“Form 15H”

Overview Form 15H

Form 15H, or the TDS (Tax Deducted at Source) Declaration Form by Senior Citizens, is a declaration form required to be filled by individuals above the age of 60 who want to avoid TDS deductions on their interest income from Fixed Deposits (FD) and Government Securities. Filing Form 15H enables the bank to exempt senior citizens from TDS deductions on fixed deposits, saving them the effort of filing for a tax refund from the Income Tax Department.

Purpose and Usage of Form 15H

Form 15H can be used to prevent the deduction of TDS. By filing Form 15H, senior citizens above 60 years of age can submit a self-declaration to be eligible for income tax exemption from interest income received from the bank on FD and other investments.

Information Required in Form 15H

Form 15H requires the basic personal information such as your name, address, and PAN, as well as the amount on which tax needs to be exempted. You must also mention whether the amount of interest received in a year exceeds the basic exemption limit of the financial year.

FAQs

Who is eligible for Form 15H?

Form 15H is applicable to Indian citizens both resident and non-resident who are above the age of 60 years.

What is Form 15H Exemption?

Form 15H is a declaration form that can be filed periodically by senior citizens to exempt them from TDS deductions on their interest income from investments such as FDs and Government Securities.

Is Form 15H Mandatory?

No, Form 15H is not mandatory. However, filing Form 15H enables the bank to exempt senior citizens from TDS deductions on their interest income from FDs and Government Securities.

Also See: Form 15G