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)
My father had a fixed deposit to the tune of Rs. 200000,of which I am
the second holder under clause “E OR S”.My father expired. Now advise
me can I submit 15h to the bank for stopping deduction of tax.
if 1st holder for fdr is expired 2nd holder is salaried person what should she do for 15 h form submission? can spouse submit 15 g form on behalf of deceased person?
What is the due date of submitting of Form 15G & 15H submittted by Bank to Incometax Department.
Hi there, just became aware of your blog through Google, and found that
it is really informative. I am going to watch out for brussels.
I will appreciate if you continue this in future. Many people will be benefited from your writing.
Cheers!
Feel free to visit my web site: download ebook – Daryl,
We have some fdr in the name of my mother. But unfortunately my mother expired last year. Now deceased claim is still pending due to lack of some documentation. But still TDS is deducting in the name of my Mothter. Now I want to file form 15 G, Form 15 H so that no TDS will be deducted in the name of my mother becasuse that amount will be clubbed in my Income. So please suggest me how can I submit Form 15G and Form 15H in my mother account.
Sir, we are a flat owner association and we have deposited our FD in bank. Now bank is demanding for CErtificate for non deduction of TDS on fD interest. let me guide from where and how can I get the certificate for non deduction of TDs.
Regards
PREMAL
Hi
My father gets a monthly interest from a non-banking firm for a deposit he made an year ago. Last year he submitted the form 15h to the firm and received his payments without TDS deduction. This year the firm says that it cannot submit the form 15h to IT dept, due to some new regulations. It has given my father a duly filled form 15h with the firm’s stamp on it. They have asked my father to submit the form to the local IT ward, and provide them with the receipt. Only then TDS will not be deducted.
Is that really so? People can individuals submit 15H forms directly to the income tax dept.?
Dear Sir,
I am retired govt. empolyee. In my SERVICE RECORD name was as “KANCHANBEN K SHAH” as I joined service as unmerried and there was not facility to change the name in the department after marriage. So my married name is “Kanchanben J Christian”
I was issued PAN card in the name of Kanchanben K Shah. As my Husband expired I was eligible for family pension too. and So I was having account as opened as Kanchanben J christian. I am also having Fixed Deposit in the name of Kanchanben J Christian Now the Bankers are not accepting my Pancard for this deposit as the pancard name and FD name differs. I would like to know the solution for the purpose as without Pancard & 15H submission in my FD in above name Tax would be deducted. Please guide me.
thanks
Please confirm as to whether the TDS is leviable on the interest earned by the govt./ of India on account of fixed deposit made with bank ?
dear sir,
can we accept 15g from coop soc ltd, if yes up to what amount of interest they
earn on their deposits with us
mm parmar
saraspur
A] NRI or Resident Indian.
Her journey details to USA is as under-
a) Left for USA from India on-12/2/2012 after marriage.
b) Returned back to India on-28/6/2012
d) Returned back to USA on-22/9/2012 and continuing there continuously till now.
She went on H-4 visa which is non -working Visa and given to as dependent Visa against her husband’s visa [H-1 B-4] is temporary working visa]as such with this H-4 she is not allowed to work and get salary. Therefore, she is studying there and not getting any salary.
She has gone there against Indian Pass port and staying there from 22/9/2012 as such is resident Indian and not NRI. She is having 2 NOS FD(MIS),the F.D’s were made from mother’s PF , Gratuity,last salary after her mother’s death on 11/06/2011.Please explain that for submission of Form G for the previous year 31/03/2015 relevant to the assessment year 2015-2016,whether she will be considered as RESIDENT INDIAN or NRI,prior to that 22/92012 she was staying all through in India only :-
FD AMOUNT 2,000,00
INTEREST AMOUNT – 20,000
is HUF can file 15G form for no deduction of tds
My source of income is agricultur.
I`ve made a fixed deposit of rs 20,00,000 @ 9 %.
Will there be a tds on the interest, even after submiting form 15G?
