What is the eligibility to file a 15H form? If the tax liability is nil for any financial year in India, is he eligible?
Ans – Form 15H is a self-declaration form that is submitted by individuals to the Income Tax Department to declare that their total income is below the taxable limit and, therefore, they are not liable to pay any income tax. This form is typically used by individuals who are above the age of 60 years or who are eligible for certain tax benefits.
To be eligible to file Form 15H, an individual must meet the following criteria:
1. Age: The individual must be a resident of India and either be 60 years of age or older at any time during the relevant financial year.
2. Tax Liability: The individual’s total estimated income for the financial year should be below the basic exemption limit, which is the threshold below which income tax is not applicable. If the total income is above the exemption limit, the individual is not eligible to submit Form 15H.
3. Tax on Estimated Income: The individual must calculate their estimated tax liability for the financial year and determine that the total tax payable on their income is nil after considering any eligible deductions, exemptions, and rebates.
4. Category: Form 15H is applicable only to individuals and not to Hindu Undivided Families (HUFs) or other entities.
If an individual meets the eligibility criteria mentioned above and their estimated tax liability for the financial year is nil, they can submit Form 15H to the relevant financial institutions like banks, post offices, or other entities making payments to them. By submitting this form, the individual declares that they are not liable to pay any income tax on their income for that financial year.
It’s important to note that providing incorrect information in Form 15H or filing the form when not eligible could lead to penalties and other legal consequences. Therefore, individuals should exercise due diligence and ensure that they meet all the eligibility criteria before submitting Form 15H.
