Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax
Who can submit Form 15H ?
Persons who satisfy the following two conditions can submit form 15H to Bank / Office to avoid Tax Deduction at Source (TDS) on their interest income:
Resident Individuals aged 60 years or more (if you are below 60 years of age, you can submit form 15G, if other-wise eligible)
Taxable income is not more than ₹ 300,000/- if age is less than 80 years. Taxable income is not more than Rs.500,000/- if age is 80 years or more.
From 1st April 2018, if interest income on Bank / Post Office deposits is less than ₹ 50,000/-, you need not submit form 15H to your Bank / Post Office as TDS on interest income shall be deducted if interest income is more than ₹ 50,000/-.
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