Tax
Form 15H
Also known as: Senior Citizen TDS Exemption, Senior Citizen Declaration
Self-declaration form used by senior citizens (60+) to avoid TDS deduction when total income is below exemption limit.
Detailed Explanation
Form 15H is a self-declaration form that senior citizens (60 years and above) can submit to banks and financial institutions to avoid TDS deduction on interest income. It can be used when the senior citizen's total income is expected to be below the senior citizen exemption limit (₹3 lakhs for 60-80 years, ₹5 lakhs for 80+ years) and they have no tax liability. Senior citizens get higher TDS thresholds and exemption limits compared to younger individuals.