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Filed underiled under FIXED INCOMEIXED INCOME, SAV ING ACCOUNTAV ING ACCOUNT

455

Fill up Form 15G or 15H to Get rid of TDSill up Form 15G or 15H to Get rid of TDS

posted onosted on

DECEMBER 17, 2015ECEMBER 17, 2015 inn AMITMIT

How to Fill Form 15G and 15H?ow to Fill Form 15G and 15H?

Form 15G and Form 15Horm 15G and Form 15H  are self-declaration forms which can beare self-declaration forms which can be

submitted to banks and other institutionsubmitted to banks and other institutions

to avoid Tax deduction ato avoid Tax deduction at

source (TDS)ource (TDS)  by banks on fixed and recurring deposit. The postby banks on fixed and recurring deposit. The post

covers the following:overs the following:

1. Who is eligible to submit Form 15G and Form 15H?ho is eligible to submit Form 15G and Form 15H?

2. Where can Form 15G/H be used?here can Form 15G/H be used?

3. Step by Step guide to fill the form?tep by Step guide to fill the form?

Who can submit Form 15G andho can submit Form 15G and

Form 15H?orm 15H?

Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.orm 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.

Form 15G eligibility:orm 15G eligibility:

You are individual below 60 years of age or a HUFou are individual below 60 years of age or a HUF

You must be Indian residentou must be Indian resident

The total interest income for the financial year is less than the minimum tax exemption limit for the year. For FYhe total interest income for the financial year is less than the minimum tax exemption limit for the year. For FY

2015-16 this limit is Rs 2.5 lakhs.015-16 this limit is Rs 2.5 lakhs.

The total tax calculated after taking all the deductions and exemptions is NIL for the f inancial year.he total tax calculated after taking all the deductions and exemptions is NIL for the financial year.

Form 15H eligibility:orm 15H eligibility:

Your age is 60 years or moreour age is 60 years or more

You must be Indian residentou must be Indian resident

The total tax calculated after taking all the deductions and exemptions is NIL for the f inancial year.he total tax calculated after taking all the deductions and exemptions is NIL for the financial year.

The figure below gives example when people are eligible to file Form 15G/H.he figure below gives example when people are eligible to file Form 15G/H.

 Also Read:lso Read Highest Interest Rate on Recurring Deposits across 44 banksighest Interest Rate on Recurring Deposits across 44 banks

Examples:xamples:

The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.he figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.

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Are you eligible to fill Form 15G and Form 15H?re you eligible to fill Form 15G and Form 15H? (Source:Times of India)Source:Times of India)

How to fill Form 15G?ow to fill Form 15G?

There are 19 fields to be filled in the Form. I really wonder why Government department makes forms so complicatedhere are 19 fields to be filled in the Form. I really wonder why Government department makes forms so complicated

and use such technical field names.nd use such technical field names.

Firstirst

Downloadownload Form 15Gorm 15G andand  Form 15HForm 15H. You can also refer to your banks site to download these forms. You can also refer to your banks site to download these forms.

How to fill Form 15G – Step by Ste p Guideow to fill Form 15G – Step by Step Guide

The form refers “Assessee” everywhere.he form refers “Assessee” everywhere.

Assessee refers to the name of the person on whose name thessessee refers to the name of the person on whose name the

investment has been done.nvestment has been done.

 Also it mentions “Previous Year” frequently. This confuses many people.lso it mentions “Previous Year” frequently. This confuses many people.

Previous Year means financial year revious Year means financial year  (i.e.(i.e.

 April 1 to March 31)pril 1 to March 31)

The numbers below represent field names in the above formhe numbers below represe nt field names in the above form

1.. Your nameour name  as it appears in PAN cardas it appears in PAN card

2. Your. Your

PAN number AN number

3.. Statustatus – Write Individual or HUF as applicable– Write Individual or HUF as applicable

4.. Previous Ye ar is same as financial year revious Y ear is same as financial year. For e.g. you are making declaration for FY 2015-16 (i.e. for April 1, 2015 For e.g. you are making declaration for FY 2015-16 (i.e. for April 1, 2015

to March 31, 2016), the previous year field would be FY 2015-16.o March 31, 2016), the previous year field would be FY 2015-16.

