Waiting for a tax refund to come through from the government may involve quite some time, so it’s best to plan ahead. Form 15H is meant to be submitted by individuals who secure an income from their interest through deposits with banks and other financial organisations. It helps claim relief from Tax Deducted at Source (TDS) which is mandatorily deducted by these institutions. When an individual submits Form 15H, they are exempt from TDS being deducted on their interest income.
However, Form 15H is not available for everybody wishing to be exempted from TDS on their interest income. There are legal provisions for individuals who have been found to have provided inaccurate details. The eligibility of filing Form 15H rests only with a certain section of the population. Read on to learn about the eligibility criteria.
- Form 15H can be filled out only by an individual, and not a business
- Only Indian residents are eligible for filling out Form 15H
- Only senior citizens, that is, those aged 60 years or above or those who are slated to turn 60 years old during the financial year for which the form is being submitted, are eligible
- An individual can only fill Form 15H if the tax payable on their total income is zero
- The total sum of income earned from different sources must be below the income tax limit
If you are a senior citizen, Form 15H is the one you should be filling out to claim TDS exemption on your interest income. The Form 15H can be submitted for seeking TDS exemptions on EPF withdrawal, income from corporate bonds, income from post office deposits and rent. While earlier, applying for loans required submitting extensive documentation such as Form 15H, that is no longer required when you seek a loan on Finserv MARKETS. Whether it’s a business loan, personal loan or home loan, you can easily avail loans with minimal documentation. You can get a Personal loan of up to Rs. 25 Lakhs, Business Loan of up to Rs. 30 Lakhs or a Home Loan of up to Rs. 3.5 Crore.
By meeting the eligibility for TDS deductions through submission of the Form 15H, senior citizens can save more. Read on to learn about other instruments whereby senior citizens can invest and earn higher returns.
Senior Citizens’ Savings Scheme:
This is by far, the most preferable option for most senior citizens. The Scheme can be availed by anyone above the age of 60 years from a post office or bank. The rate of interest at the beginning of the scheme remains fixed until the end of tenure, which is 5 years. Since the Scheme allows for tax savings under Section 80C of the Income Tax Act, senior citizens can use it to build a sizeable corpus.
Many senior citizens opt for a fixed deposit with banks which allow for substantial savings over a period of time. Returns from fixed deposits are guaranteed, which make them among the safest investment instrument of choice for both regular and senior citizens. Since there is no fixed tenure for these kinds of deposits, it is much more popular with senior citizens since they can easily withdraw for meeting emergency cash requirements.
While fixed deposits are available for younger citizens too, a much more attractive option for meeting emergency fund requirements are through loans. Whether it is a personal loan or a business loan or a home loan, you can simply apply for one on Finserv MARKETS and get your loan application approved in under 3 minutes. Also, the money will be credited in your bank account in 24 hours. Flexible repayment tenure options and zero foreclosure charges are added advantages.
Mutual funds are a popular investment instrument for all citizens, regardless of their age. Within the mutual funds, investors can choose funds on the basis of the risk appetite they are willing to bear and the returns they expect. A mutual fund relying majorly on debt securities is likely to offer lower returns than a fund that is made up mainly of equity securities; but the fund with a higher number of debt securities will offer higher security than equity securities.
As noted above, there are several instruments via which senior citizens can not only build a substantial corpus, but also save through tax exemptions. While these exemptions may not seem like much at first glance, they can prove immensely useful especially when an urgent requirement for cash arises. For everybody else, it is possible to avail loans through Finserv MARKETS for their unexpected cash requirements. Be it a home loan, a business loan or a personal loan, applying for it on Finserv MARKETS allows for the loan amount to be credited to your bank account within 24 hours.
“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App”.