Here is a step by step guideline on how to fill form 15H. Also, know the eligibility for submitting form 15H
Apart from the earnings via business or salary, interest earned on savings schemes like PF, NPS, or the Post office Savings schemes is fully taxable. Tax on interest earned is usually deducted at the source, called TDS.
The income tax department of India has put a cap for interest earned annually that’s taxable. If you’re not in this slab, your interest is exempt from all the taxes. TDS can be avoided by making a declaration using form 15G or 15H. Let’s have a look at how you can fill form 15G online or offline. Currently, the threshold set by the government for interest being earned from FD is set at Rs40,000.
The difference in form 15G and 15H
You can declare that the interest earned by you on savings schemes is not taxable by filling up 2 forms, 15G and 15H. By submitting the forms at beginning of the financial year, you can request your bank or financier to not deduct the TDS.
Where in Form 15G is to be filled by individuals within the age of 60 years, form 15H is for the senior citizens. However, this facility is not applicable for non-resident Indians but is for Indian citizens only.
How to get Form 15H
It is available online. If the bank or financier is allowing to submit the form online, you can simply log in to internet banking and fill it up.
Or, it can be downloaded from the IT e-filing portal available under the ‘Frequently Used Forms’ tab. Download the PDF versions of the form and print them. After filling, submit the forms at your bank or financier. Details provided by the taxpayer have to be verified by the bank or financial institution.
Instructions to fill out Form 15H
It has 2 sections, first section to be filled by the taxpayer, 2nd to by the bank, or the financier.
In the first section, fill out details like Name, PAN, year for which you are claiming non-deduction of TDS. Do mention your residential status —your address, email address, and contact number. Also, declare the latest financial year for which your returns had been assessed under the I-T Act. Now, put in your estimated income from the interest for which you want non-deduction &n total revenue in the financial year for which you are seeking non-deduction of TDS.
Submit Form 15H (online and offline)
Form 15H can be submitted online or offline. It will depend on the facilities provided by your bank or financier.
Firstly you need to check if your bank allows submission of Form 15H online. If this facility is available in your bank, you can simply log on to your internet banking account and go to the savings scheme page. You will find the option to generate a Form 15H. You fill this form up online. Once you have filled up the form, recheck the details, and hit submit. You Form 15H has been submitted.
Alternately, you can download the form, fill it up physically, and submit it at the bank. The forms are available under the ‘Frequently use forms’ section of the Income Tax portal. You can download the form and get print outs of the same. Make sure to print three copies of the form. Fill up the form and sign the forms. You can then submit these duly signed documents to the bank or financier where you have the savings accounts. You can also submit it at the post office or the company you work for depending on your requirement.