Form 15 H - Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of 60 years or more claiming certain receipts without deduction of tax
For age above 60 year - from April 2018, increase in tax exemption limit for interest income on bank / post office deposits from Rs 10,000 to Rs 50,000. Accordingly, if your interest income on deposits exceeds Rs. 50000 bank and post office will deduct 10% tax at source. If you do not furnish PAN details, the TDS rate will be higher at 20%. However, you can submit a 15H to avoid TDS on interest income.
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