Download, know and FAQ on Form 15G & Form 15H (Updated)
- Friday, July 8, 2011, 9:25
- Income Tax
- Articles, Featured
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Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. We have also included frequently asked questions and answers on Form 15G and Form 15H. Reader can download the latest Form 15G and Form 15H in Excel, Word and PDF format from the links given at the bottom of the article.
Form 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 A.Y. 2012-13) claiming certain receipts without deduction of tax.
- Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from A.Y. 2012-13)
- Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
- This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three SBI bank branches Rs.100000 each. You must submit the Form 15H to each branch.
- Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year.
- You need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year.
- You need to submit for 15H If interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-.
Form 15G:- Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax.
- Form 15G can be submitted by Individual below the age of 65 years (Age limit reduced to 60 Years from A.Y. 2012-13)) and Hindu Undivided family.
- The above points are applicable to the Form 15G as well, except the Form 15H is only for the senior citizen.
- Form 15G should be submitted before the first payment of interest on fixed deposit.
Difference between form 15G and 15H:-
- Form 15G can be submitted by individual below the Age of 65 Years while form 15H can be submitted by senior citizens i.e. individual’s above the age of 65 years. (60 Years from Assessment year 2012-2013).
- Form 15G can be submitted by Hindu undivided families but form 15H can be submitted only by Individual above the age of 65 years. ( 60 Years from Assessment year 2012-2013).
- 15G CAN NOT BE filed by any person whose income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax.
In nutshell we can say that anybody whose tax on estimated income is not NIL and having income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax can not file DECLARATION u/s 15G . This is clear from the point 3 & 4 of the of From 15 G.
However, if you are eligible and also fulfill the condition, the payer can not deduct the tax even if it is above 10,000.
Note:- Maximum amount not chargeable to tax for Hindu Undivided family (HUF) and Individual male (below the age of 65 years till A.Y. 2011-12 ) for A.Y. 2011-12 is Rs. 160000/- and for Individual female (below the age of 65 years) for A.Y. 2011-12 is Rs. 190000/- .
Senior Citizens who are eligible to file Declaration in Form 15H has no such conditions. They can submit form 15H even if there total Income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax if tax payable by them is NIL. This is clear from point 4 of the form 15H, which reads as under:-
” 4. that the tax on my estimated total income, including *income/incomes referred to in the Schedule below computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on relevant to the assessment year _____________ will be nil”
FREQUENTLY ASKED QUESTION ANSWERS ON FORM 15G AND FORM 15H
Question:- I am 70 years old. I invested a sum of Rs 5,00,000 in January 2004, in GOI 8 per cent savings bonds (taxable), 2003, via a leading private bank. The bonds issued were on a cumulative basis with a maturity period of six years. The total interest payable at the time of maturity is Rs 3,00,500. I have declared the income from the bonds on an accrual basis y-o-y, and have been filing tax returns since A/Y 2006/07. But the bank is not accepting Form 15H stating that the total interest payable on maturity is more than the threshold limit for senior citizens – Rs 2,40,000, and is insisting on my submitting Certificate u/s 197 from the IT office. What do I do?
Answer:- The bank should have deducted tax at source. It seems the bank has not provided for the accrued interest and is therefore not accepting Form 15H. You can prove that the tax on your total income of the previous year in which the interest is to be received shall be nil, even after including the cumulative interest the bank should not resort to tax deduction at source. You can submit Form 15H for deduction of tax at source for A.Y. 2010-11.
Question :- I am a senior citizen having income liable for tax deduction at source in respect of my deposits with State Bank of Hyderabad. They asked me whether I would be filing declaration in Form 15G or 15H in the first week of March in respect of payments made during the year so that I am in a position to judge whether I have taxable income for the year or not and file declaration in Form 15H, if I have no taxable income. On the other hand, State Bank of India and, I understand, some other banks require form at the time of deposit itself. It may not be proper for the bank to act on such declaration made in one year for another year or for that matter act on a declaration which had become stale filed in earlier part of the year for payment towards the end of the year. What is the correct position of law?
Answer:- The doubt raised by the reader is a valid one. The law itself does not provide for any date on which the declaration is required to be filed as long as it relates to the income of the year and filed during the year. Since the deduction of tax at source has to be decided on the date of each credit or payment, deduction has to be made for each such credit or payment. Where an investor is not able to file the declaration in earlier part of the year in view of the uncertainty as to the prospect of his income crossing the exemption limit, he can probably inform the bank that deduction could be deferred till the end of the year. But then, the bank would like to have the declaration at the time of payment so that the declaration may have necessarily to be filed before the first quarterly payment, if the interest is payable quarterly. The difficulty for the investor in ascertaining the income in advance in such cases cannot be avoided. Tax may have to be deducted and refund applied in due course in such cases.
Question:- It is stated that 15H form is concessional for individuals aged 65 or more as this form, unlike 15G form, does not carry the restrictive declaration to the effect that the aggregate of eligible incomes will not exceed the maximum amount which is chargeable to income tax (Item No. 4 in 15G form). 1. Can it be interpreted, that there is no ceiling on the aggregate incomes/ amounts liable for tax deduction for senior citizens of the age of 65 or more? 2. It should be “not exceeding the maximum exemption limit” and not “not exceeding the minimum exemption limit”. 3. Form No. 15H in circulation at present states that the particulars of the amounts are as per the schedule below. But there is no such schedule at all. The one and only schedule is about “investments”. Of course, Form 15G carries this Schedule as “Schedule V”. 4. Item 2 in Form 15H reads as “that my present occupation is….” At 65 and above, many have no occupations at all. 5. Item 3 in this form states “…. and am entitled to a deduction from the amount of income-tax on my total income referred to in section 88B”. Can you please enlighten me on this point regarding Sec. 88B?