 Also Read:lso Read TDS on Fixed Deposit, Recurring Deposit and EPF DS on Fixed Deposit, Recurring Deposit and EPF

5.. Residential Statusesidential Status – Resident Indian or NRI. Only resident Indians are e ligible to fill form 15G/H.– Resident Indian or NRI. Only resident Indians are eligible to fill form 15G/H.

6 to 12 – Yourto 12 – Your current address detailsurrent address details

 3 – Your

mail address

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Deposits (RD) - April 2016eposits (RD) - April 2016

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How to Fill Form 15G and 15H?ow to Fill Form 15G and 15H?

SBI Recurring Deposit Features &BI Recurring Deposit Features &

Interest Rate - December 2015nterest Rate - December 2015

Which bank offers highest interesthich bank offers highest interest

rate on savings account in India?ate on savings account in India?

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You can Save for FY 2015-16?ou can Save for FY 2015-16?

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Disclaimer isclaimer

The website is not affiliated to any company, agenthe website is not affiliated to any company, agent

or brokers for selling/ recommending investments.r brokers for selling/ recommending investments.

 All the information in t he blog is for educational andll the information in the blog is for educational and

informational purpose only. Please consult anformational purpose only. Please consult a

qualified financial planner and do your own dueualified financial planner and do your own due

diligence before making any investment decision.iligence before making any investment decision.

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13 – Your3 – Your

email addressmail address

 

14 –4 –

Telephone Number elephone Number (with STD Code) and Mobile No. – Fill up both the numbers of whatever you have(with STD Code) and Mobile No. – Fill up both the numbers o f whatever you have

15(a).5(a).

 Whether assessed to tax under the Income-tax Act, 1961. Yes or NoWhether assessed to tax under the Income-tax Act, 1961. Yes or No   – Mention ‘Yes‘ if you have filed– Mention ‘Yes‘ if you have filed

income tax return in last 6 f inancial years.ncome tax return in last 6 financial years.

15(b).5(b).

If yes, latest assessment year for which assessedf yes, latest assessment year for which assessed – Mention the latest assessment year in which you filed– Mention the latest assessment year in which you filed

your Income Tax return. (Assessment year is one year next to financial year For e.g. For FY 2015-16, the AY would beour Income Tax return. (Assessment year is one year next to financial year For e.g. For FY 2015-16, the AY would be

2016-17)016-17)

 Also Read:lso Read

13 Investments to Generate Regular Income3 Investments to Generate Regular Income

16.6.

Estimated income for which this declaration is madestimated income for which this declaration is made   – This income is for the investment you are giving– This income is for the investment you are giving

declaration. For e.g. you have FD of Rs 1 lakh at 7% interest for 1 Year, your estimated income for the financial year eclaration. For e.g. you have FD of Rs 1 lakh at 7% interest for 1 Year, your estimated income for the financial year

would be Rs 7,000.ould be Rs 7,000.

17.7.

Estimated total income of the P.Y. in which income mentioned in column 16 to be includedstimated total income of the P.Y. in which income mentioned in column 16 to be included – Total income– Total income

expected in the financial year for which the declaration is being made. This would include the income declared in Fieldxpected in the financial year for which the declaration is being made. This would include the income declared in Field

16.6.

18.8.

Details of Form No. 15G other than this form filed during the prev ious year, if anyetails of Form No. 15G other than this form filed during the prev ious year, if any

Total No. of Form No. 15G filedotal No. of Form No. 15G filed – Give the number of Form 15G you have submitted before this form– Give the number of Form 15G you have submitted before this form

Aggregate amount of income for which Form No. 15G filedggregate amount of income for which Form No. 15G filed – Total income for which Form 15G has been filed.– Total income for which Form 15G has been filed.

19.9.

