🧓 Budget 2026 Brings Big Relief for Senior Citizens: One Time Form 15H Rule
1️⃣ What Is Form 15H Anyway?Form 15H is a self‑declaration form that a senior citizen (age 60+) can submit to tell a bank, company or issuer:
➡️ “My total income is below the taxable limit — don’t deduct TDS (Tax Deducted at Source) on my interest or dividend income.”It’s mainly used when you earn income from:
✔️ This meant filling out the same form multiple times
✔️ High chances of missing a submission
✔️ Resulted in unnecessary TDS and later refund hassles3️⃣ What Changed in Budget 2026Game‑changer:
👉 Senior citizens can now submit Form 15H just once — to their depository (like NSDL or CDSL) — instead of to every single issuer.➡️ The depository will electronically share this declaration with all companies or intermediaries where your securities are held.This means one submission replaces many — massively reducing paperwork and follow‑ups.4️⃣ Who Gets the Benefit?✔️ Senior citizens (60+) earning interest or dividend income on securities
✔️ Investors holding dematerialised securities across multiple companies
✔️ Anyone who wants to avoid unintended or excess TDS deductions during the year5️⃣ Why This Matters🟢 Less PaperworkOnly one submission needed instead of several.🟢 Fewer ErrorsA centralised system reduces the chances of missing forms and getting taxed even when you’re exempt.🟢 Better Cash Flow ManagementAvoiding TDS during the year means you keep more money in hand instead of waiting for refunds later.6️⃣ Important Details🔹 This change applies only to securities held in demat form and companies where those securities are registered.
🔹 Eligibility rules don’t change — you still must qualify for exemption (e.g., total income below taxable limit).
🔹 The simplified process is expected to take effect from April 1, 2027 when the law is implemented.7️⃣ Who Else Benefits?Although tailored for senior citizens via Form 15H, the same centralised process applies to Form 15G (for non‑senior taxpayers too).✅ Bottom Line✔️ One‑time Form 15H filing instead of many
✔️ Less paperwork, fewer mistakes, and fewer unexpected TDS deductions
✔️ Better cash flow for retirees relying on interest incomeBudget 2026’s reform reflects a broader push to make tax compliance simpler for investors — especially elderly retirees who often hold multiple interest‑bearing assets. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.
➡️ “My total income is below the taxable limit — don’t deduct TDS (Tax Deducted at Source) on my interest or dividend income.”It’s mainly used when you earn income from:
- Bank fixed deposits
- Corporate bonds
- Debentures
- Other interest‑bearing securities
… so that TDS isn’t wrongly deducted if you’re truly exempt.
✔️ This meant filling out the same form multiple times
✔️ High chances of missing a submission
✔️ Resulted in unnecessary TDS and later refund hassles3️⃣ What Changed in Budget 2026Game‑changer:
👉 Senior citizens can now submit Form 15H just once — to their depository (like NSDL or CDSL) — instead of to every single issuer.➡️ The depository will electronically share this declaration with all companies or intermediaries where your securities are held.This means one submission replaces many — massively reducing paperwork and follow‑ups.4️⃣ Who Gets the Benefit?✔️ Senior citizens (60+) earning interest or dividend income on securities
✔️ Investors holding dematerialised securities across multiple companies
✔️ Anyone who wants to avoid unintended or excess TDS deductions during the year5️⃣ Why This Matters🟢 Less PaperworkOnly one submission needed instead of several.🟢 Fewer ErrorsA centralised system reduces the chances of missing forms and getting taxed even when you’re exempt.🟢 Better Cash Flow ManagementAvoiding TDS during the year means you keep more money in hand instead of waiting for refunds later.6️⃣ Important Details🔹 This change applies only to securities held in demat form and companies where those securities are registered.
🔹 Eligibility rules don’t change — you still must qualify for exemption (e.g., total income below taxable limit).
🔹 The simplified process is expected to take effect from April 1, 2027 when the law is implemented.7️⃣ Who Else Benefits?Although tailored for senior citizens via Form 15H, the same centralised process applies to Form 15G (for non‑senior taxpayers too).✅ Bottom Line✔️ One‑time Form 15H filing instead of many
✔️ Less paperwork, fewer mistakes, and fewer unexpected TDS deductions
✔️ Better cash flow for retirees relying on interest incomeBudget 2026’s reform reflects a broader push to make tax compliance simpler for investors — especially elderly retirees who often hold multiple interest‑bearing assets. Disclaimer:The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.