As regards the first point, the limit for tax deduction for others is inapplicable for senior citizens, but the limit for statutory deduction under Sec. 80-C, for example, is applicable.
The second point made by him is correct.
As for the third point, the omission pointed out in Form 15H, the schedule for withdrawal from NSS alone has been given, because the other schedules as in Form 15G have apparently been considered unnecessary, since there is no ceiling by way of limit for tax deduction at source, so as to require the split up of the different incomes.
The fourth point made is 4 that the Form 15-H contemplates occupation for everyone is really not a defect, since a person without occupation can well fill up the column as nil. As for the last point, reference to Sec. 88B, providing for rebate for seniors citizens, has since been omitted with effect from April 1, 2006 on substitution of this relief by higher exemption limit. The Form has not been updated after this change. Probably, it was considered not necessary, because of the possible understanding that the reference to Sec. 88B is only for the limited purpose of adopting the definition of senior citizen under the section, when it was in vogue.
Question: What should I do if I am not liable to pay tax and TDS is not required to be deducted?
Answer:- To avail the benefit of deduction of tax at source at Nil/lower rate, you may submit any of the following documentation :
- Certificate from the Indian tax authorities : Certificate under section 197 of the Act issued by the Assessing Officer for nil / concessional rate of TDS can be submitted by any bondholder including companies and firms. The certificate should be submitted by the deductee to the deductor.
- Form 15G: If you are a resident person (other than a company, Co-operative society or a firm), you can submit Form 15G in duplicate to deductor. As per the provisions of section 197A of the Act, Form 15G can be submitted provided the tax on your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL ) and the interest paid or payable to you does not exceed the maximum amount which is not chargeable to tax.
- Form 15H: If you are a senior citizen, i.e. if you are of the age of 65 years and above at any point of time during the financial year, you can submit Form 15H even if your income exceeds Rs.240,000 p.a. for the purposes of non-deduction of tax at source if your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL.
- Entities exempt from tax as per CBDT Circular:
Certain specified entities whose income is unconditionally exempt under section 10 of the Act and who are statutorily not required to file return of income as per section 139 of the Act, CBDT has vide Circular no.4/2002 dated July 16, 2002, granted blanket TDS exemption. Some examples of the specified entities are provident funds, gratuity funds, local authority, hospitals exempt under section 10(23C)(iiiac), educational institutions or university exempt under section 10(23C)(iiiab).
Exemption for insurance companies: Certain entities such as Life Insurance Corporation of India, General insurance Corporation of India along with its four subsidiaries or any other insurer are eligible to receive interest on securities without deduction of tax at source, if such securities are owned by them or it has full beneficial interest in the same.
Question:- I am an account holder in a nationalised bank and I filed Form 15H. The bank authorities refused to give acknowledgement for the same, though I have given it in duplicate. What is more is that they have deducted tax though I have no taxable income. What is the remedy for the amount already deducted and to avoid such deduction in future?
Answer:- Where tax has already been deducted and deposited by the bank, the only recourse for the assessee is to file a refund claim along with the return with the assessing officer and await the refund. It is possible for an assessee to seek remedy for deficiency of service in a consumer forum or to file a complaint with the Ombudsman asking for compensation for the trouble to which the reader has been put to. But then, the reader had failed to press for an acknowledgement. He should have complained about denial of acknowledgement at that stage to the concerned superior officers or should have sent it by registered post acknowledgement due for purposes of evidence for his case. In fact, it is not open to the bank official to refuse acceptance of any document sought to be served on the bank or refuse acknowledgement, where demanded.
Some reader has complained about the inordinate delay in getting TDS certificate to enable claim of refund in time. Such complaints received from time to time indicate the inordinate delay on the part of even banks and large corporate as regards this statutory duty to issue such certificates promptly. In the case of banks, this is again a matter on which complaint should be made to senior officers of banks in writing and on failure of response to the Ombudsman. A complaint to the TDS section of the Income-tax Department, which is expected to enforce law regarding issue of TDS certificate promptly, should be the most effective remedy, if only the TDS cell activates itself to enforce the law and the rules on those responsible for tax deduction at source for the benefit of the taxpayers.
DOWNLOAD FORM 15G AND FORM 15H -
Download Form 15G in word Format |
Download Form 15G in Excel Format |
Download Form 15G in PDF Format |
Download Form 15H in word Format |
Download Form 15H in Excel Format |
Download Form 15H in PDF Format |
Please Note that from A.Y. 2012-13 Age limit for senior citizen is reduced to 60 years from earlier 65 years. So Form A.Y. 2012-13 15H can be filed by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.
Question: Recently (in Dec 2009) the bank authorities of a nationalized bank had posted a notice to the effect that TDS will be deducted at source for any accrued interest exceeding Rs. 10,000 irrespective of the submission of 15G or 15H forms. The deducted tax was to be refunded by submitting a claim to the IT dept based on the applicable tax rules. Please confirm reg the same.
I am running a business. and i am liable to deduct the TDS on Interest. Now I got a 15 G form for non deducting of TDs on Interest. But what is the last date for depositing the same to the Income Tax department .
Within 30 days
I am running a business. and i am liable to deduct the TDS on Interest. Now I got a 15 G form for non deducting of TDs on Interest. But what is the last date for depositing the same to the Income Tax department .and if it is not submitted within the time peried allowed by the Department then whats the penality .
I am coming under 10% Tax where I am paying and I am a permanent employee in a private organization. my age 28.
if I have to put 5 lkh fixed deposit how much interest will have to bare and that 5 lakh will be calculating as a income for the existing year. Please advise
what is the last date for submitting form 15G to IT dept. and the penalty if not submitted within time allowed
I have FDs at PNB Bank and now they are asking for fillup form No 15G. I am a serving soldier and income tax is applicable for me or not.
