Form 15H is a declaration under sub section (1C) of section 197A of the Income Tax Act, 1961 which can be given by a senior citizen an individual who is of the age of 60 years or more (at any time during the previous year) to the person responsible for payment of certain income, without deduction of tax at source. In other words, this is a declaration for receiving certain incomes without TDS (tax deducted at source).
The type of income(s) for which this declaration can be given is as under:
1. Dividends – Section 194
2. Payments in respect of deposits under National Saving Scheme, etc. – Section 194EE
3. Interest on Securities – Section 193
4. Interest other than interest on securities – Section 194A
5. Income in respect of units of Mutual Funds, UTI – Section 194K
The important point to note is that unlike form 15G, if the income from the above mentioned income sources exceeds the maximum amount which is not chargeable to tax , the declaration in form 15H can still be given.
In other words, if for AY 2017-18, income from above listed sources exceed Rs. 3.00 lacs (Age 60 years or more) or 5.00 lacs (Age 80 years or more) which is the maximum amount not chargeable to tax, this declaration can be given if the estimated tax is Nil.
The declaration is required to be given in duplicate before the payment is made or credited whichever is earlier.
In case a false declaration is given in form 15H, which the declarant either knows or believes to be false, or does not believe to be true, the declarant, under section 277 is punishable with imprisonment which can be up to seven years and with fine .
Form 15G and 15H have been modified vide CBDT Notification 76/2015 dated 29/09/2015. With effect from 01/10/2015 new simplified forms have been introduced. Also, vide Notification No. 04/2015 dated 01/12/2015 provides for furnishing of electronic declarations and procedure for e-filing of Form 15G 15H by the deductors.
ABCAUS Excel based form 15H is very simple, speedy and useful for professionals and individual users also. The user is required to build a database to avoid repetitive entries for second time. The steps involved in filling the form 15H are as under:
1. Save the file as ‘Excel macro-Enabled Workbook (*.xlsm)
2. The user is required to build a database of payees to avoid repetitive entries.
3. After creating database, select serial no. 2. “PAN” from drop down to complete auto filling of the para 1 to 13
4. Select serial no. 4. ‘Previous Year” from drop down.
5. Information from serial no. 14 to 18 marked in grey should be manually filled.
6. To reset the form use “reset form” button.
Macros must be enabled to use it.
Download ABCAUS For No. 15H