FORM 15H COMPULSORY FOR SENIOR CITIZEN

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Form 15H is a declaration senior citizens can submit to banks to avoid Tax Deducted at Source (TDS) on their interest income. It's generally not compulsory if your total interest income is below £40,000. However, if your interest income exceeds £50,000 in a financial year, submitting Form 15H becomes compulsory to prevent the bank from deducting TDS.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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09 April 2021 SIR,
A senior citizen non it return filed person form 15 H submit to bank interest income below Rs:40,000/- form 15 H not required bank manager.
Question:
any limit above interest income form 15h not compulsory.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 April 2021 Banks have to deduct TDS when your interest income is more than Rs.50,000 in a year , so when banks dont need to deduct TDS on your interest, question of 15H doesnt arise