Form 15H - Meaning, Components, How to Fill & Download?

Mr.Dube, aged 65 years has an income of Rs 2.5 lakh through the interest on various deposits in a particular year. He also has an income of Rs 2 lakh from other sources, taking his overall income to Rs 4.5 lakh.

He is eligible for deductions amounting to Rs 1.5 lakh, making his total taxable income Rs 3 lakh. Under the provisions of the IT slab, he is eligible to use Form 15H as his net taxable income is under the prescribed limit.

How to Download Form 15H?

The majority of Indian banks' websites offer a fillable version of Form 15H. However, the Income Tax website makes it simple to get Form 15H for free. To lessen your TDS burden, print the form, fill it out, and submit it to the proper bank or authority after you've downloaded it. To lessen your overall TDS load, keep in mind that separate Form 15H must be submitted with each bank/post office you have deposits with.

Read our Article to know more on Income Tax

How to Fill Form 15H?

Form 15H has 2 sections. These sections have to be filled in differently. The steps are mentioned in brief below:

Section 1: The user has to enter their details like applicant’s name, date of birth, residential status, etc. Next, if the applicant has been evaluated in any of the six assessment years prior to the cited assessment year, he must enter "YES". Next, the applicant has to enter their anticipated total income that they seek to declare and estimated total income for the current year along with the estimated income in the previous point.

Other informations that one has to fill-in are the precise number of Forms completed by the Applicant and the Total Income for Which the Applicant is Filing the Declaration and Information about the applicant's shares, deposit account number, NSS information, LIC policy number, and employee code. Lastly, the applicant has to sign the form.

Section 2: The deductor, who is required to deposit the TDS deducted with the bank authorities, must fill out and submit the second section of the form. For instance, a bank is required to deduct TDS from the interest that a depositor receives on fixed or recurring deposits.

When to use Form 15H?

1. Form 15H should be used when you have an income from deposits (interest component).
2.   Failure to submit this form could result in TDS on this interest component and it is advised to use this form every financial year, when the interest earned on investments reaches a certain limit.

Who can Submit Form 15H?

Form 15H is specifically designed to cater to a particular population of the society. Individuals who wish to save TDS on interest earned from certain investments can submit form 15H, subject to them meeting the following eligibility criteria.

1. Indian resident – An individual should be a resident of India in order to use this provision. NRIs cannot submit this form.
2. Age – Form 15H is designed for senior citizens only, i.e. an individual should be over the age of 60 years in order to use this form.
3. Tax component – An individual should have zero tax liability after computing the final tax on the basis of his/her estimated income.
4. Individual – Only individuals can use this form. Organisations or companies cannot submit form 15H.
5. Interest aggregate – The overall aggregate of the interest earned through different sources in a particular financial year should be under the limits set in the income tax slab.

What are the Components of Form 15H?

Form 15H consists of two parts, each equally important towards achieving its purpose. The form is simple to understand and fill.

Part 1 containing the following elements:

1. Name of individual claiming relief
2. Details of investment
3. The amount invested
4. Date of investing
5. An estimate of the amount which one can receive
6. Age and occupation of individual
7. Last assessment year
8. Declaration

Part 2 of the form consists of the following elements:

1. Name and address of individual
2. Period in which dividend was credited
3. Interest rate on investment

Things to Remember while filling Form 15H

An individual filling and submitting this form should keep the following points in mind.

1. Check eligibility – if you can use this form
2. Ensure all details are entered correctly, as misleading/incorrect information could create issues later
3. Mention the right assessment year in the form
4. Try to get the right estimate of expected income
5. Only fill Part 1 of the form. Part 2 should not be filled you
6. This form is not a replacement for your income tax return and you need to file it separately
7. Don’t forget to take an acknowledgment after submitting this form
8. Ensure you provide your PAN details