Dear sir,
This is Venu from Mumbai, recently my dad (central government employee) passed away as a result my mom received sum of 52 Lakhs ( insurance+gratuity+provident Fund).I had fixed total amount in the name of my mom in bank for monthly income scheme, where are receiving total interest of 40k/Month.This interest is our only lively hood,kindly let me know this interest amount is taxable and if taxable how to save tax.
Please inform me , whether filing of IT return on ITR-2,is compulsory in cases , where Form 15-G / H is periodically submitted to the banks every year , by the non- tax payers (ie. whose income below tax range ) and whose interest on deposits exceed Rs. 10,000/- per year.
Thanks,
Ankur
HI,
I HAVE DONE A FD UNDER NRO ACCOUNT WHERE I WANT TO KNOW THAT WHICH IS THE BEST OPTION TO PAY LEAST TDS….I DO NOT HAVE ANY IDEA, PLEASE REPLY.
THANKS AND REGARDS,
Hi,
I am a foreigner leaving abroad and have an account(NRE & NRO) in an Indian bank
Would like to find out whether any monies earned on interest,do I have to pay taxes and if so what are the documents that I that is require for submission.
Please assist.
can a trust issue form 15G if its gross turnover is 200000rs and its income is 50000rs?
Please reply
Hello,
Does 15G is branch specific? In today’s online world(I guess, where ever you open FD, those are linked to customer ID in online), if I opened 1 FD for 20L and submitted 15G for that. Can I open another FD for 20L for the same bank at different branch and submit 15G for this?
Thanks..
Hi,
DEAR BROTHERS AND SISTERS,
I HAVE READ THROUGH ALL THE POST, I HAVE DERIVED THE TRUTH FROM IT THAT ,OUR INDIAN ALL THE BANKS DEDUCT THE TDS EVEN PEOPLE REQUIREING MONEY AT HANDS OVER 65 YEARS NOT CROSSING THE TAX LIMITS. THE SAME FOR THE YOUNGER PEOEPLE.
I FEEL ASHAMED AND GUILTY ABOUT MY INDIA….HOW CAN BANK HAVING FILLED THE FORMS DEDUCT THE TDS. THE PERSON HAS ALREADY MENTIONED THAT TAX LIMIT IS NOT CROSSED AND WITH PROVIDING THE UNIQUE PAN CARD NUMBER GIVEN BY INCOME TAX DEPARTMENT.
MY HERATS STOPS FLOWING BLOOD WHILE READING THE ABOVE POSS……TAX DEPARTMENT ISSUES REFUND AFTER LONG DUE,1.5 YEARS …….WHAT A TERRIBLE SITUATION I AM ALSO GOING TO FACE. HOW CAN A PERSONS OWN MONEY TAKEN BY SYSTEMS ……….
WE , INDIANS , NEED TO CHANGE THE SYSTEM BY CHOOSING THERIGHT PEOEPLE IN DELHI PARLIAMENT.
I HUMBELY REQUEST THE BANKERS, BANK EMPLOYEES, TAX DEPARMENT. EVEN I READ ABOUT PRESTIGIOUS BANK SBI, WHICH DEDUCT TDS EVEN THOUGH SUMBITTED PAN+ 15GOR H………….I ASK EVERY INDIAN WHO ARE SERVING IN TAX DEPARTMENT, BANKING INDUSTRY, WILL YOU PEOPLE DO THE SAME IF IT IS YOUR ACCOUNT? PLEASE MY INDIANS , REPLY TO THIS ASK THE RELATED PEOPLT TO READ THIS.
my mother and my brother fix deposit in eighter or survivor account . first name of my mother . she deposit every year 15g form . recently my mother expired . can my brother deposit 15 H FORM . till to fdr maturity
The banks insist to submit the Form 15H within 10th April of every year, to avoid TDS, on fixed deposits. The question of deduction of TDS arises only when the amount erceeds Rs.10,000-00 by way of interest. Therefore, it is meaningless to compel the depositors to submit the Form 15H by 10th April itself. Am I right or wrong?
muthusankar
Dear Vijaya,
No bank can go against the IT department notification. As per the notice that you are mentioning it is directly negating the purpose of 15G for which it was introduced. Only to reduce the hardship of claiming a refund this form was introduced and if some bank says so, its completely wrong.
