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Form 15H

What Is Form 15H?

Form 15H is a self-declaration form 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
• The total tax liability should be nil for the relevant financial year

Even if the total income exceeds the basic exemption limit, if the final tax payable (after deductions) is zero, Form 15H can still be submitted.

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.

Details Required in Form 15H

The form requires the following information:

• Full name and PAN
• Residential status
• Previous year (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.
• 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.

Validity and Renewal

Form 15H is valid only for the financial year in which it is submitted. To continue availing the TDS exemption, the form must be resubmitted every financial year if the individual continues to meet the eligibility criteria.