I Am 62-year-old And I Submitted Form 15h To My Bank, But Tds Was Still Deducted On My Interest Income. What Should I Do?

I americium a 62-year-old retired professional. I submitted Form 15H to my bank, but TDS was still deducted connected my liking income. What should I do now? Also, erstwhile is nan champion clip to taxable Form 15H to debar this rumor successful nan future?

As a elder citizen, you're entitled to definite taxation benefits, including nan action to taxable Form 15H to guarantee that nary TDS (Tax Deducted astatine Source) is deducted connected your liking income—provided your full income is beneath nan taxable limit.

The self-declaration shape nether Form 15H of nan Income Tax Act is designed for individuals who are 60 years and supra successful age. Submission of this shape is basal successful bid to forestall taxation conclusion astatine root (TDS) connected liking income that falls nether nan exemption limit. TDS will only beryllium deducted if nan liking earned exceeds this limit.

However, if TDS has still been deducted contempt this submission, don’t worry—there are steps you tin return to resoluteness nan rumor and retrieve your money.

If your slope has deducted TDS contempt your submission of Form 15H, here’s really you tin resoluteness nan issue:

Confirm submission

First, double-check whether nan Form 15H was submitted earlier nan first liking payout successful nan financial year. Also ensure:

You received an acknowledgment from nan bank.

Your PAN was correctly mentioned connected nan form. Any mistake—like a missing PAN aliases precocious submission—can consequence successful nan shape being considered invalid by nan bank's system.

Check PAN-Aadhaar linkage

Verify if your PAN is linked pinch Aadhaar. As per nan Central Board of Direct Taxes (CBDT), a PAN not linked pinch Aadhaar is considered inoperative, which tin lead to TDS conclusion astatine a higher complaint of 20%, sloppy of your Form 15H submission.

Contact your bank

Speak to your slope branch directly. Politely petition a explanation and show your submission proof. In galore cases, nan conclusion is owed to a hold aliases correction successful processing astatine nan bank's end, which they tin rectify erstwhile notified.

File ITR to declare refund

If nan conclusion was incorrect and your full income is so beneath nan taxable limit, you tin declare a afloat refund by filing your ITR for that financial year. Make judge to:

Check Form 26AS aliases Annual Information Statement (AIS) connected nan income taxation portal to verify nan TDS entry.

Use nan TDS magnitude reflected location to declare nan refund.

Escalate if unresolved

If your slope does not resoluteness nan rumor to your satisfaction, you whitethorn escalate nan matter utilizing their soul grievance redressal strategy aliases raise a title pinch nan banking ombudsman.

To debar specified issues successful nan future, it’s champion to taxable Form 15H astatine nan opening of each financial year—ideally successful April. This ensures:

The slope has your declaration connected record earlier immoderate liking is credited.

You debar immoderate TDS conclusion correct from nan first quarter.

Even though there’s nary ineligible deadline, delayed submission intends TDS whitethorn beryllium deducted connected immoderate liking paid earlier nan shape was processed. While you tin ever declare a refund done ITR filing, this results successful blocked costs and other compliance work—something amended avoided done early submission.

Form 15G vs Form 15H

Source: ClearTax

Published on: Apr 23, 2025 3:20 PM IST