What is Form 15H in Income Tax: How to Download and Fill Form 15H

  • Author :
  • TATA AIG Team
  • Published on :
  • 21/11/2023

In today’s fast-paced world, navigating swiftly through the changing tax regimes and laws can be overwhelming. With so many tax payables and deductions, knowing the best way forward, especially as a senior citizen, can be challenging.

For any senior citizen, it is necessary to know all about Form 15H and how it helps reduce their tax liabilities to enjoy a stress-free second innings.

Form 15H is a tool that helps senior citizens avoid many TDS deductions on their earned income.

In this blog, you will learn about Form 15H, Form 15H eligibility, how to download and fill up Form 15H, and much more.

All About Form 15H in Income Tax

For clarity about the 15H Form meaning, it is a self-declaration form that can be submitted by any senior citizen in India who is 60 years or older to receive tax liability relief on interest payments if the sum of the payments is more than ₹50,000.

These interest payments can be of any category, including investments in recurring or fixed deposits, a popular financial tool for senior citizens. With the Form 15H, they receive all interest payments in full, without any TDS or other tax deductions, increasing their financial capacity.

It is a government-devised form that allows senior citizens to benefit from reduced tax burden if the total earned income is below the taxable limit.

Eligibility of Form 15H

To submit Form 15H successfully, you must know the eligibility criteria, which include the following.

The Form 15H eligibility is limited to only senior citizens residing in India

Only senior citizens above the age of 60 can submit this form

The senior citizen submitting the form should have an annual income total as NIL for the year of submission

Any individual submitting the Form 15H should have a valid PAN identification

Key Uses of Form 15H

Form 15H for PF withdrawals

Most EPF withdrawals done before the set period of 5 years within the same organisation attract TDS deductions.

However, for senior citizens, if the cumulative fund is more than ₹50,000 before 5 years and they want to withdraw the money for expenses, they can submit Form 15H to avoid TDS deductions on their EPF balance.

The only thing to remember is that the total earned income, including the EPF balance amount, should not reach the taxable income bracket or attract any other tax liability.

Form 15H for Interest payments for bank FD/RD

One of the most popular financial tools for senior citizens is investments in bank FD/RD. Both fixed and recurring deposits attract an interest payment that adds up to the earned income of the senior citizen.

To avoid tax deductions on these interest payments, they can submit Form 15H to the respective banks or financial institutions.

Form 15H for Post Office Deposits

Form 15H for senior citizens for post office online deposits is an effective way to skip TDS deductions on their generated income. The authority to deduct TDS is limited to some digitised post offices that allow senior citizens to deposit and save money.

However, based on eligibility, senior citizen applicants can submit Form 15H and enjoy tax-free income.

How to Complete Form 15H Download?

To download the Form 15H, follow the step-by-step process mentioned below.

Go to the official website of the Income Tax Department

Find and select the section labelled “Tax Laws and Rules” and choose “Income Tax Forms” mentioned under the “Forms/Downloads.”

Next, scroll down on the page till you locate the “Form 15H” download option.

Click on the PDF option on the left of Form 15H and download the PDF file on your computer/laptop to complete the 15H Form fill-up.

You can also download the Form 15H from many official and authorised bank websites.

Steps to Fill out Form 15H

The form is divided into 2 parts. The first part needs to be filled out by the senior citizen applicants, and the second part is to be filled by the bank authorities or any other deductee that wants to apply TDS deductions on the earnings.

To fill out Part 1 of Form 15H, follow these detailed instructions.

Personal Details- The first part of the information that is needed is the personal information of the applicant. This includes name, age, residential address and status, PAN number, and other required details.

Assessment Year- You need to mention the year of assessment for which you are declaring.

Next, enter the total estimated income for the mentioned assessment year and the year before that.

Add the taxable income from the previous year.

Mention all specifications of the income sources like salary, stipend, interest incomes, etc.

Mention the number of Form 15H submissions in the past.

You also need to mention all the different reasons behind submitting Form 15H.

End it by adding your signature to confirm the information shared is accurate.

You can also find the Form 15H filled sample on the official website of the Income Tax Department if you are unsure about any of the information required.

Ways to Submit Form 15H

To submit Form 15H, the most common way is to download and fill the form with relevant details and then submit it to the bank or financial institutions where the applicant has an active deposit or interest payment source.

Some banks also allow online submission via their official website portal. All you need to do is upload the filled-out form after a proper scan and submit it. However, it is important to research and ensure that it is valid and easy to follow before opting for this option.

Correlation Between Health Insurance Plan and Form 15H

Investing in the right medical insurance plan is crucial for efficient financial planning for a better future. You can find some of the best health insurance plans with Tata AIG, that offer top-notch service and benefits with cost-effective plans.

A health insurance policy does not directly impact Form 15H for senior citizens. However, given that it helps people above the age of 60 to request no TDS deductions on interest payments and other sources of income, it plays a vital role in deciding on the submission of this form.

Simply put, any health insurance plan premium payment is part of the overall financial situation of an individual. So, for senior citizens to plan their taxable income carefully, investments made towards health insurance policies must be considered when assessing their total income and whether to submit Form 15H to request no TDS deductions on their total income.

Conclusion

Form 15H is an important tool for senior citizens to avoid unnecessary tax deductions on their minimal income below the threshold level.

The key is understanding all the tax benefits available with the correct and timely submission of Form 15H. Then, assess the eligibility criteria and the earned income to proceed to download and fill this form properly to submit it to the respective banks and other financial institutions.

For senior citizens, Form 15H is a great financial assistance tool for improved tax planning. It is important to remember that the best way not to forget your submission of Form 15H is to submit it at the beginning of each year, i.e. 30th April of the respective year.

Be aware, know your options, and safeguard your financial resources with Form 15H today.

FAQS

What is the last date to submit Form 15H for this quarter?

The last date to submit Form 15H for 1st October 2023 to 31st December 2023 is 15th January 2024. For all quarters except the January to March quarter, the due date is the 15th of the next month after the quarter. For the January to March quarter, the due date is the 30th of April every year.

Do I have to submit Form 15H every time, or is it a one-time submission?

The Form 15H is only applicable for one financial year. Therefore, it is important to submit it every year to avoid tax deductions on earned income.

Is there any penalty for submitting Form 15H later than the deadline?

As per the rules, a penalty or fine of ₹100 is applicable for each day after the due date till you submit the Form 15H.

Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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