If applicable, the tax will be charge on the capital value of all FDs or the total interest accumulated for the year on the whole FDRs.
Ours is an educational Trust Registered U/s. Section 12AA. In the Finacial Year 2002-03, our case for valuation was referred by AO to DVO. The valuation has been challanged by the Trust in appeal. The appeal is pending. Now during the current year the AO wish to again refer the case for valuation to DVO. Since Financial Year 2002-03 till financial year 2006-07 all the assessment were completed at NIL income as application were more than 85%. Can the Ao again refer the matter to DVO and if so what should be the remedy left to Trust. It is puerly an educational Trust. Kindly reply as early as possible.
IN CASE OF COMPENSATION AGAINST MOTOR ACCIDENT, COMPENSATION AMOUNT RECEIVED ALONGWITH INTEREST AMOUNT IS MORE THAN Rs.50000/-. IN THAT CASE INSURANCE COMPANY WANTS TO DEDUCT TDS . WHEREAS THE INTEREST AMOUNT IS FOR LAST 4-5 YEARS TOTAL.
WHETHER IT IS COMPULSORY TO DEDUCT TAX BY INSURANCE COMPANY?
IS THERE ANY REMEDY TO NOT TO DEDUCT TAX FROM SUCH COMPENSATION.
PLEASE ADVICE.
Dear Sir,
Often the family funds are deposited in the name of the senior citizen,(jointly) of the family for extra interest.
2. Whose PAN number should be furnished , where the first holder is ‘ senior citizen and the second holder is the owner of the funds.
3. The senior citizen and the ssecond holder are mother and son, respectively. The same question applies for funds deposited by brother/sister/daughter-in-law of the senior citizen where the funds are owned by the second holders only.
thanks.
Kannan
DEAR SIR,
MY QUERY IS, CAN A PERSON WHO HAS SUBMITTED FORM 15 G DURING THE FINANCIAL YEAR CAN ASK HIS BANKERS TO CANCEL THE SAME WITHIN THE SAME YEAR.
THANKS
my name is vinod my doubt is that can we download the form 15g from the internet and use it or we have to buy it from the retailer
You can download it from the link given in the post and Print and use. You need not to buy from anyone.
Hi,
Recently I had been to SBI at Bangalore. As per new finance bill, while submitting form 15G or 15H, you need to provide your PAN number if the interest is considerable. For example, if your deposit saving is above 60K, there is a possibility of TDS. However having PAN number doesn’t mean you need to file returns or pay income tax. In case if the Bank deduct TDS, inspite of providing form 15G/15H, which they are not supposed to, PAN helps you to file the returns claiming you are well within taxable limits and you can get back the TDS amount with interest if there are any delay by IT department.
Hi Raagva,
My mother had made fixed deposit and the interest (2.5 Lks)crossed her income tax exemption limit (1.8 Lks). So she opened the SCSS for amount (75K) to avail 80C benifit.
She have a/c in SBI bank and the given 15G form too. But still their system will deduct 25K (20%-without PAN) as tax from her interest earned from fixed deposits. And the bank asking to file for return from IT.
Is it not possible to the bank that they accept 80C proof and stop their system to deduct tax?
Does my mother need to file IT return to get the amount back ? She does not have PAN card. Is it possible to file return without PAN card?
Regards,
Irshad
I am an NRI, resident in India for < 180 days in every previous 6 years & intend to be NRI for the coming 5 years, with similar <180 day/year stay in India. Out of past Indian income, I have FDs in Indian Rupees maintained with PSU banks (the interest from which in a year will be of the order of Rs 1,20,000). The total (such) FD interest income plus other Indian income put together is expected to be less than the exemption limit of Rs 1,60,000 in AY2010-2011. I am a male individual & non-senior citizen. Can I file Form15G and avoid tax being deducted from source? Is it legal to file Form15G? Are NRIs by law not allowed to file Form15G/Form15H to avoid TDS on earnings from their Indian corpus?
form 15G submiission last date of a.y.2010-11
I work in an IT company in India and is working on an assignment (1.5 yrs) abroad. I have done some FDs in a nationalized bank recently from savings money earned outside India. Is the interest earned from these FDs taxable? Do I need to fill in 15G to avoid tax deduction by the bank.
I HAVE DEPOSITED RS. 01 LACS IN DEBENTURES OF NON-LISTED PUBLIC COMPANY. WHICH FORM I SHOULD SUBMIT FOR CLAIMING TDS EXEMPTION I.E., 15G OR 15F. PLZ ADVICE
I am working & below the age of 65 years, can i submit FORM 15G to avoid tax deduction? I fall in the tax bracket, so can i submit the form 15g?
Can Bank refuse to accept 15h in case declarant states in col. 4 that his total income for the next assessment year i.e 2011-12 will be nil. Bank official is insisting that in col. 4 declarant is supposed to declare that his income for the previous financial year ending 31 march 2010 relevant to AY 2010-11 SHOULD BE nil. WHAT IS THE CORRECT POSITION?
Hi, I am a bank employee, I wanted to know
- Whether a trust can submit form no 15g for getting tds exemption benefit on ‘interest earned from fixed deposit’?
no
I had 2 Krishna Bhagya Jala Nigam Bonds which had matured way back in 2006. However, I forgot to re-deem the same. And, now when I applied for redemption, a tax of around 15% was deducted at source and I received the remaining money finally. Please let me know as to what needs to be done to re-claim the same amount using the 15-G Form. As in, where will I find the form and where do I need to submit the same?
what are the consequences of wrong fiing of form No. 15G/15H?
some deductors are not filling Part II of the said form. what are the consequences?
hai
I am running business in that we are doing job work, if i will submit the form 15G or 15H for non deducting of TDS
please carifiy the above details
I have read the entire article.
