What Is Form 15H?
Form 15H is a self-declaration form specifically for senior citizens (aged 60 years or above) that requests exemption from TDS deduction on interest income, such as bank fixed deposit interest, when their total income falls below the taxable threshold applicable to them.
Form 15H vs Form 15G
- Form 15H: for senior citizens aged 60 and above.
- Form 15G: for individuals below 60 years of age and Hindu Undivided Families.
- Both serve the same core purpose — preventing unnecessary TDS deduction — but apply to different age-based eligibility categories.
Eligibility Criteria for Form 15H
- Must be a resident individual aged 60 years or above during the relevant financial year
- Total tax liability for the financial year must be nil after accounting for eligible deductions and the higher basic exemption limit applicable to senior citizens
Why This Matters for HR
While Form 15H is primarily relevant for bank deposit interest, HR and payroll teams should be aware of it in the context of retiring or senior employees managing their Provident Fund withdrawals, superannuation payouts, or other retirement-linked income where TDS considerations apply.
How to Submit Form 15H
Form 15H must be submitted to each relevant deductor (bank, financial institution, or EPFO) separately, typically at the start of each financial year or before the interest income is credited, to ensure TDS is not deducted from that point onward.
Form 15H: Frequently Asked Questions
Can Form 15H be submitted for EPF withdrawal by a retiring senior employee?
What happens if Form 15H is submitted but the individual's income later exceeds the exemption limit?
This glossary entry is for general information and reflects common HR practice in India at the time of writing. Statutory thresholds, rates and deadlines change — verify against the latest official notifications or consult a qualified legal or tax advisor before acting.