To be eligible to file Form 15H, the individual must be a senior-citizen (over the age of 60 years). The form must be filled out and submitted to the bank or financial institution from where the interest is being earned. It is important to note that Form 15H cannot be used to claim tax exemption on any other income other than the interest earned from savings.
The rules for filing Form 15H are fairly simple. The individual must fill out the form and submit it to the bank or financial institution from where the interest is being earned. The form must be signed and dated by the individual. The form must also be accompanied by a self-attested copy of the individual’s PAN card.
Once the form is submitted, the bank or financial institution will deduct the tax on the interest earned as per the applicable rates. However, if the individual has submitted Form 15H, the bank or financial institution will not deduct any tax on the interest earned.
It is important to note that Form 15H can be filed only once in a financial year. The individual must submit a new form each year if they wish to claim tax exemption on the interest earned from their savings
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