However, I find you have nowhere mentioned if Non-residents can also file form 15G.
I am a non resident and wish to make FDR of Rs 10 lacs @ 7.5% rate of interest. Since that is below Rs 1.60 lacs exemption limit, can I, as a non-resident, file Form 15G?
Thanks and best regards.
Your link to download 15H is invalid or corrupt. If you download and open the 15H forms, it gives error. Please check and correct.
Thanks.
Download Form 15H in word Format
Download Form 15H in Excel Format
Download Form 15H in PDF Format
I am a lady aged 63 years. I have an annual income of Rs. 4 Lacs, almost all from Bank deposits. Considering the current incometax slabs of “1.9 lacs- No Tax and Up to 5 Lacs 10% tax”, my tax commitment for AY11-12, works out to only about Rs. 21,000. As banks are deducting 10% TDS on all interest income over Rs. 10,000, I end up paying Rs 40,000 as tax through TDS. Can I give From-15G to avoid avoid excessive TDS? Can some body help me on this?
total taxable income for induvidual
on salaries and fixed deposit
I have a hsg property bought by me in 2007 nov.It costed me 29 lacs then.However now i wish to sell the property in 2010 sept.I am working for an indian based software company and am in usa for a project since the last 1 yr.I am considered to be an nri by law even though i would be returning to india shortly.
I wish to know how could i get a tds tax waiver.do i need to approach a ca or can i do it myself
CASE – I
Interest Income from Cos’ FDs - Rs.1,65,000/-
Interest Income from Sr. Citizen Savings Scheme -Rs.1,35,000/-
Total Income = Rs.3,00,000/-
Taxable Income Rs.3 Lac – Rs. 1 Lac u/s 80C – Rs.1.60 Lac. = Rs.40,000/-
TDS Rs. 13,905/- will be deducted by bank.
Where as Actual I-Tax liability is Rs.4,120/- only.
CASE – II
Instead, if I submit Form 15G to the Bank for Interest Income of Rs.1,35,000/- and avoid TDS deduction of Rs.13,905/- but at the same time still I take it into account Interest Income of Rs.1,35,000/- as below while calculating my Total Income then,
Interest Income from Cos’ FDs - Rs.1,65,000/-
Interest Income from Sr. Citizen Savings Scheme Rs.1,35,000/-
Total Income = Rs.3,00,000/-
Taxable Income Rs.3 lac – Rs. 1 Lac u/s 80C – Rs.1.60 Lac. = Rs.40,000/-
And, I-Tax liability is Rs.4,120/- only.
Hence, I prefer to go by Case II but may I lawfully permitted to pay only the actual Income Tax applicable Rs.4,120/- instead of first paying more I-Tax Rs. 13,905/- by way of TDS as per Case I and then claim for the Refund ?
Please advise.
I’m a retired person and now my agricultural land is acquired by KIADB so i got compensation for that. if i may keep my money in a bank for fixed deposit is there chance to tax deduction on source. i heard that compensation money is a tax exempted is it right?
Last month 23-AUG-10, MY FATHER IN LAW REGISTERED TWO ACRES LAND TO MY HAUSABAND. Remaining daughters are signed at the time registaration Now he is trying to cancel the registaration. Is it possible to cancel?
That land belongs to My hausbands grandfathers property not his fathers property
i have a question.
i am a student and my income is absoultely ZERO.
but i have invested FD with the money i get from my dad.
and now the interest has reached above 10k and it is applcable for TDS.
can i give form 15g to avoid TDS?
if i submit form 15g should i have to file income tax returns the next year?
i am working in educational firm. educational tds deducted yes or no.
MY QUESTION IS:
WHAT IS THE STATUS OF FORM 15 H IN REVISED DIRECT TAX CODE ? WILL IT STILL BE AVAILABLE TO SR. CITIZEN AS WELL AS NORMAL TAX PAYER BY 15 G ?
THANKS
I have an FD of 5 lac with SBI.
There is TDS deduction for the FD interest every month.
However it gets reveresed into my savings bank account.
Do I have to file the tax deductions for the interest on my own?
my age 22.
if I have to put 50 THOUSAND fixed deposit how much interest will have to bare and that 5 lakh will be calculating as a income for the existing year. Please advise
SORRY if I have to put 50 THOUSAND fixed deposit how much interest will have to bare and that 50 THOUSAND will be calculating as a income for the existing year. Please advise
Do i have to pay tax on the interest earned on fixed deposi, Is there a limit of Rs. 10,000/- per year on interest earned above which the amount will be taxed?
I am 61 years old person, retired from Corporation where no pension scheme apply. In F.Y. 2010-11, i have no received from my ex-employer but in Jan. 2011 arrears from last 14 years will be received and arrear amount expected Rs. 250000/-. But employer deduct TDS on arrear by 10%. Can i exempt from TDS and in this year i invest Rs. 75000/- on LIC. Please suggest can i submit Form 15G for non deducted of TDS.
i want to know about that what is the maximum amount limit to be invested in indian national and private bank in s/b for not to be deducted any taxes..???
please reply it will be help for me..
thanking you,,
from,
dr. sujay paul
sujay.trp@gmail.com
My father is Senior Citizen (63 year old) and I would like to find out what’s the maximum principal amount he can FD and still submit Form 15G? He has no other income. Assuming interest rate in FD as 10% per year for 3year FD, is the maximum 24 lakhs to be eligible to submit Form 15G? So that he he within 2.4 lakh limit.
If he opens three 8 Lakh FD, is it better to open in three different branches or it doesn’t matter?
