What is the use of form 15H at the time of PF withdrawal?

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Form 15H are the forms you can submit to make sure that TDS is not deducted from your income if we meet the conditions mentioned below. Also, we must have a PAN number before applying for these forms. If total income is below the taxable limit, we can also submit Form 15H to the banks requesting them not to deduct any TDS on our deposit interest.

Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.

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Form 15H is valid for one financial year. So,  we have to submit these forms every year if we are eligible. Submitting them as soon as the financial year starts will ensure that the bank does not deduct any TDS on interest income.

 Conditions for Form 15H:

  1. Individual.
  2. Must be a Resident Indian.
  3. We are 60 years old or will be 60 years old during the year for which we are submitting the form.

What should we do about extra TDS deducted:

  • File Income tax return to claim a refund of TDS. This is the only way to seek a refund of excess TDS deducted,  by filing income tax return. Banks or other detectors cannot refund TDS since they have already deposited it to the income tax department. Income tax department will refund excess TDS, after file an income tax return.
  • Submit Form 15H immediately. TDS is usually deducted quarterly. If you forget to submit Form 15H, don’t worry. Submit it at the earliest available opportunity, so that no TDS is deducted for the remaining fiscal year.

The purpose of submission of form 15H:

While these forms can be submitted to banks to make sure TDS is not deducted on interest, there a few other places too where we can submit them.

  • TDS on EPF withdrawal 
  • TDS on income from corporate bonds 
  • TDS on rent. 
  • TDS on Insurance Commission.
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