Question
Download Solution PDFWhat is the name of the form submitted by senior citizens to avoid TDS on interest income if it is below the exemption limit?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Form 15H.
In News
- Form 15H is a self-declaration form submitted by senior citizens (aged 60 years and above) to avoid TDS deduction on interest income if it is within the exemption limit.
- The exemption limit for senior citizens is Rs. 50,000 for interest income in a financial year.
Key Points
- Form 15H must be submitted to banks, NBFCs, or financial institutions to avoid TDS on interest income.
- Applicable only to senior citizens aged 60 years or above.
- Submission of PAN card details along with Form 15H is mandatory.
- Form 15H is applicable only if the interest income is below the exemption threshold.
- The form needs to be submitted only once a year.
Additional Information
- Section 194A of the Income Tax Act
- Mandates TDS deduction on interest income exceeding exemption limits.
- Exemption Limits
- Rs. 40,000 for individuals below 60 years.
- Rs. 50,000 for senior citizens aged 60 years and above.
- Basic Exemption Limit for Income
- Rs. 3,00,000 for senior citizens (60 to 80 years).
- Rs. 5,00,000 for super senior citizens (80 years and above).
- Form 15G vs Form 15H
- Form 15G is for individuals below 60 years, while 15H is for senior citizens.
Last updated on Jul 10, 2025
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