What Is the Meaning Of Form 15H & Its Importance

What Is the Meaning Of Form 15H & Its Importance

Definition of Form 15H

This is a self-declaration form that people above 60 years can fill to avoid deduction of tax on interest made from fixed deposits and recurring deposits.

Taxes form a significant part of India''s economy, so each document, along with forms pertaining to them, holds importance. As an HR manager, you should know what every form is, what its purpose is, and its importance—more so if it is of the stature of Form 15H.

If you are here for reasons related to an understanding of Form 15H, then let''s dive right in and explore everything in this most important document.

Form 15H serves as a self-declaration form and helps the above-mentioned category of people aged 60 or above, where it saves Tax Deducted at Source on the interest income earned by such people from fixed deposits.

The one assessed is expected to hand over a statement to his banker in order to claim no deduction or low deduction on fixed deposits made by him.

Form 15H is the declaration by the assesse that he is not liable to pay taxes on the interest income that he has received. This is so long as the interest amount is less than the minimum taxable amount set by IT norms.

Form 15H shall be furnished to the income tax authority by an individual before the interest payment date or before the calendar year-end, to which it applies.

It is a declaration form made by the taxpayer that the income in the previous year was not earnings falling into the tax bracket, and as such, it is not liable for income tax.

Requirements of Form 15H

The form 15H can be claimed only when the following four conditions are fulfilled for the current fiscal year:

• The account holder must be a resident of this country.
• The declarant must be 60 years of age or more.
• There are no tax liabilities on the account holder.
• Aggregate income will include the interest income also; such aggregate income shall not cross the basic exemption limit.

Form 15H Download

Under the category Form 15H will appear and click it.

You can download the 15H form from the official website of the Tax Bureau for information. You have to follow the simple steps to download the form as:

• Log on to the official website of the Income Tax Department.
• Go to the ""forms"" section, reached by clicking the tab on the left of the homepage.
• In the ''Forms'' section go down to the ""Income Tax Forms"" option.
• Select the year for which you need 15H.
• Flipping through some pages, you will see a ''download'' link for Form 15H listed first.
• After it has been downloaded, print out the form and fill in anything required.

How to Fill Form 15H?

The following is a step-by-step detailed guideline to fill the form 15H:

• Fill in all the personal details required, viz. your name, PAN, age, address, etc., as well as any other relevant information that may be given in the form.
• Mention the particular assessment year for which you intend to make the declaration.
• Total amount of your estimated income in the relevant assessment year should be filled in here.
• Fill in the total amount of income earned with tax liability for the previous year.
• Please provide full details about the nature of your income.
• Please fill in the estimated income for the current financial year.
• Valid reasons for filing the form 15H should be listed down.
• Finally, declare the information you have given as true and sign it at the end in both places.

Key Factors for Filling up Form 15H

Now that you know what is Form 15H and why it is essential, let you inform about the critical factors to avoid any mistake or problem:

• Eligibility criteria: All the eligibility conditions should be taken into consideration with all its details. This form is apt and can only be prepared by those who are above the age of 60 years. Moreover, their anticipated total income should not exceed the withholding limit.
• Providing Accurate Information: All the information furnished in the form should be accurate. If not, non-compliance penalty has to be faced and criminal liabilities incurred.
• Submission Date: A person has to correctly meet the submission date. If a person does not submit the form before the specified date, his whole year''s TDS will be withheld.
• Signature: The person making the statement must sign in the appropriate places of the form. The form will only be considered valid once it is duly signed.
• Accurate Income Information: The declarant shall furnish complete income information, including the nature and value of the anticipated total income.
• Form Submission: The form needs to be submitted to the correct financial institution or the concerned authorities before the deadline so that TDS reduction can be avoided.

There you go!

That''s everything you must know about Form 15H.

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