Procedure: How to Fill Form No 15H
May 03 , 2013
May 03 , 2013
- Income of many senior citizens falls below the taxable limit since they do not have big income sources. You do not need to pay income tax unless your total income exceeds the taxable income fixed by the government every year. But on certain income sources like interest from bank fixed deposit, company deposit, TDS applies, ie tax is deducted on interest by the bank before it is paid to you.
- If your income is below taxable limit (presently Rs 2.5 lakhs for those over 60 years and Rs 5 lakhs for those over 80 years) and you have interest income exceeding Rs 10,000 a year from FD or exceeding Rs 5,000 a year in case of company deposit you can submit form 15h to declare your total income to the bank or company and it will not deduct tax on interest payable to you.
- NRIs cannot avail this benefit.
- Form 15h should be submitted at the start of every financial year till the maturity of your deposit because as and when they pay interest (monthly, quarterly, etc) TDS applies.
- Separate form 15 is to be provided for every branch. If you have 5 deposits in different branches then 5 form 15h have to be furnished if interest is expected to exceed Rs 10,000 in all.
- You can download the form from our downloads page or from your bank/company website. Filling it is easy- just a few personal details, assessing officer details and deposit details are required. Before starting remember that all that banks require is your name, PAN, FD details in schedule III and signature. The rest can be skipped but for those who wish to go through the pain, below are the details!
- In Part I fields 1, 2, 4, 5, 8, 9, 11, 12, 13, 15 and 16 are for personal details like name, PAN and contact information. Assessment year is to be put in field 3. If the interest applies to say 2013-14 then relevant assessment year is 2014-15.
- Status in field 6 is your income tax status which would be Individual. In fields 7 and 10 you need to enter details Income Tax assessment office of the last time you filed returns. Visit https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html and type your PAN to see your Ward/Circle and AO code. AO code has Area Code, AO Type, Range Code and AO No.
- In field 14 you can enter the year your income was last assessed. In fields 17 and 20 enter present Ward/Circle and AO code. This will be same as in fields 7 and 10 unless you have changed locality.
- Field 19 can be skipped if not applicable. In field 21 you have to select the source of income for which you are submitting the form. For FD this would be the 3rd box. In field 22 enter your total income after deductions allowed.
- Details of your deposit is to be filled in field 23. Choose Schedule-III (Details of the sums given by the declarant on interest). Enter your customer id and FD number, deposit amount, start date of deposit, term duration of deposit and rate of interest.
- Finally place your signature. Part II is for the bank/company to fill.
- If you submit your form 15h later on in the year you can still claim back what was deducted by filing tax returns.
- To qualify for no TDS deduction on interest your total taxable income should fall in the taxable limit.