Details of income for which the declaration is filedetails of income for which the declaration is filed – Mention the details of the investment for which the form is– Mention the details of the investment for which the form is

being submitted.eing submitted.

Sl. No.l. No.

Identification number of relevant investment/account, etc.dentification number of relevant investment/account, etc.

Nature of incomeature of income

Section under which tax is deductibleection under which tax is deductible

 Amount of incomemount of income

For e.g. For the above example of SBI fixed deposit you need to fill as follows:or e.g. For the above example of SBI fixed deposit you need to fill as follows:

Sl. No. – 1l. No. – 1

Identification number of relevant investment/account, etc. – FD Account number dentification number of relevant investment/account, etc. – FD Account number

Nature of income – Income from Interestature of income – Income from Interest

Section under which tax is deductible – 194Aection under which tax is deductible – 194A

 Amount of income – Rs 7,000mount of income – Rs 7,000

I wonder how I-T department expects everyone to know income tax sections. Below are common sections for your   wonder how I-T department expects everyone to know income tax sections. Below are common sections for your

reference:eference:

Investmentnvestment Income Taxncome Tax

Sectionection

Cut Off ut Off

(Rs.)Rs.)

TDS when Valid PANDS when Valid PAN

submittedubmitted

PAN notAN not

submittedubmitted

Bank – Fixed/Recurring Depositsank – Fixed/Recurring Deposits 194A94A 10,0000,000 10%0% 20.00%0.00%

Premature withdrawal from EPFremature withdrawal from EPF 192A92A 30,0000,000 10%0% 34.61%4.61%

Interest on securitiesnterest on securities 19393  – 10%0% 20.00%0.00%

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How to fill Form 15H?ow to fill Form 15H?

Submitting Form 15G & Form 15H Onlineubmitting Form 15G Form 15H Online

Some banks have allowed submission of Form 15G & Form 15H Online through internet banking. The screen shot belowome banks have allowed submission of Form 15G & Form 15H Online through internet banking. The screen shot below

is from SBI and shows the links to be clicked for generating the form online.s from SBI and shows the links to be clicked for generating the form online.

Fill 15G and 15H Forms Online in SBIill 15G and 15H Forms Online in SBI

Penalty for False Declaration on 15G/Henalty for False Declaration on 15G/H

If you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS.f you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS.

Providing falseroviding false

declaration can lead to fine and imprisonment u/s 277eclaration can lead to fine and imprisonment u/s 277

For tax evasion of more than Rs 1 Lakhs, there can be rigorous imprisonment for 6 months to 7 years along with fineor tax evasion of more than Rs 1 Lakhs, there can be rigorous imprisonment for 6 months to 7 years along with fine

For all other cases, there can be rigorous imprisonment for 3 months to 3 years along with fine.or all other cases, there can be rigorous imprisonment for 3 months to 3 years along with fine.

 Also Read:lso Read 22 Hidden Charges in Saving Bank Account 2 Hidden Charges in Saving Bank Account

Important Points:mportant Points:

1. You need toou need to

submit the de claration at the start of ev ery financial year to all the banksubmit the declaration at the start of e very financial year to all the banks, companies where you companies where you

 ave fixed deposits or recurring deposits.

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← Previous Previous Next →ext →

 April 27, 2016 at 3:08 pmpril 27, 2016 at 3:08 pm

Replyeply

 April 27, 2016 at 5:10 pmpril 27, 2016 at 5:10 pm

Replyeply

have fixed deposits or recurring deposits.ave fixed deposits or recurring deposits.

2. Always attach copy of PAN cardlways attach copy of PAN card while submitting the form.while submitting the form.

3. In case of joint accounts, the form should be submitted by the first account holder  case of joint accounts, the form should be submitted by the first account holder.

4. Thehe

forms need to be submitted in all branches where you have investments.orms need to be submitted in all branches where you have investments.  For e.g. If you have openedFor e.g. If you have opened

FD in 3 branches of ABI, you need to submit the above from in all 3 branches separately.D in 3 branches of ABI, you need to submit the above from in all 3 branches separately.

