How to fill and download form 15H?

Existing Indian taxation laws provide certain benefits to senior citizens who need to pay income tax to the Central Government. Form 15H for senior citizens provides them which one such mechanism to derive tax relief on certain types of deposits, such as fixed or recurring deposits. However, it is of essence that the time periods and compliances are carried out to avail such benefits and avoid deduction of taxes.

Eligibility:

There are certain essential criteria that an applicant needs to fulfill in order to be eligible for Form 15H benefits. These are:

• The applicant needs to be a citizen of India mandatorily
• The applicant needs to be a resident of India
• The applicant needs to be a senior citizen; they need to have completed the age of sixty years.
• The applicant's tax payable must be zero or nil for the entire financial year. 

Income Liable for Interest Exemption under Form 15H:

• Income received through Renting of premises
• Income received as dividends of shares
• Income from EPF withdrawals
• Income received from sources other than securities
• National Savings Scheme Income
• Income from corporate bonds
• Income from Post office deposits
• Income as interest on fixed deposits

Time Period:

Form 15H is supposed to be submitted by assessees or applicants every quarter, four times a year. Such submission must be made before the ‘Form 15H for senior citizens the last date’ as the applicant might only be able to get back this charge by filing income tax returns. 

Format of Form 15H for senior citizens:

The format of Form 15H for senior citizens is a two-part document. The format is divided as follows:

Part I:
Part I of the form includes spaces to file in the applicant/assessee’s details. It includes name, PAN, date of birth, relevant year, details of residence, estimated income for which the exemption from tax liability is sought, details of previously filed Form 15H, along with the specifics of the income through interests for which the exemption is being applied for through Form 15H. The end of the form contains a space for signature. 

Part II:
Part II of Form 15H is not expected to be filled by the assessee or applicant. The relevant interest deductor or authority who is liable to collect the tax and deposit it to the government, such as a bank, is supposed to fill out this section and submit it for processing. 

Procedure for Downloading and Applying under Form 15H

The assessee or the applicant can download and apply for tax exemption under Form 15H by following these simple steps:

• The assessee needs to visit the website of their concerned bank. Alternatively, they may visit the Income Tax official website and download Form 15H.
• The assessee needs to duly fill out Form 15H in its entirety and ensure that they furnish all the information as specified in the format. 
• The assessee then needs to submit the form to the authorized designated official of their respective banks. 
• It is essential to note that a different Form 15H needs to be submitted to each bank branch or post office wherein the assessee wishes to apply for an exemption. The applicant/assessee needs to repeat the same procedure for different eligible deposits held in different places.



 
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