You have to submit Form 15H at the time of renewal of FD at the beginning of the financial year. Some banks provide the facility to fill these forms through their website.
People fill various forms to avoid deduction of income tax. A similar form is 15H. For the bank not to deduct TDS, senior citizens have to submit Form 15H to the bank. Many types of questions remain in the mind of people regarding this. One such question has been asked by a user on Twitter to the country’s largest state-run bank State Bank of India (SBI). 15H is for senior citizens of 60 years and above. Let’s know everything about it.
Let us tell you that Form 15G can be used by Indian citizens below 60 years of age, Hindu Undivided Family (HUF) or Trust. By submitting this form to the bank, TDS can be saved from deducting the FD and the interest earned from it. Similarly, Form 15H is for Indian citizens above 60 years of age. Both the forms can be filled both offline and online.
The user asked on Twitter – I want to get information about 15H form. When can I submit Form 15H for this financial year? Responding to this, State Bank of India also tweeted and said – You have to submit Form 15H at the beginning of the financial year / at the time of renewal of FD. Some banks provide the facility to fill these forms through their website.
@TheOfficialSBI
Hello, I would like to have information about 15H form. When can I submit 15H form for this financial year.— Ashish Verma (@Verma_Ashish20) June 9, 2021
For how many days is it valid
Form 15H is valid for one year. Therefore, it should be filled at the beginning of every financial year. With this, banks do not deduct TDS from your interest income. To avoid deducting TDS, those who are below 60 years of age fill Form 15G.
- Form 15G has to be filled
- Person below 60 years of age or (Hindu Undivided Family) or Trust or other
- Must be an Indian resident.
- Must have Permanent Account Number (PAN).
- Tax on total income should be nil.
- The total interest income from fixed deposits should be within the prescribed exemption limit.
- What is the limit for deduction of tax and the use of 15H
Bank does not deduct TDS on interest income from FDs within the limit of Rs 40000 per annum. For senior citizens, this limit is 50 thousand. If the annual interest income of the taxpayer from FD is more than Rs 40000 (Rs 50 thousand for senior citizens).
But if the total annual income is not so much, then banks cannot deduct TDS if they come under tax net. For the bank not to deduct TDS, senior citizens have to submit Form 15H to the bank. The same, those below 60 years of age submit the 15G form for this.
