15h Form

Form 15H effectively assists individuals in lowering the amount of money they pay in taxes. The income tax department essentially has a set of rules and regulations that apply to taxpayers and assist them save money!

Money has a significant impact on our lives, setting the rules and paving the way for how they will develop. Earning money is difficult in and of itself, but earning money after a certain age might be difficult. Most of us choose to invest during our prime years to ensure that our retirement years may be quiet, but failing to use certain tools could result in you paying a significant portion of your income in taxes, both during your working years and after retirement.

This article will provide 15H form meaning, uses and eligibility criteria. 

What is 15H Form?

A 15H form is a self-declaration form that is submitted by resident individuals above the age of 60 having no taxable income. The form must be submitted to financial institutions to avoid Tax Deduction at Source (TDS) on the interest earned from investments or deposits.

On submission of the 15H form, the eligible individual declares that their total income, including the interest, is below the basic exemption limit for the financial year and requests a TDS exemption on the interest income. 15H form proves helpful, particularly for senior citizens who entertain no other income source and primarily depend on their savings for livelihood. 
 

Uses of Form 15H

One primary use of the 15H form is that it helps senior citizens avoid TDs deductions on their earned interest against bank deposits and other investments. Therefore it is primarily used by senior citizens, as with it, they can hold on to their hard-earned money and satisfy their basic necessities. 

However, another mentionable use is that the form needs to be submitted only once a year. Therefore doesn't need to submit the form every time the interest amount is received. Thus, overall it helps in saving both time and money.
 

How to Use Form 15H to Prevent TDS Deduction

To use the 15H form for preventing TDS deductions, following these simple steps will help:

●    Before anything else, ensure you entertain the eligibility criteria, meaning one must be a resident with no taxable income for a financial year and above 60 years. 
●    Take the 15H form from the financial institution where you have an investment or savings. 
●    Fill in all the required details carefully.
●    Declare your total income for a financial year appropriately.
●    Submit the form
 

Eligibility for Using Form 15H

To be eligible for submitting the 15H form, you must meet all the criteria given below for the relevant financial year:

●    The individual must be a citizen of the individual. 
●    The declarant must be 60 years of age or above. 
●    The individual must be free from any tax liability. The total income, including the income earned against the interest, must be under the basic exemption limit.\

Example of Form 15H 

Components of Form 15H

Form 15H for FD or any other deposits and investment contains the following components listed below:

●    Declarant's name
●    Declarant's PAN( Permanent Account Number) 
●    Address
●    Age
●    Income details against which the declaration is to be made
●    A self-declaration section
●    Section for signature and date of submission
 

Factors Affecting Form 15H Submission

Several factors pose an impact on the submission of form 15H. Some of the most essential factors are mentioned below:

●    Age: One of the significant factors that affect the eligibility for the submission of the declaration is age. Only those individuals who have reached 60 years of age or older can submit this declaration form. 
●    Estimated Total Income: The individual must sketch an estimate of the total income, including the income for which the declaration is intended. If the estimate exceeds the maximum amount on which tax is not chargeable, one will lose eligibility for submitting the form.
●    Nature Of Earning: The 15H form is eligible for individuals with certain income types, such as interest earned from bank deposits. If the income for which the declaration is intended doesn't fall under eligible categories, one will not be suitable for submitting the declaration form.
●    Improper Information: If the declarant provides false or incorrect information, it may lead to penalties and legal action. Therefore it is advisable that one must give the correct information. 
 

Things to Remember While Filling Form 15H

As you are already aware of what is form 15h and why it is so essential for one to fill it out, there are several things that one must keep in mind to avoid complications after form submission; these are mentioned below in detail:

●    Eligibility: The eligibility criteria must be considered appropriately, as the form is eligible only for individuals 60 years of age or above. Moreover, their estimated total income must not exceed the maximum amount that is not chargeable to tax. 
●    Giving The Correct Information: One must ensure that all the information provided in the form is accurate. Otherwise, it might lead to penalties or even legal actions.
●    Submission Date: The submission date must be filled in correctly. TDS will be deducted if one fails to submit the form before the due date. 
●    Signature: The declarant must sign the form in all the required places. The form will not be considered valid unless it is appropriately signed.
●    Correct Details Of Income: All the income details must be provided by the declarant, including the estimated total income, income amount, and nature of income. 
●    Submission Of The Form: The form must be submitted to the right financial institution or the appropriate authority within the due date to prevent the deduction of TDS.
 

How Can I Download Form 15H?

The 15H form can be downloaded from the official website of the Income Tax Department. The steps that you need to undertake to download the form are as follows:

●    Visit the website of the Income Tax Department
●    Click on the tab "forms" under the home page
●    Under the 'forms' tab, you will find 'Income Tax Forms'; click on it
●    Select the year of assessment for which you need form 15H.
●    Scroll down, and you will find Form 15H, click on the 'download' link given there
●    Print the form and fill in the essential details
 

How to Fill Form 15H

Here is a step-by-step guide on how to fill out the 15H form:

●    Fill in all the personal information, including your name, PAN, age, address and all the relevant information that the form mentions
●    Fill in the year of assessment for which you intend to declare.
●    Enter the total amount of your estimated income for the relevant financial year.
●    Fill in the previous year's tax-payable income earned. 
●    Provide all the details concerning your nature of income.
●    Provide the estimated amount of income that you expect to earn for the current financial year.
●    Specify the valid reasons behind the submission of the 15H form.
●    Finally, declare that all the details you provided are correct and put your signature in the appropriate places.
 

Recent Updates on Form 15H

At present, there are no recent updates on Form 15H. However, to keep track of the updates, it is essential to check the official website of the income tax department to stay informed of any recent updates or changes.

Form 15H for EPF Withdrawal

When an employee intends to withdraw their EPF before the maturation or the completion of the qualifying period, TDS is charged. On meeting all the eligibility criteria, an employee can submit form 15H to avoid a TDS deduction on their EPF withdrawal. 

Difference between Form 15G and Form 15H

The table given below highlights the basic differences between the 15G form and the 15H form:

Conclusion

To sum up, form 15H is a crucial self-declaration form that helps individuals prevent TDS on earned interest against investments or deposits. As the eligibility age is 60 or above, it is primarily meant for senior citizens who entertain a low income and predominantly depend on interest income for their daily expenses. However, to make it effective, submitting the form with the correct details and within the due date is essential.