MY QUESTION IS:
WHAT IS THE STATUS OF FORM 15 H IN REVISED DIRECT TAX CODE ? WILL IT STILL BE AVAILABLE TO SR. CITIZEN AS WELL AS NORMAL TAX PAYER BY 15 G ?
THANKS
Hi Sir,
My mother getting pension, which is above 1.9lack from SBI bank.
Now in BOI we did 2 lack FD and fill the 15G form as one of bank officer suggest us.
Now what should we do?
plz suggest.
Thanks
Dear Umesh
By submitting 15 G Bank will not deduct TDS how ever ur mother will either have to pay I.T.
or invest in Tax saving instruments like PPF or other.but now she will have to file I T return which is mandatory once income crosses 1.9 lacs.
Hate
I have 2 SCSS deposits in one post office . The annual interests are 63000 and 7200.Should I tender two 15 G forms ?And I want to open another account with a deposit of 60000. The postmaster says that to open the account I should give another form 15 G
Dear all,
pls send me the example of how to fill the form 15g & 15H.
My relative is 62 years. He has deposited his saving and earned 2lac intrest on FDR.
Bank has deducted 10 percent on total ammount.Is that correct Tax deduction and what is IT direction on such cases.How to recover money deducted by bank.Need your guidance.Thanks
Dear sir
my income from an investment in property is 2,40,000 p.a. paid monthly by the builder as Rs. 20,120/- p.m.
I have no other income and during the last financial year also i received the same amount and my tax paid was NIL, as i did some savings under section 80D.
Whether i can file form 15G for avoiding TDS?
Thanks
Neelu,
15G is for claiming excemption from TDS on intrest amount and hence not applicable. However there is provision from claiming exemption of referred source of income and i think it is sec 197 and it is not voulntary, you need to appy with IT authorities and get the certificate and submitted to the tenent for not making TDS.
Dear Sir,
What is last date subimmeted of 15g & 15h form to income tax dep.
Thanks
Amar
i have last it return submit fy-2007-08,because i have those time unemployed & no income, only income from bank interest. now i currently service in pvt.firm .my qus. is that i have still date no it return submit,but 15g submit every year to bank avoid the tds in interest & i truly declare that my income tax is nil. any problem in future? kind help me.
sir m a student..in 2006 my father had passed away.i hav got 200000 lacs rs of his P.F.at that time due to lack of knowledge i hav fixed that amount in state bank of india on my mothers name.now the fixed deposit is going to mature in april.we didnt have submitted any form 15g and my mother had not any pancard.now m going to break that deposite after maturity.bank staff said dat u hav to get that money after deductng of tax.can u tell me i cant save that tax money now..the maturity date is on 20 th april.
Sir
Fixed deposit in BANK is in the name of GRAM PANCHAYAT, can SARPANCH fill form 15g/15h and submit his PAN NO to avoid TDS
senior citizen age is 60 yrs as declared by the govt.in budget 2011(earlier it was 65). my query is that a individual having the age of 60 yrs to 65 yrs should submit 15g or 15h for no tds.and whether housing socities trust &associations can submit the 15g form for no tds
Hi, I would like to invest sum of rs.50000/- approx. in private co. fd.on which tax liabiitiy should come, on the contrary my income is non taxable please guide me. I am fiing my return regularly but I dont want tds ka lafda.
Sir,
Please clarify my following queries:
1.I am working as a Consultant Engineer in Merchant navy on contract basis.Please tell me what is my tax liabilities?and how it can be reduced.For information my income is in the slab of 31.5%(including other surcharge etc.)
2.At present scenario banks are providing 9.25% annually so in that case for Rs100000/- Fd the interest amount is Rs9250/-.So how much amount bank will deduct on maturity…Rs925/-? that is the 10% of the interest accrued? if no 15G form is submitted?
3.Whether I can submit 15G form(my age is 45yrs)
What are the other ways I can save maximum IT and how much?
Awaiting your valuable comments point wise.
Thanks in advance…
Santanu Lahiri
Dear Sir,
I am an NRI. Can I submit form 15g to the bank to avoid TDS on interest earned in my NRO account. Else, please let me know any alternative way to avoid TDS as I have no taxable income and submitting I.T.Reeturn for a refund is not cost effective. Kindly reply.
Gopal
Sir,
I am not sure to how fill form 15h. I am having only a few bank fdrs in two banks I am sure what details of investment I have to fill. Please help me by an example of filled form for two to three fdrs for any nationalized (SBI) bank.
thanking in anticipation
Harbinder Singh
Q. i have rental income which is liable to tds @10% so whether i am eligible to file 15H for lower tax deduction.??
Hi ,
my income for the financial year 2010-11 is below the exemption limit , I invested in some bank FD’s for which TDS was deducted by the banks and TDS certificate given, can i get the refund for the TDS deducted ?
Thanks
WHAT IS THE MAXIMUM LIMIT FOR INTEREST EARN ON F.D.s TO AVAIL EXEMPTION OF TDS DEDUCTION, UNDER FORM 15 G DURING THE FINANCIAL YR 2011-12, FOR RETIRED PERSON .
I am a Special Assistant Public Prosecutor on daily wages of 700/-Rs. per day only on working day.Am I liable for TDS?
After reduction of the Senior citizen age from 65 years to 60 years, what form, 16G or 16H will be applicable for a person below 65 years and above 60 years of age?
Dear Sir,
Please let me know the due date for filing of Form 15H & Form 15G(which are received from Depositors) to the Income Tax Department.
Please do needful.
