To lower TDS, a senior citizen 60 years of age or older may file Form 15H, a self-declaration. Those who get income from deposits can benefit from Form 15H. To prevent a scenario where the bank has already deducted the tax before the form is submitted, Form No. 15H should be submitted at the start of the year.
Qualifications
- A person shouldn’t be an organization or an entity.
- A person must be a resident Indian citizen.
- A person must be at least 60 years old.
- The whole income should be used to compute the tax liability, which should be zero.
