You must be knowing that one has to pay several taxes throughout their life since nothing comes for free in this world. My father retired two years ago and then I came to know that there is a relaxation on the amount to be paid as tax for senior citizens. So if you want to know what is form 15 H, just know that it is a self-declaration form that states that a person is not liable for TDS (Tax Deducted at Source) in terms of certain investments. A tax assessor will forward or communicate this statement to the income tax department and the person will be eligible for zero or less amount of TDS in terms of interest earned from certain deposits.
Who can submit the 15 H form?After knowing what is 15h form, do know that not all senior citizens can apply for it. There are certain criterias that one needs to fulfil to get benefited that are:
The person must be a citizen of India
People over 60 years can only apply for it
The person must have zero tax liability after computing the final tax on the basis of his or her income
Only individuals can opt for this form and not any organisations, groups or companies
The overall total of the interest earned through different mediums in a financial year must abide by the limits set in the income tax slab.
You cannot submit the form at any time of the year. The 15H form is to be submitted every year at the beginning of the financial year or a bank might deduct TDS on your interest income.
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You must now be knowing what is form 15h and who all are eligible to apply.
Read More:
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What Is Form 15G?
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Authors Of The Question
What Is Form 15H?
Nayna Singhania
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2 Year
2022-05-16T11:46:13+00:00 2022-05-27T18:13:38+00:00Comment
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