The Introduction – Form 15h is an important document that is used to declare that the individual is not liable to pay tax on their income. It is a declaration of non-taxability that is required to be submitted to the Income Tax Department.
This guide will provide an overview of what Form 15h is, its meaning and definition, and how to download it. With this information, individuals can better understand the requirements and make sure they are in compliance with the Income Tax Department.
Table of Content
- Table of Content
- The Overview
- A Simple tax savings Example for senior-citizens by filling out Form 15H
- What is Form 15H? The Means And Purpose
- Who is Eligible to File Form 15h
- How to Download Form 15h and What Documents Are Required?
- How to Fill Out Form 15H
- Common Mistakes to Avoid
- Recent Biography And Definitions
- Conclusion
The Overview
Form 15h is a declaration made by individuals over the age of 60 to claim tax exemption on the interest earned from fixed deposits. It can be downloaded from the Income Tax Department website and is a simple process. It is important to understand the meaning of Form 15h and its implications before downloading.
In order to be eligible to submit Form 15H, the individual must be a senior-citizen (60 years or above) and must not have any taxable income in the relevant financial year. The total interest earned in the financial year must also not exceed the basic exemption limit of Rs. 2,50,000.
| Key Points | Description |
|---|---|
| Form Full Name | FORM NO. 15H [See section 197A(1C) and rule 29C] |
| Purpose | To reduce TDS (tax deducted at source) burden on interest earned from fixed deposits (FD) and recurring deposits (RD) investments. |
| Eligibility | Can be submitted by senior-citizens aged 60 years or above. |
| Where to get | Available on the Income Tax Department website. |
| Validity | Valid for the financial year submitted; new form required each subsequent year. |
| Preventing TDS | By submitting Form 15H, individuals/HUFs avoid unnecessary tax deductions on interest income. |
| How to fill | Complete the form and submit it to your bank or financial institution. |
| Benefits | TDS will not be deducted on interest earned from FDs and RDs held by senior-citizens who submit Form 15H. |
A Simple tax savings Example for senior-citizens by filling out Form 15H
| Interest earned on FD | TDS deducted without Form 15H | TDS deducted with Form 15H |
|---|---|---|
| Rs. 10,000 | Rs. 200 | Rs. 0 |
| Rs. 20,000 | Rs. 400 | Rs. 0 |
| Rs. 30,000 | Rs. 600 | Rs. 0 |
What is Form 15H? The Means And Purpose
Form 15H is a declaration form that is used by senior-citizens in India to avoid the deduction of TDS (tax deducted at source) from their income. It is a self-declaration form that can be used by individuals who are over 60 years of age and have a taxable income that is below the exemption limit.
| What is? | Description |
|---|---|
| Purpose | The purpose of Form 15H is to ensure that People older than 60 do not have to pay any taxes on their income if it is below the exemption limit. This form is beneficial for senior-citizens as it helps them save on taxes and ensure that their income is not subject to any deductions. |
| Tax Savings on Income | it can be used by senior-citizens who are earning income from sources such as interest on fixed deposits, bank savings, pensions, and other investments. It is important to note that Form 15H is only applicable to individuals and not to Hindu Undivided Families (HUFs). |
| Fill Out The Form | To file Form 15H, the individual must provide details such as their name, address, date of birth, PAN number, and source of income. They must also provide their estimated total income for the financial year and the amount of tax that they expect to pay. |
| benefits | It helps senior-citizens save on taxes as they do not have to pay any tax on their income if it is below the exemption limit. It also helps them avoid the hassle of filing tax returns and other paperwork |
Who is Eligible to File Form 15h
| Eligibility | Information |
|---|---|
| Resident Individuals | Resident individuals who are 60 years of age or above during the financial year. |
| Hindu Undivided Families (HUFs) | Karta (Head of the HUF) age 60 years or above during the financial year. |
| Income Criteria | Taxable income should not exceed the basic exemption limit specified by the Income Tax Act. |
To be eligible to file Form 15H, the individual must be a senior-citizen (over the age of 60 years). The form must be filled out and submitted to the bank or financial institution from where the interest is being earned. It is important to note that Form 15H cannot be used to claim tax exemption on any other income other than the interest earned from savings.
The rules for filing Form 15H are fairly simple. The individual must fill out the form and submit it to the bank or financial institution from where the interest is being earned. The form must be signed and dated by the individual. The form must also be accompanied by a self-attested copy of the individual’s PAN card.
Once the form is submitted, the bank or financial institution will deduct the tax on the interest earned as per the applicable rates. However, if the individual has submitted Form 15H, the bank or financial institution will not deduct any tax on the interest earned.
It is important to note that Form 15H can be filed only once in a financial year. The individual must submit a new form each year if they wish to claim tax exemption on the interest earned from their savings
How to Download Form 15h and What Documents Are Required?
In order to download Form 15H, you will need to visit the website of the Income Tax Department of India. Once you are on the website, you will need to select the “Forms” tab and then select “Form 15H” from the drop-down menu. You will then be able to download the form in either PDF or Word format.
Once you have downloaded the form, you will need to fill it out accurately and completely. You will need to provide your personal information such as your name, address, date of birth, and PAN number. You will also need to provide information about your income, such as your salary, pension, and any other sources of income.
In addition to the Form 15H, you will also need to provide certain documents to the Income Tax Department
| # | Documents Required |
|---|---|
| 1 | Proof of Age |
| 2 | PAN card |
| 3 | bank statements |
| 4 | Income Calculation |
| 5 | Form 15H |
| 6 | Identification Proof |
| 7 | Address Proof |
| 8 | Bank Account Details |
| 9 | Other Supporting Documents |
| 10 | If you are a pensioner, you will also need to provide proof of your pension. |
How to Fill Out Form 15H
The first step is to get a copy of Form 15H from the Income Tax Department. The form can be downloaded online or obtained from the nearest Income Tax Office. Once you have the form, you should read the instructions carefully before you start filling it out.
- The first section of the form requires you to enter your personal details, such as your name, address, PAN number, and date of birth. You should also enter your bank account details, such as the account number, bank name, and branch.
- The next section requires you to enter your income details. This includes your income from salary, pension, interest, and other sources. You should enter the total amount of interest you have earned in the financial year.
- In the third section of the form, you need to enter the amount of tax you are liable to pay. This is calculated based on your total income and the applicable tax rate.
- The fourth section requires you to enter the amount of tax you are eligible to claim as a deduction. This is the amount that you can claim as a deduction from your total income.
- Sign the form in the space provided.
- Submit the form to your bank or financial institution.
Common Mistakes to Avoid
- Not submitting on time: Form 15H must be submitted before the due date of filing income tax returns. Late submission of Form Number 15H can result in a penalty or interest being charged on the tax amount.
- Not providing accurate information: It is important to provide accurate information while filing Form 15H. Any wrong information provided can lead to the rejection of the form.
- Not providing all the required documents: it requires certain documents to be submitted along with it. These documents include A PAN card, age proof, and bank account details. Failing to provide these documents can lead to rejection of the form.
- Not signing the form: Form 15H must be signed by the applicant in order to be considered valid. Failing to sign the form can lead to rejection of the form.
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Conclusion
Form 15h is an important document for senior-citizens to submit to their financial institutions in order to avoid tax deductions on their interest income. It is important to understand the meaning and definition of Form 15h and how to download it in order to ensure that your interest income is not unnecessarily taxed.
This guide has provided helpful information on what it is, how to download it, and how to fill it out correctly. We hope this guide has been helpful in understanding the meaning and definition and how to download it.
