What is Form 15H ?
Form 15H is a self-declaration form submitted by senior citizens (individuals aged 60 years or older) in India to request non-deduction of Tax Deducted at Source (TDS) on their income. It is used when the total taxable income is below the basic exemption limit, ensuring no TDS is deducted on specified incomes like interest from bank deposits.
Purpose of Form 15H:
To avoid TDS on interest income or other eligible incomes for senior citizens.
It helps in maintaining cash flow for individuals who are not liable to pay income tax.
Eligibility Criteria for Filing Form 15H:
Age: The individual must be a senior citizen, i.e., aged 60 years or older during the financial year.
Residency: Must be a resident of India.
Income: The total taxable income for the financial year must be below the basic exemption limit.
Common Uses of Form 15H:
Interest Income: On fixed deposits, recurring deposits, or savings accounts.
EPF Withdrawal: To avoid TDS on premature withdrawals (before 5 years of service) if applicable.
Income from Bonds or Securities: To prevent TDS on income from investments.
Post Office Deposits: Interest from Senior Citizen Savings Schemes (SCSS) and other post office schemes.
Information Required in Form 15H:
Personal Details: Name, PAN (Permanent Account Number), address, and date of birth.
Income Details: Estimated total income for the financial year.
Declaration: Confirmation that the total income is below the taxable limit and that no TDS should be deducted.
Submission of Form 15H:
Where to Submit: Submit the form to the bank, post office, or financial institution generating the income.
How to Submit: Available both offline (in-person submission) and online (through bank or institution portals).
Validity:
The form is valid for the financial year in which it is submitted.
A fresh Form 15H must be submitted at the start of each financial year if required.
Difference Between Form 15H and Form 15G:
Form 15H: Specifically for senior citizens (60 years or older).
Form 15G: For individuals below 60 years of age or HUFs with income below the taxable threshold.
Importance:
Form 15H is a convenient tool for senior citizens to avoid unnecessary TDS deductions, ensuring that their limited income is not blocked as tax when they are not liable to pay any.