Hope this resolves your query.
Regards,
Finhealth
dear
what is time of durtion of 15 h / 15 g
bcoz i have submit 15 g form 28 jan 2013 on sbi branch but bank debit my tds
My father is a retired person and his age is 65 years. He has interest income of Rs.260000/-. Please let me know whether he is eligible for submitting 15h or not.
My mother has a fixed deposit jointly with my grandmother who is the first depositor. My grandmother expired recently. Now my question is that can my mother submit 15h /15g instead of my grandmother?
I am a bank employee. Just i want to know that if primary holder is deceased and second holder of fixed deposit came to me for submitting the form 15h to avoid the deduction of tax than at that time we can accept his/her form or not. Please suggest me.
I have retired in July 2012. I had taxable Income in FY 2012-13 (AY 2013-14) for which I have already paid Tax (Advance Tax and TDS.
I am to submit form 15H to the banks for the first time.
I am a little confused on filling the Form 15H. Followings are my doubts.
i) Is the Form 15 H now being submitted in April 2013 is for the FY 2013-14?
ii) As I Paid Tax for the FY 2012-13 (the previous year), can I submit Form 15H for the FY 2013-14?
iii) Item no. 21 – Estimated total income for which year? Possibly the current FY i.e. 2013-14. The various sources mentioned in item no.21 do not include “Pension” credited to the Bank, which is obviously a source of my income. Where can I write the amount of pension?
iv) Item no. 22- Estimated total income of the previous year in which income mentioned in Column 21 is included. Here again, which one is previous year? How can the estimated total income from various sources in current year (Item no. 21) be included in estimated total income of previous year?
v) In which Schedule of 15 H shall I write the details of my Savings Bank Account?
vi) Where in the Form shall I write the particulars of my Bank (i.e. Name, Customer ID, Account no.
vii) In the verification statement, what should be the ‘previous year ending on ….’ if I am submitting the Form now in April 2013?
Request to help and guide with proper clarifications in the context of the Income Tax Act.
what should I fill in following question of form 15h, assume I have to fill it today (25th Apr, 2013) and I have FD done in July, 2012.
4. that the tax on my estimated total income, including *income/incomes referred to in the Schedule below omputed 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 am a banker I want to clarify that Trust can submit 15 G or not????
Question: I was in job till March’13 and then i resigned.I will not be working for quite sometime due to personal reasons. My 2012-13 income was taxable and i’ve also invested in my savings. Am i eligible to fill form 15G for 2013-14 as the interest on all my savings will not exceed the taxable limit?
In the new Format of Form 15H, there TWO columns 21 & 22. What is the difference between the two? For Assessment year2014-15, Form 15H is to be submitted now. The term used “previous year” in this means 31.3.2014. In Col-21, the estimated income upto 31.3.2014 is to be given. Is not Col-22 the same? Kindly clarify. You can reply by email also
how to fill form no 15 G
Pl. let me know the amount to be filled in column 22 of the new form 15H VIZ.,WHETHER 1)PREVIOUS YEAR TOTAL INCOME OR 2)CURRENT YEAR TOTAL INCOME OR 3)PREVIOUS YEAR TOTAL ESTIMATED INCOME IN INCOME FROM OTHER SOURCES?
I have some confusion in my mind. Please clarify this
1 Is the counting of income done from the month of april?
2 If i am going to fill 15G form this month i.e April 2013, do i have to consider the income of previous year (from April 2012 to March 2013) to check the eligibility for 15G form
I am having taxable income but I am giving form 15 H to my banker and simultaneously paying advance tax. Reason for submitting form 15 H is that banks are not seriously submitting quarterly return 26Q and some times they mention wrong PAN No. leaving tax payer high and dry. Is is wrong in any way?
