Big relief for senior citizens in Budget 2026: File Form 15H once via depositories

In the Union Budget 2026, presented on 1 February 2026, the government introduced a major simplification for taxpayers holding securities in multiple companies.

“This addresses a long-standing procedural burden that often led to inadvertent TDS deductions and subsequent refund claims, particularly impacting senior citizens who rely on interest and dividend income for regular cash flows. The move aligns with the government’s broader objective of digitisation and ease of compliance, ensuring that tax benefits reach eligible taxpayers more efficiently while reducing administrative friction across the investment ecosystem,” said Vipin Upadhyay, Partner, King Stubb & Kasiva, Advocates and Attorneys.

Form 15G

Residents under 60 can use Form 15G, a self-declaration, to request that no TDS be withheld from their income. Hindu Undivided Families (HUFs), trusts, and other qualified individuals are also eligible, while businesses and partnership firms are not. Only if the person's projected total income for the fiscal year is less than the basic exemption limit may they submit the form. Each quarter, Form 15G, either online or in hard copy, must be submitted to the deductor.

Form 15H

Resident elderly people 60 years of age and above may file Form 15H, a declaration, to avoid TDS deductions. It only applies when a person's total income for the relevant fiscal year results in no taxes due. Each quarter, the deductor must receive the form, either in hard copy or via online submission.