15 G or 15H forms
are declaration on behalf of you to income tax department through banking
system that you do not come under slab of income tax (Means your income is not
taxable as per current income tax limit/slab) so tax on income received in the
form of interest on fix deposit should
not be deducted. By doing so you are legally abiding yourself under provision
of income tax about your income and your taxability on the same.
Now, many questions
arise in our mind that who can fill form 15G or 15H? When should I fill form
15G or 15H? What if I forget to fill form 15G or 15H? Whether I should fill form
15G or 15H or not? How to fill form 15G or 15H? Whether I need to fill form 15G
or 15H online or offline? What documents required to fill form 15G or 15H?
Would I be able to save tax after filling form 15G or 15H? And many more questions
that keep on popping up in our mind continuously. Here we will try to elaborate
the details of form 15G or 15H.
Form 15H is to be
filled by senior citizens above age of 60 years and Form 15G is to be filled by
rest of all.
Eligibility
for filling of form 15G or 15H
v You
must be Indian Citizen
v You
must be Individual or HUF
v Tax
calculated on your total income be NIL
v Your
total income (Including income from fix deposit) should be within limit of
income tax slab.
v You
must be below age of 60 year for form 15G and above 60 years for 15H
When do bank
deduct tax/TDS on interest:
v When
your interest income on all fix deposit exceeds Rs. 10,000.00 during the
financial year
v If
you have not submitted your PAN card, bank will deduct TDS at 20% of interest income.
v If
you have submitted your PAN card but have not submitted for form 15G or 15H,
bank will deduct TDS at 10% of interest income.
v If
you are maintaining an NRO fix deposit account during the course of your NRI
status
When to submit form 15G or 15H
v If
you full fill all about eligibility criteria then you may proceed filling of form
15G or 15H
v Form
15G or 15H is to be submitted ideally during start of financial year or immediately
on issuance of fix deposit or renewal of existing fix deposit account which
ever come earlier.
What if I
forget to fill form 15G or 15H?
If you have forgotten
of filling of form 15G or 15H, you need not to worry. Just make sure your PAN
number is registered with bank. First all of just check with the bank whether
any TDS has been deducted or not. If TDS has already been deducted before
filling of form 15G/15H, you may get form 16A issued from bank. If TDS has not
been deducted, you may proceed for filling form 15G or 15H so that TDS is not
to be deducted for remaining financial year.
Purpose of form
15G or 15H
v For
submitting to bank for none deduction of TDS on interest income
v For
submitting to post office for the same purpose
v For
submission to EPFO for EPF withdrawal
v TO
issuer of corporate bonds for non deducted TDS
v For
non deduction on TDS on rent
v By
insurance agent to its insurance company for non deduction of TDS on commission
income
How to
submit form 15G or 15H online or offline
You may visit your
bank branch where you are maintaining your fix deposit account and opt for
filling form manually at branch offline. On submission of form 15G or 15H ,
bank will register them in their system and generate Unique reference number.
You may also opt
for filling form 15G or 15H online through bank’s internet banking website.
Various bank offers filling of form 15G or 15H online through its internet
banking portals. If you maintaining
account with SBI (State Bank of India) and having interest banking issued, you may
fill form 15G or 15H online as process mentioned below:
v Visit
www.onlinesbi.com and log in with your
user id and password
v Choose
services from main menu after logging in into website
v Choose
“Submit form 15G or 15H” and press submit button
v Choose
your CIF number and press submit button
v Choose
your branch where you want to submit form and press submit button
v Then
a form will open where you need to enter few details
v After
filling the form and submitting, you will receive high security password on
your registered mobile number
v After
entering OTP, you will get one reference number as a acknowledgment of receipt
of form
v You
may download the same and keep as your record for future reference
This is all a brief
details about form 15G or 15H, for more details on the topic you may visit your
nearest bank branch or visit website of RBI and income tax department. We have
tried to elaborate as much as possible though if you have any question
regarding the topic, please comment your questions.
Disclaimer:
Opinion expressed in the above write up is completely based information
collected from various sources. Reader should prefer to get details from
website of RBI, income tax department or their bank branch before taking any
financial decision.
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