Thanks & Regards,
Prashnat
Association of person can avail Form 15 G for avoiding tax interest on Fixed deposit
Sir,
I don’t have PAN and I m an housewife. I have openned an RD Account in Sahara India and invested Rs. 36,000/- (Rs. 600/- per month). Now on interest amount has become Rs. 6,000/- on which they are saying to deduct TDS. But, I don’t have any more income apart from that. I consulted to a Tax consulted he has told me to submit a declaration in Form 15G. But, I don’t have my PAN. Could it possible to submit that Form without PAN……….? Please confirm.
As per income tax rules, any person not having PAN card can’t claim for any exemption on TDS and so even you submitted the 15G form,,it won’t work and the TDS will be deducted with 10% penalties above and over actual TDS. so in ur case u should hv to 1st apply for PAN card and then submit 15G form to avail the benefit of exemption from I.T deppt.
Dear Uncle,,
Untill and unless the next circular from RBI to banks does not come the prevailing previous 15H form for above 65 yrs and 15G for below 65 yrs age indivisual continued to be in force…so,,,till date the same circular has not come…
despite of this you suld once asks your banker for the same to be confirm…
FORM 15G CAN BE SUBMITTED BY ANY INDIVIDUAL OR PERSONS (EXCEPT COMPANY AND FIRMS) WHO’S TOTAL INCOME INCLUDING INTEREST INCOME IS BELOW THE BASIC EXEMPTION LIMIT. A PERSON NEEDS TO HAVE A PAN CARD BEFORE SUBMITTING THE FORM 15G.
Respected Sir, I need to know my father have been working in Association of Person – Green Park Association. The association did not filed any income tax return and they have some Fixed Deposit in Bank. But bankers said society have to deduct tds from bank interest. Can they have to submit 15H along with pan card? and bankers said we can not accept 15H without Income Tax Certificate. So in this condition what should we do?
my clint interest income rs. 8000 from FDR in bank (AY 2011-12 )he was not submitted PAN and from 15G dose bank debucted TDS or not because his income is less than Rs 10000
anil jain
WHEN AN ASSESSEE FURNISHES HIS PAN NO. AND HE HAS PENSION INCOME AND INTEREST INCOME FROM DEPOSITS, THE DEDUCTOR OF TAX RECOVERS TDS ON THE PENSION, CALCULATED BY THE PENSION PAYING AUTHORITY AND AGAIN THE BANK BRANCH RECOVERS TDS ON THE DEPOSIT INTEREST. INSTEAD OF RECOVERING THE TDS SEPARATELY, WHY SHOULD NOT A SOFTWARE BE THOUGHT OF TO RECOVER TDS ON THE AGGREGATE INCOME ON THE STRENGTH OF PAN NO. INSTEAD OF RECOVERING TAX AT EACH POINT. THIS WILL AVOID LOSS OF TAX TO THE EXCHEQUER, AS WHEN TDS IS DEDUCTED SEPRATELY, EACH TIME THE TAX IS CALCULATED FOR THE AMOUNT ABOVE THE EXEMPTION LIMIT ONLY AND THE TAX PAYABLE GETS REDUCED.
clarification of agriculture land and urban land for tax purpose and distance of municipal area and city dividation
Article very helpful.
Unfortunately none of the Form 15 G or H word or excel form are readable. They are gibberish machine language.
Please provide downloads in accessible formats. Would be obliged if you can email them to me.
Regards.
Sir,
A trust is having exemption U/s 12A whose objects are charitable in nature.
They are having only interest income from deposits. And also the gross interest does not exceed Rs. 100000/-. Is it correct to submit Form 15G to the Bank for not deducting TDS in the case of Trust. please clarify.
There is no Perscibe Date For Submission Of Form 15G AND 15H, Accroding To provisoin we have need to submit before FIlling Of TDS return i.e
15th july
15oct
15jan
30th april
I WANT TO MAKE FD OF 20LAKHS FOR ME AND MY WIFE.I DO NOT HAVE ANY OTHER INCOME AND I AM BELOW AGE OF 60. CAN I DEPOSITE FORM 15G TO AVOID TDS AND INCOME TAX ,SO CAN I GET FULL INTERST ON MY FD WITHOUT DUDCTION OF TDS AND INCOME TAX
Dear Sir/Madam
My name is prakash
I have question regarding form 15G & 15H
I was in USA, UK, & CANADA before and I worked there for 7 year but now I return to India and I and my family have Indian nationality, we have 80 lakhs in our Indian saving account.
Now I have following 3 question that
1. I want to make FD of 20lakhs for my name(My age below 60) and FD of 20lakhns for my wife name (her age also below 60) so total 40lakhs FD but want to split in 20-20 laths because of below tax limit. I & My wife do not have any other income.
SO CAN I FILL FORM 15G FOR MYSELF AND FOR MY WIFE?
So there is no deduction of TDS and income tax.
2. Other question is that I want to make another 20-20 lakhs FD for my father and mother name, they are above 65.
SO CAN I FILL FORM 15H FOR MY PARENTS?
So there is no deduction of TDS and income tax.
3. So in total I want to make 80 lakhs FD on that I can get as per example 8% interest per year
So can I get 6, 40,000 interest per year without deduction of TDS and Income tax?
Can you please reply to my mail id prakashbabu1980@yahoo.com
Thanks
sir
your answer”Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from A.Y. 2012-13)
kindly check up whether the age is rteduced to 60 for AY 2012-13.This is reduced to 60 only for tax exemption limit to Rs 250000/- and not for any other purpose.
i will be glad if you clarify
sir,
if you are going to deposit by keeping your name as first,you will be entitled to submit 15 G if you fulfil the following conditions(assuming you are a resident)
1] you should have PAN
2] you total income (including the interest) is Rs 180000 or less
3] the total interest does not exceed Rs 180000/- in all deposits with that Branch
mahadevan
sir,
it is not bank,it is branch for TDS purpose.In your case if the total interest does not exceed 10000/-in a financial year(taking all depoosits in the branch except Savings and RDS),the bank can not deduct TDS.There is no need to submit form 15G.
