What is form 15H

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Form 15H (only for senior citizens) is an instruction that you can give to the bank, asking that not to debit TDS on interest earned on Term / Fixed / Recurring Deposit in a particular financial year.

It's not mandatory but it will be helpful if you submit Form 15H every financial year if you are earning interest more than INR 50000 in a financial year. How is that, let's check few examples:

1. If your total annual income is lower than the exempted slab in income tax.

If you fill form 15H Tax Deducted at Source will not be debited and you can save excess tax payment (if any).
If you do not fill form 15H Tax Deducted at Source will be debited and you need to apply for refund (if any).

2. If your total annual income is more than the exempted slab in income tax.

If you do not fill form 15H Tax Deducted at Source will be debited and you will get TDS certificate which you can attach while filing returns and pay the remaining tax (if any).
If you fill form 15H Tax Deducted at Source will not be debited and while filing returns, you need to attach interest certificate and pay the tax on interest earned (if any).

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