Do you know Indian residents over 60 years of age need to submit Form 15H provided their tax liability is below exemption limit?
Since this form is valid for one financial year, it is important to submit it on time. In addition, this will ensure that a bank doesn’t deduct any TDS on interest income.
Keep scrolling to know important facts about this form, its uses, and how to fill Form 15H.
Form 15H is a self-declaration statement submitted by senior citizens above 60 years above for non deduction of TDS. This is a request to reduce the TDS burden on interest earned on recurring deposits or fixed savings when the total income of an assessee does not exceed the taxable limit.
The Indian government allows TDS exemption on interest earned from savings by a senior citizen. TDS is deducted when the annual interest income from these deposits exceed ₹ 50,000.
Individuals need to furnish Form 15H to a deductor before interest payment for the applicable financial year. 15H Form is used for stating that the income earned in the preceding year doesn’t fall in a taxable income bracket.
The steps for downloading the form are-
You can also check websites of financial institutions offering similar services to make the job simpler.
You can download and print the number of copies required. Then, a senior citizen applicant has to fill this form and submit it to the respective bank or authority.
Here are the steps on how to submit 15H Form after filing.
Part 1 . A senior citizen needs to fill the form with relevant details. This includes-
Name of an applicant
PAN details
Residential status and address
Birth date
Financial year about the mentioned income
Contact information, etc.
Enter ‘Yes’, if a senior citizen has been assessed in any of the years, before the mentioned assessment year
Mention the total income for which an applicant wants to submit their declaration.
Mention the estimated total income of the current year and estimated income of the previous year.
Exact number of forms filled by an applicant with total income pertaining to which this declaration is filled.
Details of income for which the declaration is filed.
Signatures of the assessee.
The next part of this form is for declaration/verification made by the assessee that he is resident in India. He also has to declare that the information provided here is correct to the best of his knowledge and belief and tax on his aggregate income computed in accordance with the provisions of the IT Act, 1961 will be nil for the previous year.
Now let’s check what the other uses of the 15H form are.
The Form 15H is useful in many areas. The list explains them in detail.
Senior Citizens should also check the last date for submitting Form 15H for respective reasons. This will ensure all the parameters are fulfilled and there are no errors in TDS payment.
These are some parameters that need to be checked before proceeding with the submission of Form 15H
Senior Citizens with an income below the exemption limit as per the Income Tax Act must submit this form.
The rules for the same are as follows -
This is some important information on Form 15H for income tax exemption. Form 15H must be deposited at the beginning of the financial year, each year otherwise the income provider will be liable to deduct the TDS. The last date to submit Form 15H this year is 15th July 2023. Hence, keeping a tab on the updates and rules is essential to submit this form on time.
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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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