Very Good Article
Only Individual & HUF can submit Form 15G. Others can’t submit.
FORM 15G AND 15H IS DOWNLOAD BUT NOT OPEN IN WINZIP…PLEASE GUIDE ME HOW TO OPEN.
MESSAGE CAME ” CANNOT OPEN FILE”
I have a joint acct with my wife & and has an FD. I am an income tax payee but my wife is not as she has no income. Can she submit Form 15G so that TDS on interest on the FD is not deducted?
Good Evening Sir,
I had a Fixed deposit of Rs400000/- in State Bank of India, while getting the Fixed deposit i have submitted the Form-15G in year 2004. Those fixed deposit has expired recently and the bank has hold an amount of Rs18000/-, when we have enquired regarding that they are saying they have hold that as TDS. But instead of giving form15g why the bank is holding that amount ? How can i get that Rs18000 from bank? Can u please help me out sir..?
Regards,
Rajesh.
I am 61 year old senior citizen and working. My income comes below Rs.250000.
But I have some fixed deposit receipts which have interest above Rs.10000.
To avoid TDS, please advise wheter I can submit form 15G
Sir,
I am 70 years of age. I have been taxed by SBI on their FD’s inspite of submitting 15H form. Please inform me of the limit for which their is no TDS for senior citizen with no other source of income
Thank You
I am 62 years old and having other income (business0 in addition to interest on Deposits.The TDS deducted from my business income is more than my tax liability.
Hence I am claiming refund every year which takes more than 18 months at present. In order to reduce my refund claim, can I submit Form-H to bank so that the TDS is redused since I am already paying tax more tahn the tax I am supposed to pay?
Hello!!!!
please can anyone tell me what is the provision related to form 15G & 15H for banks?
when the banks are required to submit these forms to income tax department???
Form 15G and Form 15H for fixed deposits
Form 15G and Form 15H are used for averting / reconciling the TDS deduction on interest earned during the financial year on fixed deposits in Banks. Below is the explanation as to how it works.
How these forms works & and what is their purpose
In routine banking process, the Bank will deduct tax at source on the interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Hence to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.
Form 15H must be used above 65 years old individual.
Previous year income should not be taxable.
Form 15H should be submitted before the first payment of interest on fixed deposit.
Form 15G
Form 15G is same like Form 15H difference is only that form 15G is for every individual below 65 years of age
The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.
The payer is under an obligation to deduct tax until the declaration in Form No. 15 G/15H is received and in the event that such form is not received till the end of the financial year, the failure to deduct tax amounts to violation of this section.
http://taxguru.in/income-tax/download-know-and-faq-on-form-15g-form-15h.html#comment-428035
please check the following link i think that will solve your problem.
sir,
Thanks for the information sir.this post helped me to get perfect information on 15h and i had solved my problem.Comments are very helpful.
sir
i have shown my savings as a Fixed deposit of Rs 100000 for the period 6yrs under 80C in SBI. considering this my income tax has been generated. Since this amount is permissible under 80 C . what is the need of filling 15G ?
Dear Sir,
Tks. for your information, however, kindly let me know the last date of submiting the form 15G to the bank, in order to be free from paying TDS and then getting refund of the same.
Rgds, Chetan A.Khandheria
hi
one my friend has sell falt in india now he is staying Canada (country) now he need to transfer amount to his a/c to Canada (HSBC bank) on his father name his age is 65 now he want submit 15g and 15h from so what is formalities for the further process
DEAR SIR,
A SOCOEITY REGISTERED UNDER THE SOCIETIES REGIATRATION ACT AND REGD UNDER SECTION 12A OF THE INCOME TAX ACT ARE ENTITILED TO FILE FORM 15G TO THE BANK OR NOT
Dear Sir,
I have some FDs in my Grandmom`s and my name.The TDS has been deducted on the interest accrued on them,but the Tax Credit as shown in Form 26AS is shown in my name.Please tell me as to what should be done now as I want to file ITR to claim the TDS.Please Help me.Thanks
Your`s Faithfylly
Mehul Nagda
8989718278
for assessment year 12-13 you should submit the form 15g or 15h on april 12, a year before and check it on every march of that year here it is 2012. By doing this you can save TDS amount if u not come under income tax scenario.
for refund you should file IT return with refund option.
I want to know if anyone does not come under income tax scenario and get more than Rs.10000/- as interest on his/her FDRs then TDS will be deducted or not? a bank official told me that more than Rs.10000/- TDS will be cut either anyone does not come under Income tax scenario. tell me the right answer
i have trustee one jain temple trust fd one bank rs.1500000, bank say tds deduted your a/c . i submit to 15g, but bank not accepted the form . yealry income trust rs.150000/- what rules 15g /h
thanks reply to me my emaail id haresh_32@yahoo.com
Submit it immediately after opening an FD (technically it should be submitted before first interest is paid to you by bank, generally quarterly i.e. 3 months) and thereafter within first week of April every year untill your FD matures.
My mother(73yrs)want to invest a total of Rs-7-lakh to a bank @10.25% in the sctzn scheme.Her total income for a year will come from the interest.My question is
(1)can she deposite the total ammount in one bank?
(2)any necessary to create a income tax file?
(3)have to show her total welth(like house,gold)
(4)when a 15H form submitted-can the bank deduct tax (TDS)
She has a pan card.
