Form 15G 15H are the forms which you can submit to make sure TDS is not deducted from your income if you meet the conditions mentioned below. Also, it is mandatory to have a PAN card before applying for these forms.
Form 15H is applicable for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.
Both the Form 15G, 15H are valid for one financial year. So it is mandatory to submit these forms every year if you are eligible to file these forms. The taxpayer has to submit these Forms as soon as the financial year starts so that it will confirm that the bank does not deduct any TDS on your interest income.
Necessary conditions to submit Form 15G
- You must be an individual or HUF (Hindu Undivided Family)
- You must be a Resident Indian
- Age of the individual should be less than 60 years
- Calculation of Tax on your Total Income should be nil
- Total interest income is less than the minimum exemption limit of that year.
Necessary conditions to submit Form 15H
- You must be an individual
- You must be a Resident Indian
- Age of the individual should be 60 years
- Tax calculated on Total Income should be nil
Forgot to submit Form 15G 15H
It usually happens that taxpayers forget to submit Form 15G and Form 15H timely. In such a situation TDS may already be deducted by the bank then submit the forms immediately so that no TDS will deduct for the remaining year.
Purposes of Form 15G 15H
Form 15G/15H can be submitted to banks to make sure that TDS is not deducted on interest.
TDS on EPF withdrawal – TDS is deducted on EPF balances if an individual has withdrawn before 5 years of continuous service but If you have had less than 5 years of service and plan to withdraw your EPF balance of more than Rs 50,000 then you can submit Form 15G/Form15H.
TDS on income from Corporate Bonds – If you hold corporate bonds, TDS is deducted on them if your income from them exceeds Rs 5,000.An individual can submit Form 15G/Form15H to the issuer requesting non-deduction of TDS.
TDS on Post Office deposits – Post offices also deduct TDS and accept Forms 15Gand 15H if you meet the applicable conditions.
TDS on Rent – TDS is deducted on rent if total rental payment in a year exceeds Rs 1.8lakhs but If tax on your total income is nil, you can submit Form 15G/Form15H
TDS on Insurance Commission – TDS is deducted on insurance commission if the commission exceeds Rs. 15000 per financial year but if the tax on their total income is nil then they can submit Form 15G 15H for non-deduction of TDS.
Procedure to Fill Form 15G
- Name of Assessee (Declarant) – Enter your name as per income tax records.
- PAN of the assessee – PAN number as per your PAN card
- Status –an individual or HUF
- Previous Year – current financial year for which you are filing up the form
- Residential Status –only filled by Residents.
- Flat/Door/Block No – details of your address
- Name of Premises – details of your address
- Road/Street/Lane – details of your address
- Area/Locality – details of your address
- Town/City/District – details of your address
- State – details of your address
- PIN – details of your address
- Telephone no
- Whether assessed to tax under the income tax act, 1961?
- If your income was above taxable limit in any of the past 6 years, answer this question with ‘yes’and fill detail of latest assessment year
- Estimated income for which declaration is made
- Estimate your total income of the previous year
- Details of Form 15G other than this form- if an individual filed the Form 15g IN the past so here he has to mention the total number of form he has filed during the previous years
For any help on ITR Filing feel free to consult the tax experts at LegalRaasta. You can file ITR yourself via our ITR software or get CA’s help on filing income tax return. You can also use the option of Business Return, Bulk Return or Revised Return Filing.