1. What is Form 15H?
Form 15H is a self-declaration form that is submitted by the assessee who is 60 years and above to scale back TDS (tax deducted at source) burden on interest earned from fixed deposits (FD) and recurring deposits (RD) investments. Under existing rules, TDS is deducted on interest earned from bank FD and RD held by senior citizens. The assessee can file this form at the start of the financial year. This form is valid only for one financial year. In order to use this form, the assessee should fulfil the following criteria
1. He Should be a private tax assessee and not an entity or a corporation 2. Should be an Indian citizen residing in India
3. Should be above 60 years of age
4. Their total taxable income must fall below the taxable limit.
2. Why is form 15H used?
Form 15H may be a self-declaration form that helps individuals above 60 years of age save Tax Deducted at Source (TDS) on the interest income earned by him on his fixed deposits. The assessee is meant to submit a declaration form to his banker to use for no deduction or lower deduction for fixed deposits made by him. This is often because the quantity earned by the depositor as interest is less than the minimum amount of cash taxable thereunder norms.
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