Income tax department has recently modified Form 15G and Form 15H for the Assessment Year 2013-14. The New Form No. 15G and 15H is applicable to all Taxpayee who do not want TDS Deduction on their Income from Fix deposits of Bank/company, postal fix deposit, Senior citizen Saving Scheme.
When can you submit form 15G/15H?
- Depositor whose tax liability is NIL can only submit the 15G/15H form.
- Depositor having interest income above basic income tax slab will not be able to submit the 15G/15H form. Suppose if any depositor has interest income of 4 lakh which is above basic slab cannot submit 15G/15H form.
- Submit 15H form if depositors age is above 60 years.
- One can submit form 15G/15H if interest income from particular branch of bank is above Rs.10,000/- and for company deposits its above Rs.5000/-
New 15G/15H forms:
New 15G/15H forms are applicable from AY 2013-14 & old forms won’t work anymore. In new form Income Tax department has ask for additional information like e-mail ID, Mobile Number, Profession, AO Code/Ward/Circle.
Another major change in these forms, compared to the earlier versions, is the addition of a column to mention the total estimated income from all sources, including the income for which exemption from TDS is requested.
If your tax liability is NIL please submit form 15G/15H to avoid TDS.
Download Form 15G
Download Form 15H