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Form 15H
What Is Form 15H?
Form 15H is a self-declaration form usually submitted by senior citizens in India (individuals aged 60 years or above) to ensure that no Tax Deducted at Source (TDS) is applied on their income, particularly from interest. It is used when the total income of the individual is below the taxable limit, and thus, no tax is payable.
Submitting Form 15H allows eligible senior citizens to receive full interest income without deductions, helping them manage their finances more efficiently without needing to claim tax refunds later.
Who Can Submit Form 15H?
To be eligible to submit Form 15H, an individual must meet all of the following conditions:
- Be a resident Indian
- Be 60 years or older during the financial year
- Have no taxable income after claiming all deductions and exemptions
- Total tax liability should be nil for the relevant financial year
Even if your total income exceeds the basic exemption limit, Form 15H can still be submitted as long as the final tax payable after deductions is zero. For individuals below 60, the equivalent form is Form 15G.
When and Where Is Form 15H Used?
Form 15H can be submitted to prevent TDS on:
- Interest income from fixed deposits, recurring deposits, or savings accounts
- EPF withdrawals before completing 5 years of service
- Corporate bond interest
- Post office deposit interest
- Rental income, in certain cases where TDS is applicable
It must be submitted to the payer of income, such as a bank, EPFO, or financial institution.
What Details Are Required in Form 15H?
The form requires the following information:
- Full name and PAN
- Residential status
- Previous year (the financial year for which the form is submitted)
- Estimated total income for the year
- Details of income for which the declaration is made
- Past declarations made (if any) and details of other institutions where submitted
- Declaration that the tax on total income is nil
- Signature of the declarant
PAN is mandatory for submission. Without a PAN, TDS will be deducted at 20% even if Form 15H is submitted.
How to Submit Form 15H?
- Online: Most banks and financial institutions allow digital submission through net banking.
- Offline: Can be submitted in person by filling out a physical copy at the branch or institution.
- Timing: Must be submitted at the beginning of the financial year or before the first interest payout.
Each source of income (e.g. different bank branches) may require a separate submission.
How Does TankhaPay Help Employees and Businesses?
Platforms like TankhaPay enable companies to ease the process of payroll management, employee documentation, statutory compliance, and tax processing.
For employees and senior citizens maintaining their salary records, an organised payroll system makes tax declarations much easier and provides clear visibility of salary and income details. For HR and payroll compliance teams, computerised systems assist in reducing errors and maintaining accurate records.
As payroll and tax regulations continue evolving, automated workforce management platforms help businesses maintain greater operational efficiency and compliance accuracy.
FAQs
What is the purpose of Form 15H?
Form 15H is used by senior citizens to request non-deduction of TDS on eligible income when their total tax liability for the financial year is nil.
Who can submit Form 15H?
Only resident Indians aged 60 years or above can submit Form 15H if they meet the required tax eligibility conditions.
What is the difference between Form 15G and Form 15H?
While Form 15G is for individuals whose age is less than 60 years, Form 15H is for senior citizens who are 60 years old or older.
Is a PAN required for filling out Form 15H?
PAN is necessary for filing Form 15H. The absence of PAN will result in a deduction of TDS from the payment at a higher rate.
What if Form 15H is not submitted?
In case Form 15H is not filed before the date of payment, then the bank might deduct TDS from the interest earned.
