form 15G/15H by SBI online where the reported aggregate income crosses 3/5 lakhs. I am a super senior citizen and entitled to get relief under section 197 A(1C). I reported my aggregate income in Form 15H as Rs. 6 lakhs, Notwithstanding the fact that the tax-free limit is 7 lakhs under the new tax regime, the system did not accept my Form 15H. I am attaching the rejection message for your perusal. The other bank from where I retired and receiving pension accepted the form. 

Before submitting the form I forgot that I need not submit the form as the bank will not be able to deduct any tax as my estimated income from the fixed deposit with them will be much less than Rs. 50,000/-.But, I am a little apprehensive, still. 

To view this discussion on the web visit https://groups.google.com/d/msgid/bankpensioner/CALz2HejWCfVbzsLQwyWNY3MMb9T158LocObtfkuxd2MM9-GDFQ%40mail.gmail.com.