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Form 15 H

Several retirees above 60 years of age fall below the tax bracket - i.e. since their only source of income is their pension or income from interest/dividend, their tax slab tends to be zero. However, fixed deposits and post office schemes in general deduct TDS on interest. If TDS is deducted for such a person, claiming back the tax paid becomes a tedious and time-consuming process.

Form 15H allows such an individual to declare to the Bank or Post Office that she is below the tax bracket. When they receive this declaration, they do not deduct TDS on interest thereafter. Of course, a wrong declaration by a person who falls in the tax bracket is a punishable offence!

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