Get the free FORM NO. 15H - Jain Cooperative Bank

FORM NO. 15H See rule 29C ×2) Declaration under Subsection (1C) of section 197A of the Income, 1961, to be made by an individual who is of the age of Sixty five years or more claiming certain receipts

How to fill out form no 15h

How to fill out form no 15h:

1. Obtain the form: The form no 15h can be obtained from the income tax department's official website or from the nearest income tax office.
2. Personal details: Fill in your personal information such as name, address, PAN (Permanent Account Number), and contact details in the designated sections of the form.
3. Assessing officer details: Provide the details of your assessing officer, which can be found on your previous income tax returns or by contacting your income tax office.
4. Age and status: Declare your age and status as per the relevant income tax rules.
5. Previous year's income details: Specify your total income earned in the previous financial year and the projected income for the current financial year.
6. Declaration: Make the necessary declarations regarding your eligibility for submitting form no 15h based on the criteria set by the income tax department.
7. Verification: Sign and date the form, confirming that all the information provided is true and accurate.
8. Submission: Submit the filled-out form to the income tax department or the concerned authority as per the instructions provided.

Who needs form no 15h:

1. Individuals: Any individual who is eligible for declaring their income without deduction of tax under the provisions of the Income-tax Act, 1961, can use form no 15h. This form is commonly used by senior citizens (age 60 years and above) and certain non-senior citizens meeting specific criteria.
2. Eligibility criteria: To be eligible for using form no 15h, the individual must fulfill certain conditions regarding total income earned and tax liability as determined by the income tax department.
3. Higher thresholds: Form no 15h allows individuals to avoid tax deduction at source (TDS) if their total income does not exceed the specified thresholds set by the income tax department.
4. Avoiding TDS: Individuals who meet the eligibility criteria and wish to prevent tax deduction at source on their income can submit form no 15h to the relevant authorities.
5. Interest income: Form no 15h is commonly used by individuals who earn interest income above a certain threshold and want to avoid TDS on that income.

Note: It is advisable to consult a tax professional or the income tax department for specific guidance and to ensure compliance with the applicable rules and regulations.

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What is form no 15h?

Form no 15h is a declaration under sub-section(1C) of section 197A of the Income Tax Act, 1961.

Who is required to file form no 15h?

Individuals above the age of 60 years whose tax liability is nil and their interest income is less than the basic exemption limit.

How to fill out form no 15h?

Form no 15h can be filled out online or offline by providing personal details, income details, and a declaration of no tax liability.

What is the purpose of form no 15h?

The purpose of form no 15h is to declare that the individual's income is below taxable limits and hence no tax deduction is required at the source.

What information must be reported on form no 15h?

The form must contain personal details, income details, declaration of being a senior citizen, and a declaration of no tax liability.