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FORM NO. 15H See section 197A(1C) and rule 29C Declaration under section 197A(1C) to be made by an individual who is of the age of sixty years or more claiming certain incomes without deduction of

How to fill out new-form-15h - be money

How to fill out new-form-15h - be money?

1. Start by obtaining the new-form-15h document, which is typically provided by financial institutions or can be downloaded from the official website of the Income Tax Department.
2. Carefully read the instructions and guidelines mentioned in the form to ensure you understand the requirements and eligibility criteria.
3. Begin by filling in your personal details such as name, address, contact information, and PAN (Permanent Account Number).
4. Specify the assessment year for which you are submitting the new-form-15h.
5. Indicate your age and mention whether you are a senior citizen or super senior citizen, as per the income tax regulations.
6. Declare your estimated total income, including details of interest earned on the specific financial institutions where you meet the eligibility criteria.
7. Provide information regarding the total amount of tax deducted at source (TDS) and the specific sections of the Income Tax Act under which these deductions were made.
8. Specify any other deductions or income exemptions you are eligible for, based on your investments or other sources of income.
9. Sign and date the form to validate the information provided. Ensure that all the required documents, such as proof of Age, PAN, and TDS certificates, are attached with the form.
10. Submit the filled new-form-15h to the appropriate financial institution or income tax department as per the instructions provided.

Who needs new-form-15h - be money?

1. Individuals who are currently employed or receiving a pension but their total income is below the taxable limit set by the Income Tax Department.
2. Senior citizens (aged 60 years or above) and super senior citizens (aged 80 years or above) who meet the specified criteria as per the income tax regulations.
3. Individuals who have investments or deposits in financial institutions and wish to prevent the deduction of tax at source (TDS) on the interest earned, based on their eligibility.
4. Those who want to declare their eligibility for non-deduction of TDS on specific investments or sources of income as per the Income Tax Act provisions.
5. Individuals who want to avoid the hassle of claiming a refund for TDS deducted by submitting new-form-15g allows them to avoid TDS deduction altogether.
6. Taxpayers who have received a notice from the income tax department requesting the submission of new-form-15h to declare their eligibility for non-deduction of TDS.

Note: It is always advisable to consult a tax professional or seek guidance from the income tax department for specific requirements or any changes in the process of filling out the new-form-15h.

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