Understanding budget updates can often feel overwhelming, especially when it comes to tax compliance and paperwork. To make things simpler, we’re launching a topic-wise Budget Analysis Series, where we break down one key update each day in an easy-to-understand format.
We begin with an important and welcome change for individual taxpayers and senior citizens — a major simplification in submitting Form 15G and Form 15H for non-deduction of TDS.
What Are Forms 15G and 15H?
Forms 15G (for individuals below 60 years) and 15H (for senior citizens) are self-declaration forms that help eligible taxpayers avoid Tax Deducted at Source (TDS) on interest or dividend income when their total taxable income is below the exemption limit.
Previously, submitting these forms could be a repetitive and time-consuming process.
The Earlier Challenge
Until now, individuals and senior citizens were required to:
• Submit separate 15G/15H forms
• To each bank, company, or institution
• Where they had investments or earned interest/dividend income
For those with multiple investments, this meant multiple submissions, more paperwork and unnecessary hassle.
What Has Changed? A Welcome Simplification
The new self-declaration facility has made the process significantly easier.
For Individuals (Form 15G)
Individuals below 60 years can now submit their declaration directly to depositories like NSDL or CDSL.
The depositories will then:
• Forward the declaration
• To all respective companies where investments exist
• Ensuring non-deduction of TDS
This eliminates the need to approach each company separately.
For Senior Citizens (Form 15H)
Senior citizens can also submit a single self-declaration with the depositories.
The depository takes responsibility for distributing the form to all relevant companies — making the process smooth and stress-free.
Why This Matters
This update brings several benefits:
• One-time submission.
• Less paperwork.
• Reduced compliance burden.
• Time-saving.
• Greater convenience.
Above all, it offers peace of mind for non-taxpayers and senior citizens.
Summary
This is a small but meaningful step toward simplifying tax procedures and reducing unnecessary complexity. For eligible taxpayers, it’s truly a relief — fewer forms, fewer follow-ups, and a smoother process overall.
A big smile for non-taxpayers and senior citizens!
Don’t forget to spread the word so others can benefit too.
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