Download 15H Form Online: A Guide for Senior Citizens to Save TDS on Interest Income
How to Download Form 15H and Save TDS on Interest Income
If you are a senior citizen who earns interest income from fixed deposits or recurring deposits, you may want to avoid the deduction of tax at source (TDS) by the bank or financial institution. One way to do that is by submitting Form 15H, which is a self-declaration form that states that your total income is below the taxable limit and you are not liable to pay any tax. In this article, we will explain what is Form 15H, how to download it, how to fill and submit it, and how it differs from Form 15G.
What is Form 15H?
Form 15H is a declaration form that can be submitted by an individual who is of the age of 60 years or more, i.e., a senior citizen, to request the bank or financial institution not to deduct TDS on the interest income earned from fixed deposits or recurring deposits. The form can be submitted only if the tax liability of the individual for the financial year is nil and the total interest income does not exceed the basic exemption limit.
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Eligibility criteria for Form 15H
To be eligible for submitting Form 15H, you must meet the following criteria:
You must be a resident individual of India.
You must be 60 years or above in age.
Your tax liability for the financial year must be nil.
Your total interest income for the year must be less than the basic exemption limit. For the financial year 2020-21, the basic exemption limit for senior citizens (60 years or above but less than 80 years) is Rs. 3 lakh and for super senior citizens (80 years or above) is Rs. 5 lakh.
Benefits of Form 15H
Some of the benefits of submitting Form 15H are:
You can save TDS on your interest income and avoid the hassle of filing an income tax return to claim a refund of the excess TDS deducted by the bank.
You can enjoy the full amount of interest income without any deduction.
You can submit Form 15H online through the bank's website or offline at the branch.
How to Download Form 15H?
There are two ways to download Form 15H: online and offline.
Online method
You can download Form 15H from the Income Tax Department's website or from your bank's website. Here are the steps to download Form 15H from the Income Tax Department's website:
Visit
Scroll down to find Form No. : 15H under Frequently Used Forms (Income tax Rules).
Click on PDF Fillable Form to download Form 15H in PDF format.
Open the downloaded file and fill in the required details.
Offline method
You can also collect Form 15H from your bank branch where you have your fixed deposit or recurring deposit account. You can ask for a printed copy of the form from the bank staff or use a photocopy machine to make a copy of the form available at the branch. You can then fill in the required details on the form.
How to Fill and Submit Form 15H?
To fill and submit Form 15H, you will need some details such as your name, PAN, address, date of birth, email ID, phone number, bank account number, branch name, interest income amount, etc. Here are the steps to fill and submit Form 15H:
Details required for Form 15H
Form 15H has two parts: Part I and Part II. Part I is to be filled by the individual who is claiming the benefit of no TDS deduction. Part II is to be filled by the bank or financial institution that is responsible for paying the interest income. The details required for Form 15H are as follows:
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Name of the individual as per PAN card.
PAN of the individual.
Declaration in Form No. 15H under section 197A(1C) of the Income-tax Act, 1961 to be made by an individual who is of the age of sixty years or more claiming certain incomes without deduction of tax.
Previous year (for which declaration is being made).
Residential status (Resident/Non-resident).
Flat/Door/Block No., Name of Premises/Building/Village, Road/Street/Lane/Post Office, Area/Locality, Town/City/District, State, PIN.
Email ID and phone number.
Whether assessed to tax under the Income-tax Act, 1961. If yes, latest assessment year for which assessed.
Estimated income for which this declaration is made.
Estimated total income of the previous year in which income mentioned in column 9 to be included.
Details of Form No.15H other than this form filed during the previous year, if any. (Total No. of Form No.15H filed and Aggregate amount of income for which Form No.15H filed)
Details of income for which the declaration is filed (Identification number of relevant investment/account etc., Nature of income, Section under which tax is deductible, Amount of income).
Signature of the declarant.
Steps to fill and submit Form 15H
The steps to fill and submit Form 15H are as follows:
Download or collect Form 15H from the Income Tax Department's website or your bank's website or branch.
Fill in Part I of the form with the required details as mentioned above.
Verify the details and sign the declaration at the end of Part I.
Submit the form to your bank or financial institution either online through their website or offline at their branch.
The bank or financial institution will fill in Part II of the form with their details such as name, branch, TAN, etc. and issue an acknowledgment slip to you.
The bank or financial institution will also send a copy of the form to the Income Tax Department for their records.
Difference between Form 15G and Form 15H
Form 15G and Form 15H are both declaration forms that can be used to avoid TDS deduction on interest income from fixed deposits or recurring deposits. However, there are some differences between them based on the eligibility criteria, age limit, and basic exemption limit. The following table compares Form 15G and Form 15H:
ParameterForm 15GForm 15H
EligibilityIndividuals below 60 years of age or Hindu Undivided Families (HUFs)Individuals who are 60 years or above in age (senior citizens)
Tax liabilityThe tax liability for the financial year must be nilThe tax liability for the financial year must be nil
Total interest incomeThe total interest income for the year must be less than the basic exemption limitThe total interest income for the year can be more than the basic exemption limit but should not exceed Rs. 5 lakh
Basic exemption limitFor individuals below 60 years of age: Rs. 2.5 lakhFor individuals between 60 and 80 years of age: Rs. 3 lakhFor individuals above 80 years of age: Rs. 5 lakhFor senior citizens (60 years or above but less than 80 years): Rs. 3 lakhFor super senior citizens (80 years or above): Rs. 5 lakh
Conclusion
Form 15H is a useful tool for senior citizens who want to save TDS on their interest income from fixed deposits or recurring deposits. By submitting Form 15H, they can declare that their total income is below the taxable limit and they are not liable to pay any tax. Form 15H can be downloaded from the Income Tax Department's website or the bank's website or branch. It can be filled and submitted online or offline to the bank or financial institution that pays the interest income. Form 15H is different from Form 15G, which is meant for individuals below 60 years of age or Hindu Undivided Families (HUFs). The eligibility criteria, age limit, and basic exemption limit for Form 15G and Form 15H are different.
FAQs
Here are some frequently asked questions about Form 15H:
Q: How many times do I need to submit Form 15H?A: You need to submit Form 15H once in a financial year for each bank or financial institution where you have your fixed deposit or recurring deposit account. You should submit the form at the beginning of the financial year or before the fi