Form 15H. Interest income

Income Tax Income from Other Sources
1

Interest on Fixed Deposits will be between 4 lakhs to 5 lakhs and pension amount will be about 5 lakhs during FY 2025 - 26. Please advise whether a senior citizen can submit Form 15H to the bank so that bank doesn’t deduct TDS on the interest amount.

2

Hey @Ashok_Kumar

A senior citizen can submit Form 15H to the bank if both conditions below are satisfied:

  1. The person is 60 years or older at any time during the financial year.
  2. Total taxable income (after claiming deductions) is below the basic exemption limit which is ₹4,00,000 (₹2.50L under the old regime) .

Hope this helps!