Introduction

For individuals who hold fixed deposits (FDs) across different banks, the question often arises whether it’s possible to submit Form 15H from each of those banks. This article aims to demystify the process and provide clarity on the guidelines for Form 15H submission if you have multiple FDs with various banks.

What is Form 15H?

Form 15H is a declaration form under the Income Tax Act, 1961, filed by individuals below a certain income threshold who hold Fixed Deposits (FDs) and want to claim tax exemption from interest earned on FDs up to Rs. 10,000. It's important to note that this tax exemption is subject to the annual income of the individual and the total amount of FD interest earned.

Eligibility Criteria for Form 15H

To be eligible for claiming exemption under Form 15H, the annual income of the individual (including the interest earned from FDs) must be below the prescribed threshold limit. This limit varies from year to year and can be obtained from the official Income Tax Department website or through consultation with a Chartered Accountant (CA).

Submitting 15H from Different Banks

Yes, it is indeed possible to submit Form 15H for FDs held with different banks. In fact, the Form 15H provided by banks contains a section where you need to specify the number of FDs under Form 15H from each bank. This ensures that the tax exemption claim is thoroughly substantiated and processed.

Example: If you have FDs worth Rs. 50,000 each in Bank A and Bank B, and you plan to claim the exemption under Form 15H, you would need to submit 15H for both FDs separately, mentioning the amount and bank details in the respective forms.

Important Considerations

It’s crucial to review your total annual income, inclusive of all sources, including FD interest, before filing Form 15H. If your total income exceeds the income tax threshold limit, you must not file Form 15H. Instead, you should consult a Chartered Accountant for professional advice on how to manage your tax liabilities.

Conclusion

Simplified, if you have FDs in different banks and your overall income is below the threshold limit, you can indeed submit Form 15H from each bank. However, if you exceed the threshold, it's essential to seek professional guidance to navigate the complexities of tax compliance.

Keywords

FD in different banks - Fixed deposits held with multiple banks 15H form - Declaration form for tax exemption on FD interest up to Rs. 10,000 Income tax threshold limit - The maximum income level to qualify for 15H exemption

Author Bio and Disclaimer

For further inquiries or detailed advice, please contact a Chartered Accountant. This article is intended for informational purposes only and is not to be considered professional tax or legal advice.