Form 15H is a self-declaration that can be submitted by a senior citizen of about 60 years old or above to reduce TDS. Form 15H is useful for individuals with an income from deposits. Form No.15H should be submitted at the beginning of the year so as to avoid a situation where the bank has already deducted the tax before the submission of the form.
- An individual should not be an entity or an organization.
- An individual should be an Indian resident citizen
- An individual should of minimum 60 years old.
- Tax liability calculated on the total income should be nil.