Form 15H: Meaning and Impact
Form 15H Meaning
Form 15H is a self-declaration form available to individuals who are sixty years of age or older. It ensures that no tax is deducted from the interest earned on fixed deposits (FD) and recurring deposits (RD).
Taxes play a significant role in the Indian economy, and so do all related documents and forms. The HR manager should understand the importance of such forms, especially one like Form 15H.
If you''re here to learn about Form 15H, let''s explore everything about this vital document.
Form 15H allows individuals above the age of sixty to avoid tax deducted at source (TDS) on the interest income accrued on their fixed deposits. The individual is required to submit a statement to their banker to claim no deduction or low deduction on their fixed deposits.
This declaration certifies that the taxpayer is ineligible to pay taxes on the interest income received, provided that the interest amount is less than the minimum taxable amount set by IT norms.
Requirements Associated With Form 15H
To be eligible to file Form 15H, the individual must meet the following conditions for the current fiscal year:
- The person must be a citizen of the country.
- The declarant must be 60 years of age or older.
- The individual should not have any tax liabilities.
- The aggregate income, including interest income, should be lower than the basic exemption level.
Download Form 15H from the Official Website
The Form 15H is downloadable from the official website of the Income Tax Department. Follow these steps to download:
- Go to the official website of the Income Tax Department.
- Click on the ''Forms'' tab located on the left side of the homepage.
- Scroll down to the ""Income Tax Forms"" section.
- Select the year for which you require Form 15H.
- Scroll a few pages further down to find a link to ''Download'' Form 15H.
- Print and fill in the required details after downloading.
How to Fill Form 15H?
Here is a step-by-step guide to filling out Form 15H:
- Fill in all the necessary personal information: name, PAN, age, address, and other relevant details.
- Provide the specific year of assessment for which the declaration is being made.
- Input the total expected income for the current fiscal year.
- Provide the total sum of taxable income received for the previous year.
- Specify the nature of income along with relevant details.
- Mention the income you are likely to receive for the current fiscal year.
- State any other reasons for filing Form 15H.
- End by declaring that the information provided is correct, and sign in the specified fields.
Important Prerequisites for Filling Form 15H
After understanding the purpose of Form 15H, it is important to be aware of the prerequisites to avoid mistakes:
- Eligibility: Only individuals who are at least 60 years old are eligible to file Form 15H. The total projected income must not exceed the withholding limit.
- Supplying Accurate Information: All information provided on the form must be accurate. Failure to comply may result in penalties and legal liabilities.
- Date of Submission: The form must be submitted by the specified date. Failure to do so will result in the deduction of TDS for the entire year.
- Signatures: The form must be signed by the individual filing it. Unsigned forms will not be considered valid.
- Correct Information of Income: The declarant must provide complete and accurate information about their income, including the estimated total income, its nature, and value.
- Submission of the Form: The form must be submitted within the deadline to the relevant financial institution or authorities to avoid TDS deductions.
This is pretty much everything you need to know about Form 15H!