What is Form 15H, Meaning & How to Fill Form 15H for Senior Citizens?

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.

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What Is 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.

What Are the Steps for Income Tax 15H Form Download?

The steps for downloading the form are-

Step 1: Visit the e-Filing portal. Select “Offline Utilities” from the “Downloads” option.
Step 2: Click on the available download link and extract the ZIP file.
Step 3: On the redirected page, update the required fields and generate XML. Next, upload a generated XML file at the e-Filing website.
Step 4: Go to the e-File menu and select “Submit Form 15H”. Select a financial year, form name, quarter, and filing type. Click on “Validate”.
Step 5: Finally, attach the XML and DSC file and click on “Submit”.

You can also check websites of financial institutions offering similar services to make the job simpler.

How to Fill in and Submit Form 15H?

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.

Uses of Form 15H

The Form 15H is useful in many areas. The list explains them in detail.

TDS on Income from Corporate Bonds - TDS is applicable on income exceeding ₹5,000 earned from corporate bonds. An individual needs to submit Form 15H to an issuer to place a request for no TDS deduction. However, certain specified criteria need to be fulfilled. Therefore, it is recommended to check when to submit Form 15H to streamline the process.
TDS on the Interest Income from Fixed Deposits - This form aids a senior citizen in saving taxes on interest from recurring deposits and fixed deposits from the bank when his total income does not exceed the taxable limit.
TDS on EPF Withdrawal - Ideally, TDS is levied on Employee Provident Fund balances when withdrawn before completing five years of service at a company. However, if an individual has a balance of ₹ 50,000 or above, the government allows exemption. You are liable to submit this form to avoid the deduction of TDS on the EPF balance. Before submitting the 15H Form online for the said reason, check the eligibility factors thoroughly. The EPF balance shouldn’t fall in the specified tax bracket.
TDS on Income from Deposits In Post Offices - Senior Citizens can submit Form 15H to the Post Office who deducts TDS on income from deposits in respective branches. Hence, they can request to avoid TDS deduction if the criteria are fulfilled.
TDS on Rent - You should be aware that rental payments exceeding ₹1.8 lakh in a year are liable for TDS. A Senior Citizen can submit Form 15H to his/her tenants and request them to avoid TDS reduction. However, you must check that the tax paid on the total income of the previous year is nil.

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.

What Is Form 15H Eligibility Criteria?

These are some parameters that need to be checked before proceeding with the submission of Form 15H

Applicants should be an Indian resident
He/she should be an individual tax assessee, not an organisation
An individual should be at least 60 years old or above
The tax liability of an assessee should be nil for a financial year.

What Is the Form 15H Exemption Limit?

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 -

Tax exemptions are applicable for individuals below 60 years and an income of ₹2.5 lakh
Individuals above 80 years with no tax liability and income from savings upto ₹5 lakh can submit Form 15H to the respective bank.
People who fall in the age bracket of 60 to 80 and have an income of ₹3 lakh are also exempted from tax.

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.

FAQs about Form 15H in Income Tax

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Do I need to submit Form 15H at a bank?

Yes, you have to submit Form 15H at your respective bank.

Is it mandatory to submit Form 15H directly to the income tax department?

No, you don’t need to submit these forms directly to the income tax department. Instead, you can do it via a deductor.