Form 15H is a self-declaration form that can be submitted by a resident individual of India who is 60 years of age or more to claim exemption from tax deduction at source (TDS). By submitting Form 15H to the payer, individuals can request that no tax be deducted from their interest income from fixed deposits, recurring deposits, or other similar interest-earning instruments for a particular financial year.

Eligibility for Using Form 15H

  • An Individual must be a tax assessee, not an entity or an organization.
  • An Individual must be an Indian citizen residing in India.
  • An Individual must be at least 60 years of age on the 1st day of the financial year for which they are claiming exemption.
  • Individual tax liability for the applicable financial year must be nil.

Uses of Form 15H 

Here are the primary uses of Form 15H:

  1. Avoiding TDS: Form 15H allows senior citizens to submit a declaration to banks, financial institutions, or other entities that deduct TDS. By submitting this form, individuals can request that no tax be deducted at source on their interest income if they meet specific criteria.
  2. Interest Income: Senior citizens who earn interest from fixed deposits, recurring deposits, or other interest-bearing investments can use Form 15H to ensure that TDS is not deducted from their interest earnings. This is particularly beneficial if their total income is below the taxable threshold.
  3. Tax Exemption: By submitting Form 15H, senior citizens can declare that their total income for the financial year is below the taxable limit and claim exemption from TDS on interest income.
  4. Avoiding Tax Compliance: Form 15H eliminates the need for senior citizens with no taxable income or income below the taxable limit to file income tax returns solely to claim a refund of TDS.

How to fill form 15H

Here are the steps on how to fill Form 15H:

  1. Download Form 15H from the Income Tax Department website.
  2. Enter your name, PAN number, date of birth, and address.
  3. Enter the amount of interest income you expect to earn in the current financial year.
  4. Enter ‘Yes’ if a senior citizen has been assessed in any of the years, before the assessment year mentioned.
  5. Declare that your total income for the previous financial year was below the taxable limit.
  6. Submit the form to the bank or financial institution where you have the investment.

What Is the Form 15H Exemption Limit?

  1. The tax exemption limit for individuals below 60 years of age was INR 2.5 lakh.
  2. The exemption limit for senior citizens aged 60 years or above but below 80 years was INR 3 lakh.

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