It is not mandatory but it will avoid the TDS deduction. Submit this form before the first payment of your interest.You must submit the Form 15H to each branch. For example you have deposit in three SBI bank branches Rs.100000 each. This form should be submitted to all the deductors to whom you advanced a loan.The assessee can submit 15H, even if the interest income exceed basic exemption limit, provided the tax paid on total income for the relevant previous year is NIL. Tax calculated on total income should be NiL.(Age limit reduced to 60 Years from from 1st July, 2012) Form 15H can be submitted only by Individual above the age of 65 years.Frequently Asked Question Answers On Form 15G And Form 15Hįorm 15H :- Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more ( Sixty Years from 1st July, 2012) claiming certain receipts without deduction of tax. Hope this information will be useful for you in filling Form 15G or Form 15H. You can view online all such TDS done in the portal called TRACES.Always attach your PAN copy along with Form 15G or Form 15H.If your bank deducted TDS then you have to file IT return and get back such tax deducted (if your tax liability is NIL in that particular year).Filing Form 15G or Form 15H does not mean that you no need to file IT returns.You have to fill the IT return in the same year when the TDS deducted.Avoiding TDS does not mean avoiding TAX.Note these important points about TDS or Form 15G and Form 15H–
FORM 15G DOWNLOAD PDF HOW TO
Hence, in this below video I will show you how to fill the Form 15G. Only the difference is of age condition attached to these forms for submission. There is no difference between two forms. Along with that, I also created a video tutor about how to fill the newly launched Form 15G and Form 15H.
You can read all those updates in my blog post “ Video Tutor-How to fill new Form 15G & Form 15H?“. You can download the Form 15H HERE.Įffective from 1st October, 2015 CBDT launched the new version of Form 15G and From 15H. You can download the Form 15G HERE.įorm 15H-This form can be submitted by an individual/HUF/AOP whose age is more than 60 years of age. Otherwise, it will not be useful for you as TDS may already deducted.įorm 15G-This form can be submitted by an individual/HUF/AOP whose age is less than 60 years of age.
You have to submit the form at the beginning of a financial year only. Note that both Form 15G or Form 15H are not meant for NRIs, companies or firms. Therefore, if a person is sure that he is not liable for any tax for that particular financial year, then he may submit Form 15G or Form 15H to the authorities who may deduct TDS. At any cost, you have to pay tax on such taxable income.įorm 15G and Form 15H are nothing but self-declaration forms. Remember, avoiding TDS does not mean avoiding tax. However, no one bothers about these basic rules and try to avoid TDS as much as possible. You can check the latest tax slabs in my earlier post “ Budget 2015-New Tax Slabs and Rates for FY 2015-16 (AY 2016-17)“.Ģ) If your estimated tax liability for the current financial year is NIL. However, there are conditions to submit either of these forms.ġ) You have to submit either Form 15G or Form 15H when your total income does not exceed the basic exemption limit (in case of Financial Year 2015-16 the basic exemption limit for an individual is Rs.2,50,000, for an individual whose age is 60 years or more but less than 80 years then it is Rs.3,00,000 and for an individual whose age is more than 80 years then it is Rs.5,00,000).
Also, usually bank officials request you to submit either of these forms to avoid TDS. Usually people submit Form 15G and Form 15H to AVOID tax. In case of joint account FDs, tax liability will be on the first holder. Whoever deducted the TDS will issue the certificate in the month of April (immediately the next start of a financial year). Usually, you receive a consolidated TDS certificate in form 16. In case of Bank FDs where you opted for payment of principal and interest at the end of maturity only, if the above said threshold limit crossed then Banks deduct TDS on yearly (even though you did not receive the FD amount).
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