Are you looking to save on taxes? Form 15 H might be the answer you’re looking for. This form allows individuals to declare that they have no taxable income, thus exempting them from TDS deductions.
Form 15 H is especially useful for senior citizens who rely on interest income from fixed deposits. By submitting this form to their bank, they can avoid having TDS deducted from their interest earnings, increasing their take-home amount.
What Is Form 15 H
What Is Form 15 H
Form 15 H is a self-declaration form filed by individuals above the age of 60 to declare that their total income for the year is below the taxable limit. This form helps them avoid TDS deductions on their interest income.
To be eligible to submit Form 15 H, the individual must be a resident Indian and their total income, including interest income, should be below the taxable threshold. Banks typically require this form to be submitted at the beginning of the financial year.
It’s important to note that submitting Form 15 H does not exempt individuals from paying taxes altogether. It simply exempts them from having TDS deducted at the source. They are still required to file their income tax returns if their total income exceeds the taxable limit.
In conclusion, Form 15 H can be a valuable tool for senior citizens and individuals with no taxable income to save on TDS deductions. By submitting this form to their banks, they can ensure that they receive their interest income in full, without any deductions.
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