Purpose of form 15h

Hello, 

Form 15H is applicable for only senior citizens whose total income in an year doesnt cross the taxable limit . Let me explain u wid an example for clarity-

Mr X (a senior citizen) has an fixed deposit in Bank for Rs 16,00,000 on which he earns interest @ 10% i.e 1,60,000 in year. Bank deducts TDS on his interest income. Mr X has no other income during the year except this interest income. Now as his interest income 1,60,000 is nt crossing the taxable limit. 

Hence Mr. X can fill form 15H and submit it in Bank and take the benefit of non decution of TDS.

Form 15H can be submitted by a person who is above 60 yrs i.e. Senior citizens are eligible to file Declaration in Form 15H. HUFs & NRIs cannot use the form 15H.

They can submit form 15H if there total Income from interest on securities other than interest on securities exceeds maximum amount not chargeable to tax if tax payable by them is NIL i.e. PY income is less than the taxable limit.