Form 15H

Form 15H -For Non deduction of TDS on Interest for senior citizen

Income Tax - Form 15H is a self declaration which can be submitted by the eligible person for non-deduction of TDS on the specified income. Under the present article we would try to understand the applicable provisions, along with the frequently asked questions, attached with form 15H. Eligibility criteria – The taxpayer who is willing to file a [&h...

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No TDS u/s 194A for Senior Citizens upto Rs. 5 lakhs

Income Tax - CBDT has issued a notification dated 22nd May, 2019 stating that Senior citizens having taxable income upto 5 lakhs can submit the Form 15H with the banks to claim TDS Exemption. The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after consi...

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Furnishing of Form 15H where no tax payable after Sec 87A Rebate

Income Tax - As per the amended provisions of Section 87A of the Income Tax Act,  from AY 2020-21 i.e. FY 2019-20 onwards a tax rebate to the extent of Rs. 12,500/- is available to individual assesses being resident in India whose total income during the year does not exceed Rs.5 Lacs. Example: Mr. A resident of India […]...

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Submit Forms 15G and 15H by year end but take certain care

Income Tax - Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]...

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Download Form 15G & 15H with FAQs

Income Tax - 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...

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CBDT issues notification for amendment of Form No. 15H

Notification No. 41/2019 – Income Tax - (22/05/2019) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher...

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Form 15G/15H to be furnished to Deductor- Once a Year or more?

Notification No. 6/2017-Income Tax - (30/05/2017) - Representations have been received for clarification on the issue as to whether a depositor should submit only one declaration in respect of the income each year before each person responsible for making the payment (Deductor) or Form 15G/15H has to be submitted each and every time the payment is d...

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CBDT Extends due date for quarterly furnishing of Form 15G/155H

Notification No. 10/2016-Income Tax - (31/08/2016) - Representations have been received with the request for extension of due date for uploading of Form 15G/15H received during the period 31.12.2015 to 31.03.2016 and also to extend the due date for uploading of Form 15G/15H received during the period from 1.4.2016 onwards....

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Simplification of procedure for Form No. 15G & 15H

DG Systems Notification No 9/2016-Income Tax - (09/06/2016) - The existing provisions of section 197A of the Income-tar Act, 1961 (The Act) inter alia provide that tax shall not be deducted, if the recipient of certain payment on which tax is deductible furnishes to the payer a self declaration in Form No. 15H/15H in accordance with provision of the said Se...

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Furnishing of UID in Form 15G/15H for Q3 & Q4 of FY 2015-16

Circular No 18/2016-Income Tax - (23/05/2016) - CBDT relaxes condition of furnishing of Unique identification number allotted by the deductor for the quarter ending 31.12.2015 and 31.3.2016 in quarterly statement of deduction of tax in accordance with sub-rule (5) of Rule 29C....

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Recent Posts in "Form 15H"

Form 15H -For Non deduction of TDS on Interest for senior citizen

Form 15H is a self declaration which can be submitted by the eligible person for non-deduction of TDS on the specified income. Under the present article we would try to understand the applicable provisions, along with the frequently asked questions, attached with form 15H. Eligibility criteria – The taxpayer who is willing to file a [&h...

Read More
Posted Under: Income Tax |

No TDS u/s 194A for Senior Citizens upto Rs. 5 lakhs

Notification No. 41/2019/F. No. 370142/5/2019-TPL (03/06/2019)

CBDT has issued a notification dated 22nd May, 2019 stating that Senior citizens having taxable income upto 5 lakhs can submit the Form 15H with the banks to claim TDS Exemption. The amendments by the CBDT states that banks and financial institutions would accept Form 15H from assessees whose tax liability is ‘nil’ after consi...

Read More
Posted Under: Income Tax |

Furnishing of Form 15H where no tax payable after Sec 87A Rebate

As per the amended provisions of Section 87A of the Income Tax Act,  from AY 2020-21 i.e. FY 2019-20 onwards a tax rebate to the extent of Rs. 12,500/- is available to individual assesses being resident in India whose total income during the year does not exceed Rs.5 Lacs. Example: Mr. A resident of India […]...

Read More
Posted Under: Income Tax |

CBDT issues notification for amendment of Form No. 15H

Notification No. 41/2019 – Income Tax (22/05/2019)

In the Income-tax Rules, 1962, in Appendix II, in Form No. 15H in Part II, in note 10, the following proviso shall be inserted, namely: Provided that such person shall accept the declaration in a case where income of the assessee, who is eligible for rebate of income-tax under section 87A, is higher than the income for which declaration c...

Read More

Submit Forms 15G and 15H by year end but take certain care

Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Of late I have been receiving many queries from the readers about submission of forms to the banks so as to ensure that the bank does not deduct tax at source. In order to address those queries I […]...

Read More
Posted Under: Income Tax | ,

Download Form 15G & 15H with FAQs

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...

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Posted Under: Income Tax |

Form No.15G and 15H & Related Procedures

Tax payers seeking non-deduction of tax from certain incomes are required to file a self declaration in Form No. 15G or Form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961 In order to reduce the cost of compliance and ease the compliance burden for both, the tax payer and the tax deductor, the Central Board of ...

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Posted Under: Income Tax |

Who can submit Form 15G & 15H & care to be taken in submission

This being the first quarter of the financial year, it is important, for all the people who want to receive interest without deduction of tax, to submit form no. 15G and 15G immediately to the banks Recently the in respect of particulars to be furnished and how to furnish these forms have been substantially amended. Let us discuss as to...

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Posted Under: Income Tax |

TDS and Form 15G/ Form 15H applicability

Some points to be taken care of while submitting Form 15G/Form 15H A. Criteria to be eligible to file form 15G i ) The assesse must be Individual, HUF, AOP ii) The assesse must be Resident iii) The assesse should be less than 60 years iv) Tax calculated on total income should be NiL...

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Posted Under: Income Tax |

Submitting Form No. 15G & 15H -Points to Remember

Very often, readers keep enquiring about the submission of forms No. 15G/15H to the banks or others payer so that interest could be received without deduction of tax at source (TDS). In this column, I am covering all about Form No. 15G & 15H and hopefully the detailed elaboration hereunder would provide a comprehensive picture about the s...

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Posted Under: Income Tax | ,

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