Your Guide to Downloading and Submitting Form 15H

Are you a senior citizen looking for a hassle-free way to avoid TDS on your interest income? Look no further! Form 15H is the solution you need.

In this easy guide, we will walk you through the step-by-step process of filling out Form 15H for senior citizens, ensuring a seamless tax experience. Form 15H is a declaration stating that your total income for the year will be below the taxable limit, so no tax needs to be deducted from your interest earnings. Submitting this form can help maximize your returns on fixed deposits, recurring deposits, and other interest-bearing investments.

Who Should File Form 15H?

Indian residents aged 60 years or above at the start of the financial year can submit Form 15H if their estimated total income for the year will be below the basic exemption limit. For the current financial year 2023-24, the basic exemption limit is ₹3 lakhs for senior citizens.

So if you are a resident Indian, aged 60 or above, and your total income (including interest income) is expected to be less than ₹3 lakhs, you can submit Form 15H to avoid TDS deductions on your interest income. This applies to interest earned on fixed deposits, recurring deposits, savings accounts, and other investments.

When to Submit Form 15H

Form 15H must be submitted at the beginning of each financial year to the bank or institution paying you interest. The form is valid for the entire financial year, so you need to submit it afresh each year.

The last date to submit Form 15H for the current financial year 2023-24 is 15th July 2024. However, it’s best to submit the form as early as possible, ideally in April itself, to avoid any TDS deductions on your interest income.

How to Download Form 15H

Here are the steps through which will help with Form 15h download

Visit the e-Filing portal and go to the ‘Downloads’ section below the login button.
Click on ‘Offline Utilities’ and then ‘Other Forms Preparation Utilities’.
Under the ‘Utility’ column, click on the ‘Download’ link for ‘FORM 15G/FORM 15H (Consolidated)’.
Extract the downloaded ZIP file.
The utility will contain fillable PDF versions of Form 15G and Form 15H. Fill in the required details in the Form 15H PDF.

Alternatively, you can also download the Form 15H from the website of your bank or financial institution. Most banks provide the form on their website under the ‘Tax’ or ‘Forms’ section.

How to Fill Out Form 15H

Form 15H is a simple one-page form that requires you to provide the following details:

Your name, address, PAN, and contact information
Your date of birth and residential status
The financial year for which you are submitting the declaration
Your estimated total income for the current year
Details of the interest income for which you are submitting the form
Your signature

Make sure to fill the form accurately and legibly. Avoid any overwriting or corrections. If you make a mistake, download a fresh form and fill it again.

How to Submit Form 15H

After filling out Form 15H, you need to submit it to the bank or institution paying you interest. You can submit the form in the following ways:

In-person: Visit your bank branch and submit the duly filled and signed Form 15H in person. Get an acknowledgement from the bank.
By post: Send the form by post to your bank’s tax department or TDS cell. Send it via registered post and keep the receipt as proof.
Through Internet banking: If your bank offers the facility, you can upload and submit Form 15H through your net banking account. Look for a ‘Tax’ or ‘Forms’ section to upload the form.
Through mobile app: Some banks allow you to submit Form 15H through their mobile banking app. Check if your bank has this feature.

After submitting the form, ensure that no TDS is deducted on your interest income going forward. If TDS is still deducted, follow up with your bank immediately.

What if You Forget to Submit Form 15H?

If you forget to submit Form 15H and your bank has already deducted TDS on your interest income, don’t worry. You can still claim a refund by following these steps:

File your income tax return: Make sure to file your ITR on time and claim a refund of the excess TDS deducted. The income tax department will refund the TDS, not the bank.
Submit Form 15H immediately: Even if you missed the deadline, submit the form to your bank as soon as possible to prevent further TDS deductions for the rest of the year.
Provide all details in ITR: When filing your ITR, include the TDS amount deducted by the bank and other relevant details. This will help the tax department process your refund faster.
Keep supporting documents: Maintain records of Form 15H, TDS certificates, and other proofs to substantiate your claim during the ITR processing.
Seek professional help if needed: If you need assistance, consult a tax expert who can guide you through the process and ensure compliance.

No Objection Certificate (NOC)

In addition to submitting Form 15H, you may also need to obtain a No Objection Certificate (NOC) from the Income Tax Department if you have any outstanding tax liabilities or pending assessments. The No Objection Certificate serves as a confirmation that you have no objections to the non-deduction of TDS on your interest income.

To obtain a No Objection Certificate, you can follow these steps:

Visit the nearest Income Tax office and submit an application requesting the NOC.
Provide all the necessary documents, such as your PAN card, Aadhaar card, and proof of address.
Pay the applicable fees, if any, and wait for the NOC to be processed.
Once you have the NOC, submit it along with Form 15H to your bank or financial institution.

Conclusion

Submitting Form 15H is a straightforward process that can save you from unnecessary TDS deductions on your interest income. By following the steps outlined in this guide and ensuring that you have all the necessary documents, such as the NOC, you can easily download and submit Form 15H without any hassle. Remember to keep track of the filing status and submit the form well before the due date to avoid any penalties or delays