Sometimes it’s quite troublesome to fill the income tax form if you aren’t that familiar with the jargon and technicalities that are involved in it. But a little help can go a long way, so this blog will be helpful for all the senior citizens who need to know and fill Form 15H. This Form 15H needs to be filled and submitted at the beginning of every financial year. To avoid TDS on the interest income it’s done.
So, here’s all you need to know about Form 15H and How to fill the Form 15H-
What is Form 15H?
Form 15H will help you save money from TDS deductions on the interest income you have earned from fixed deposits. You can also opt for a fixed deposit either through banks or non-banking financial institutions. Fixed deposits with NBFCs can get you a higher rate of interest every year which makes it more appealing than a regular fixed deposit in a bank.
Form 15H is required to be submitted in banks or post offices that offer their services online. Few banks also offer the facility to submit Form 15H digitally.
If Form 15H is not submitted towards the beginning of the financial year then the bank will deduct TDS on the interest income that you have earned. Here is the structure of Form 15H and the details that have to be filled in:-
- Name, Age, Vocation, and other basic details
- Information Related to Investment
- Money Invested
- Investments Timeline
- The estimated amount of Return
- Assessment of Previous Year
- Dividends earned information
- Interest applicable to your investments
Conditions to fulfil and submit your Form 15H
- You have to be an Indian Citizen.
- Consortia or Businesses cannot submit this form.
- You will have to be 60 at the time of submitting the form.
- No Tax burden on your total income.
These are the primary details that one must follow before submitting Form15H. As this form is aimed at providing tax relief to senior citizens you will have nil monthly income so by helping you save the tax on the interest income earned through fixed deposits. This form will help you reduce your tax liability in different cases too.
Requirements to fill Form 15H
- One must have a PAN card, in case if you don’t have it 20% of tax deduction will be done.
- Whatever documents you have submitted keep it safe because in case if any issue occurs with the financial entity then these documents will be required in terms of proof.
- Submit all the details that you have submitted with other banks.
With these pointers, it will be helpful for all the senior citizens to fill the Form 15H easily. Just remember all the important points which have been discussed above and submit your Form 15H at the beginning of the financial year to minimize your savings.