5. Form 15G/H is just to prevent the hassle of TDS and later seeking refund. You would need to file income tax return if orm 15G/H is just to prevent the hassle of TDS and later seeking refund. You would need to file income tax return if

you so mandated by law.ou so mandated by law.

6. Do not submit Form 15G/H if you are not eligible to do so.o not submit Form 15G/H if you are not eligible to do so. It would create more problems than solve.It would create more problems than solve.

To conclude:o conclude:

The Form 15G and Form 15H was revised from October 1, 2015he Form 15G and Form 15H was revised from October 1, 2015 and has been simplified. Also the reporting toand has been simplified. Also the reporting to

income tax department has become more robust. Yncome tax department has become more robust. Y

ou must fill these forms and submit to relevantu must fill these forms and submit to relevant

banks/institutions only if you are eligible. Do not make a false declaration as that might create problems.anks/institutions only if you are eligible. Do not make a false declaration as that might create problems.

Amit Kumar

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Tagged withagged with Form 15Gorm 15G   Form 15G S ampl eorm 15G S ampl e   f o rm 15H  orm 15H   S ec t i on 277  ec t i on 277   T DSDS

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45 thoughts on “5 thoughts on “How to Fill Form 15G and 15H?ow to Fill Form 15G and 15H?”

« Previous Previous 1 2

Olivialivia

Hi ! Thanks a lot for your clear instructions & suggestions. My questions are as follows :i Thanks a lot for your clear instructions & suggestions. My questions are as follows :

1) Whether I will calculate the accrued interest or the received interest (for column no. 16) ?) Whether I will calculate the accrued interest or the received interest (for column no. 16) ?

2) Whether I will include my gross salary income in column no. 17 ?) Whether I will include my gross salary income in column no. 17 ?

3) Whether the P.Y. will be 2016-17?) Whether the P.Y. will be 2016-17?

Thanks a lot in advance.hanks a lot in advance.

 Amit mit

Here are your answers:ere are your answers:

1. You should include accrued interest as banks use this method to deduct TDS and so most people use. You should include accrued interest as banks use this method to deduct TDS and so most people use

this for their income tax returns.his for their income tax returns.

2. Yes gross salary should be added. Yes gross salary should be added

3. Yes PY is same as FY and so it’s 2016-17. Yes PY is same as FY and so it’s 2016-17

[Government forms and their multiple nomenclature for sameGovernment forms and their multiple nomenclature for same

thing!!!!!] hing ]

Olivia

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 April 28, 2016 at 11:55 ampril 28, 2016 at 11:55 am

Replyeply

 April 27, 2016 at 1:02 pmpril 27, 2016 at 1:02 pm

Replyeply

 April 27, 2016 at 5:29 pmpril 27, 2016 at 5:29 pm

Replyeply

Olivialivia

Thank you very much.hank you very much.

Manuanu

Hi Amit,i Amit,

I am trying to fill the 15G form online through SBI banking, but i dont have the option for generate 15G/H as shown in am trying to fill the 15G form online through SBI banking, but i dont have the option for generate 15G/H as shown in

this sbi videohis sbi video https://www.youtube.com/watch?v=rSXWaYLdQ6cttps://www.youtube.com/watch?v=rSXWaYLdQ6c .

In your screenchot also there is no such option so please tell me how to get that option or how can i fill the 15G formn your screenchot also there is no such option so please tell me how to get that option or how can i fill the 15G form

online.nline.

 Amit mit

I checked today and it’s not working. The link only tells if you have submitted Form 15G/H for a specific checked today and it’s not working. The link only tells if you have submitted Form 15G/H for a specific

account. At the time of writing this post the link gave a form to fill. I think you might need to contact SBIccount. At the time of writing this post the link gave a form to fill. I think you might need to contact SBI

customer care or branch for this information.ustomer care or branch for this information.

I searched SBI internet banking and could not find it anywhere! searched SBI internet banking and could not find it anywhere

« Previous Previous 1 2

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