My 62-year-old aunt, who is unmarried and has no children, lives alone and she is a retired teacher. After 35 years of service in private school, she gets a monthly pension of Rs.1000. She has a total lifelong saving of just 2.5 lak rupees deposited in an FD. Other than Rs.1000 pension, the interest from FD is her only source of income. The bank has deducted TDS from this interest also. How should poor people live?? The rich govt and rich bank employees are drinking poor people’s blood.
whther charitable trust not working for profit are eligible to submit form 15g so that they can save from tds and by obtaining TDS certificate they will file their annual return
You should fill up for 15H and 15H. because a FD is not her income but only the interest on FD. So pension of Rs 12000 per year and interest of Rs 25000 per year are altogether less than Rs. 1,90,000.
The forms must be filled every year and dposited ith the bank.
For the financial year 2011-2012, my son’s(aged 28yrs) total income is expected to be Rs190000 and after deduction under Sec80C it will be about Rs 90000. Is he eligible to submit Form 15G?
what if this person does an investment of 100000 under 80c does this will be considered and total interest can be 2.6 lakhs without TDS.
we have a tds deductor. from the last quarter, we have received a form 15G from one of an assesse. after accepting for 15G, were we give this for submitting income tax & as deductor, what is the procedures on form 15g. submitting, I mean like, i.e TDS returns for NSDL. form 15G for…
We are having one trust of flat owners and have deposited fixed deposit of Rs.2.50 lacs in bank. While receiving interest on fixed deposit, TDS is deducted by the bank. We don’t have any other income. Kindly let me know which form i required to submit for TDS exemption.
In some banks are refused to accept the Form 15H for customer who is a age of 62. They informed to customer to submit the form 15G. So kindly explain if there is any new form has been issued by IT department for the age of 60 and above or IT department has change declaration in Form 15H.
In case the ITD has issued new type of form or amendment done in the Form 15 H. kindly share same to me.
Thanks in advance……….
18.11.2011
Sir, I am 34 years old, I am working as Domestic help. Over the years I collected Rs.40,000/- and deposited it in Fixed Deposit in IOB. (accumulated interest) The FDR shall mature in October 2012. My Income is Rs72000/- per annum.
Please advise
1) Do I have to pay any TDS (Bank shall deduct TDS)
2) Which form/s should I fill up to save my TDS, as I do not pay any income tax.
3) Do I require o PAN Card?
Regards.
Teresa
Sir i am an NRI AND WANT TO MAKE FIXED DEPOSIT OF RS 45L , I HAVE ONLY INCOME FROM FIXED DEPOSITS . SHOULD I FILL FORM 15G TO AVOID TAX DEDUCTION AT SOURCE.
I am a Govt. PSU employee and I have invested Rs. 40000/- in the 5 yr Tax saving Fixed deposit in a nationalised bank. My question is that, whether it is necessary to submit Form 15 G every year? My salary account is in the same bank, where I have invested.
Dear all
Please clarify on the issue of form No. 15 H. as you mentioned in the above the age limit been reduced to 60 years from 65 years of person who can issue Form No. 15 H, how ever the form you have attached in this site still showing age of 65 years? and also please note that in the Income Tax and Rule the age limit is mentioned as 65 years?
Regards
Suryakant surve
9820835278
How much amount to be invested u/s 80C to save income tax of Rs. 5000/- for Individual.
if we give 15g and pan number .we paid any tax?
I would like to reply to Mr Suryakant Surve’s query. As per ICICI Bank tax expert, the IT Comissionor has informed them that since the age has not been changed in the section 197A for the AY 2012-13 the form 15H can be submitted only by people of age >65 years.
Tax Guru spcifies it as applicable for people for age >60 years.
Tax guru has to take a call or help get the amendment done by the Government.
If the lone source of earning is interest from Fixed Deposits & a person earns 50000 form interests. wll he be taxable
Hi,
I was not aware about TDS on interest of fixed deposites. Now after maturity of FD’s i got the interest after deducting TDS. Is it possible to recover this TDS if i submit form 15G after maturity of fixed deposite??? Pls revert
In case a depositor is having 5 deposits with a particular bank branch then how many 15H forms he is required to submit. One 15H can serve the purpose or 5 15H has to be deposited with the branch. Please clarify.
hi my gross salary 192900 per anna, can plz that should i underfiling Income Tax return & Form 16.
Sir I have work job my Annual Salary is 120000 But I save Some Money Monthly in RD Rs-500 .The RD Company was deducted Tds on Interest But My Annual salary not 180000 per year Plz Send This Answer
26th January, 2012.
I am a Non-Resident Indian working abroad. I have NRE (Non-Resident External) Account in a Nationalised Bank in India. Recently RBI / Govt of India increased NRE – FD interset rates, at par with domestic FD and is declared non-taxable, to attract inflow of foreign funds into the country. In view of this, recently I made an NRE-FD with State Bank of Hyderabad with 9.5% interest. The bank is asking me to submit Form 15 G. I understand that form 15G is only for residents, for TDS exemption. I do not understand the need for submitting form 15 G, when NRE-FD interest has been already declared non-taxable and whether form 15 G is applicable to Non-residents. I request you to send me a clarification with necessary document support from Income Tax department, which I can show to the bank. Thank you.
MY INTEREST INCOME FROM BANK FD IS Rs.60,000/- AND OHTER SOURCE OF INCOME IS Rs.90,000/-. BANK IS DEDUCTING TDS ON Rs.60,000/- EVEN I HAVE DEPOSITED FORM 15G SAYING THAT MY INTEREST INCOME FROM BANK FD IS MORE THAN Rs.50,000/-. SO 15G IS NOT APPLICABLE.
IS IT SO, PLEASE CLARIFY WITH NOTIFICATION.
how to opne the form 16files in TIN-nsdl
How to open the form 16 files in TIN Nsdl