The Introduction – Form 15h is an important document that is used to declare that the individual is not liable to pay tax on their income. It is a declaration of non-taxability that is required to be submitted to the Income Tax Department.
This guide will provide an overview of what Form 15h is, its meaning and definition, and how to download it. With this information, individuals can better understand the requirements and make sure they are in compliance with the Income Tax Department.
How to Fill Out Form 15H
The first step is to get a copy of Form 15H from the Income Tax Department. The form can be downloaded online or obtained from the nearest Income Tax Office. Once you have the form, you should read the instructions carefully before you start filling it out.
The first section of the form requires you to enter your personal details, such as your name, address, PAN number, and date of birth. You should also enter your bank account details, such as the account number, bank name, and branch.
The next section requires you to enter your income details. This includes your income from salary, pension, interest, and other sources. You should enter the total amount of interest you have earned in the financial year.
In the third section of the form, you need to enter the amount of tax you are liable to pay. This is calculated based on your total income and the applicable tax rate.
The fourth section requires you to enter the amount of tax you are eligible to claim as a deduction. This is the amount that you can claim as a deduction from your total income.
Sign the form in the space provided.
Submit the form to your bank or financial institution.
Common Mistakes to Avoid
Not submitting on time: Form 15H must be submitted before the due date of filing income tax returns. Late submission of Form Number 15H can result in a penalty or interest being charged on the tax amount.
Not providing accurate information: It is important to provide accurate information while filing Form 15H. Any wrong information provided can lead to the rejection of the form.
Not providing all the required documents: it requires certain documents to be submitted along with it. These documents include A PAN card, age proof, and bank account details. Failing to provide these documents can lead to rejection of the form.
Not signing the form: Form 15H must be signed by the applicant in order to be considered valid. Failing to sign the form can lead to rejection of the form.