Where to get Form 15G and form 15H ? | How to get Form 15G and form 15H?

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Form 15G and form 15H are used for avoiding the TDS deduction at source if deductee expects his Income to be lower then the taxable limit. 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.
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 claiming certain receipts without deduction of tax.
  • Form 15H can be submitted only by Individual above the age of 65 years.
  • Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
  • You need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year.
  • This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three HDFC bank branches Rs.100000 each. You must submit the Form 15H to each branch.
  • Submit this form before the first receipt 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 the quarter.
  • You need to submit for 15H  if interest on loans, advances, debentures , bonds or say interest income other than interest on bank deposits exceeds Rs.5000/-.
This form will be available with the Banks and it is a self-deceleration.

 

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 who is below the age of 65 years and by Hindu Undivided family.
  • The points applicable for 15H are applicable to the Form 15G as well, except that the Form 15H is applicable only for the senior citizens.
  • Form 15G should be submitted before the first receipt of interest on fixed deposits.
 
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1 Comment

  1. NOW IN 2011, THE INCOME TAX HAS REDUCED THE AGE CRITERIA FOR SR. CITIZENS. IT HAS REDUCED IT TO 60 YEARS FROM 65 YEARS. HOWEVER IT IS NOT CLEAR IF THE AGE CRITERIA FOR FORM 15H (RULE 29C (1A)- TDS EXEMPT DECLARATION FORM) IS ACCORDINGLY REDUCED TO 60 YEARS FROM 65 YEARS.

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