Form 15H

What is Form 15H?

Form 15H is a self-declaration form submitted by senior citizens aged 60 years or above to reduce the TDS burden on the interest earned on FDs and RDs investments. Under existing rules, TDS is deducted from the bank FDs and RDs owned by senior citizens.

Form 15H is useful for people with an income from deposits. This form should be submitted at the beginning of the year so as to avoid the situation where the bank has already deducted the tax before the submission of the form.

Eligibility for Form 15H

• The person should be an individual for the assessee and not any organization or entity
• Should be an Indian citizen living in India
• Should be of a minimum of 60 years
• Tax liability for the assessee for the existing financial year should be NIL.

Also, See: Form 15G