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.
Page Contents
A. Form 15H
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 1st July, 2012) 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 from 1st July, 2012)
- Tax calculated on total income should be NiL. 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.
- 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 (Rs 50,000 from A.y 2019-20)
- You need to submit for 15H If interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-.
B. Form 15G
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 from 1st July, 2012)) and Hindu Undivided family.
- Bank F.D. Interest income should not exceed basic exemption limit (i.e Rs 2,50,000). Otherwise the bank will deduct TDS though you have submitted 15G.
- The above points are applicable to the Form 15G as well, except that the Form 15H is only for the senior citizen.
- Form 15G should be submitted before the first payment of interest on fixed deposit.
C. Difference between form 15G and 15H:-
- Form 15G can be submitted by individual below the Age of 60Years while form 15H can be submitted by senior citizens i.e. individual’s above the age of 65 years. (60 Years from 1st July 2012).
- 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 1st July 2012).
- 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 cannot file DECLARATION u/s 15G . This is clear from the Declaration in Part-I for the form.
Declaration/Verification (Form 15H)
*I/We……………………………………………………… do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. *I/We declare that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/We further declare that the tax *on my/our estimated total income including *income/incomes referred to in column 16 *and aggregate amount of *income/incomes referred to in column 18 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. *I/We also declare that *my/our *income/incomes referred to in column 16 *and the aggregate amount of *income/incomes referred to in column 18 for the previous year ending on ………………………… relevant to the assessment year ………………………… will not exceed the maximum amount which is not chargeable to income-tax.
However, if you are eligible and also fulfill the condition, the payer can not deduct the tax even if it is above 10,000.
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 the Declaration in Part-I for the form.
Declaration/Verification (Form 15G)
*I/We………………………………………………. do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. *I/We declare that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/We further declare that the tax *on my/our estimated total income including *income/incomes referred to in column 16 *and aggregate amount of *income/incomes referred to in column 18 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. *I/We also declare that *my/our *income/incomes referred to in column 16 *and the aggregate amount of *income/incomes referred to in column 18 for the previous year ending on ………………… relevant to the assessment year……………… will not exceed the maximum amount which is not charge‑able to income-tax.
D. Frequently Asked Question Answers On Form 15G And Form 15H
Question:- I am 70 years old. I invested a sum of Rs 6,00,000 in January 2014, in GOI 8 per cent savings bonds (taxable), 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 3,50,500. 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 3,00,000, 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. 2019-20.
Question :- I am a senior citizen having income liable for tax deduction at source in respect of my deposits with State Bank of India. 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 60 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
- 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 60 or more?
- It should be “not exceeding the maximum exemption limit” and not “not exceeding the minimum exemption limit”.
- Form No. 15H in circulation at present states that the particulars of the amounts are as per the in serial No.18. But there is no such schedule at all. The one and only schedule is about “investments”. In Form 15G carries this detail is given under serial no. 19.
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 details of all the investments should be mentioned in the respective table under serial no. 18/19 as applicable for 15H and 15G respectively.
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.
Click here to Download Form 15G in word format
- Form 15H:If you are a senior citizen, i.e. if you are of the age of 65 years and above (Sixty Years from 1st July, 2012) at any point of time during the financial year, you can submit Form 15H even if your income exceeds Rs.250,000 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 APPLICABLE WEF 01.10.2015 -vide Notification No. 76/2015, Dated : September 29, 2015
Click here for Revised Format of Form 15G and Form 15H
Download Form 15G and Form 15H Applicable WEF A.Y. 2013-14 OR FY 2012-13 till 30.09.2015 -vide notification No. 11/2013 [F.NO.142/31/2012-SO(TPL)]/SO 410(E) Dated 19.02.2013
| 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 |
DOWNLOAD FORM 15G AND FORM 15H APPLICABLE UP TO A.Y. 2012-13
| 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 1st July 2012 Age limit for senior citizen is reduced to 60 years from earlier 65 years. So from 1st July Form 15H can be filed by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.
Also Read:
Form No.15G and 15H & related procedures
Who can submit Form 15G & 15H & care to be taken in submission
Submitting Form No. 15G & 15H -Points to Remember
TDS and form 15G/ 15H applicability
(Republished with Amendments)
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
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
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.
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.
Dear Sir,
What is last date subimmeted of 15g & 15h form to income tax dep.
Thanks
Amar
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
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 all,
pls send me the example of how to fill the form 15g & 15H.
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
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
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
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?
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
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.
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?
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
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
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 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 am working in educational firm. educational tds deducted yes or no.
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?
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’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?
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 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
total taxable income for induvidual
on salaries and fixed deposit
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?
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 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.
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
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?
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?
no
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’?
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?
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?
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 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.
form 15G submiission last date of a.y.2010-11
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?
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
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.
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
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
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
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.
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.
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.
what is the last date for submitting form 15G to IT dept. and the penalty if not submitted within time allowed
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