Ultimate object of income tax department is to collect tax correctly and if that purpose id accompalished there is no harm if 15H is submitted
Question: I am a pensioner of 62 yrs age and my annual pension(FY 2012-13) is Rs 413068 from which Rs 15097 has been deucted as TDS. Additionally I earn Rs 139550 as an interest towards fixed deposits. I have been repaying housing loan and the split up is Rs 100000 towards principal and Rs 82535 towards interest.
Am I required to submit Form 15H in the concerned banks to avoid further deuction of the tax? If so, as the new 15 H form is complex I seek your guidance in filling the form.
our public Charitable Trust have fix deposits in Bank can we avail no tax dedution apllying 15 H ?
Please let me know to what extent 15g can be submitted to the bank. I mean up to how much amount of deposit in a family 15 g can be covered
Sir, can you send me filled new 15G & 15 H form
Can you please send me sample filled Form 15G
If anybody wants to submit income tax return efilling & get the refund of TDS, then mail your all details to my mail maity_saumen@rediffmail.com
Please inform me , whether filing of IT return on ITR-2,is compulsory in cases , where Form 15-G / H is periodically submitted to the banks every year , by the non- tax payers (ie. whose income below tax range ) and whose interest on deposits exceed Rs. 10,000/- per year.
Thanks,
G.V.N.Prasad
TDS FORM NO 15G COLUMN NO 21 AND 22 HOW TO FILL IT. GIVE WITH EXAMPLE.
There are numerous questions with regard to Form 15G/15H. Some of the questions are replied as here under:
1. Form 15G/15H, as the case may be, can be submitted to bank anytime before interest is credited to the account of the payee or payment made whichever is earlier.
2. The details of A.O. Code and PAN details can be checked from Income tax Department’s website by application of “Mozilla fire fox”. At present, there is problem in searching such details through “internet explorer” or “google chrome”.
3. Banks are not equipped with clear understanding about Income tax laws and they often make mistakes in deducting tax at source. Sometimes, they deduct tax even if necessary form 15G/15H is submitted to them in advance.
4. Sometimes, banks do not deduct tax on accrual of interest as on 31st March in case of fixed deposits on cumulative basis. If bank is deducting tax only on maturity, they are at fault and the individual cannot offer income on accrual basis since no tax deduction certificate will be received by him. However, an individual can offer entire income on receipt of actual interest on maturity also. If bank has deducted tax in a particular year and the FD is continuing in the next year, the individual can take credit of the TDS even in next year in which actual payment is received and offer cumulative income in the year in which the FD has matured. This is due to the provisions of Sec.199 of the I.T.Act read with Rule 37BA of the I.T. Rules.
5. If tax is not deductible due to furnishing of Form 15G/15H, the individual can offer his income on accrual basis or on maturity. However, if an individual wants to show interest income on accrual basis if his income exceeds the taxable limit, it is advised that the concerned person should seek clarification from his bank whether tax is going to be deducted on accrual basis or is to be deducted on maturity.
If anybody has got any other specific query with regard to TDS or form 15G/15H, they are free to write specifically to me.
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.
In the above lines, a trust is treated as AOP and taxed as an individual. A trust has some deposits in a bank; but the bank refused to accept form 15G. whether the action of the bank is correct.
Hello,
I have query.I have fixed deposite of 1,30,000 Rs in Central bank of India in December 2012, with My name as s first Holder & Father name as Second Holder.My father has deposited FD of 1,70,000 in Central bank of India in December 2012, with his name as First Holder & My name as a second holder.
Requesting to guide that we require to submit 15 G form (Age < 65 ye).
Awaiting your kind response. I worry because I got msg from bank to submit 15G form
Thanks in Advance !!
With Best Regards
My father, who died on 16th February 2012, have some term deposits in Central bank of India jointly with my name, in the manner of “Either or Survivor” . The first holder of the term deposits is my father and my name is in the 2nd one. Now I want to know:
If I premature the terms deposit(s), will it attract any penalty?
Can I submit the 15H Form as a representative assesy/assessor of my father?
If I cannot submit 15H form, can I submit 15G Form?
I shall be very greatful to you if you kindly help me to know the rules of my above mentioned queries.
Is investor required to give details of deposits with other banks in the new form 15H to be submitted to one bank?