The New Form No. 15G and 15H is applicable to all Tax payees 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.
Also Read – File Form 15G and Form 15H Online and Save TDS
- 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/-
Download New 15G/15H forms:
New 15G/15H forms are applicable from AY 2013-14 & old forms won’t work anymore. In the new form Income Tax department has ask for additional information like e-mail ID, Mobile Number, Profession, AO Code/Ward/Circle.
Must read – 20 Types of Taxes in India
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.
Remember in order to avoid TDS you should submit Form No. 15G or 15H at the beginning of the year. In case you are late and bank has already deducted tax you have no other option but to file your income tax return and claim the amount of TDS a refund.
This form submission is valid only for 1 year and you need to submit this form again at starting of every financial year.
Please ensure to mention and submit your PAN card detail to the bank while submitting form 15 G or 15 H. In case you fail to submit PAN card detail bank will deduct TDS @20%.
Don’t forget to take acknowledgement of this form submission from the bank.
Also Read – 15 High Value Transactions tracked by Income Tax
If your tax liability is NIL please submit form 15G/15H to avoid TDS.
Click on following image to download form 15G/15H
Download Form 15G pdf form
Download Form 15H pdf form
Ushakant Jhaveri
I understand that New form 15G/H are applicable from Accounting Year 2013-2014( Assessment Year 2014-2015)& not as mentioned by you.
Kindly show differences for 15G/H details, ( your last point ‘ If your tax liability is NIL submit form 15G/H to avoid TDS by itself is not correct.
Kindly reply me to my e ail address
Regards
Money Excel
This new Form is applicable from Assessment year 2013-14 (Current Year).
If your tax tax liability is NIL submit form 15G/H to avoid TDS means If your income is not crossing income tax slab (taxable limit) you can file form 15G/H to avoid TDS.
DIPAK K DATTA
I have retired in July 2012. I had taxable Income in FY 2012-13 (AY 2013-14) for which I have already paid Tax (Advance Tax and TDS. Income in FY 2013-14 is not likely to be taxable.
I am to submit form 15H to the banks for the first time.
I am a little confused on filling the Form 15H. Followings are my doubts.
i) Is the Form 15 H now being submitted in April 2013 is for the FY 2013-14?
ii) As I Paid Tax for the FY 2012-13 (the previous year), can I submit Form 15H for the FY 2013-14?
iii) Item no. 21 – Estimated total income for which year? Possibly the current FY i.e. 2013-14. The various sources mentioned in item no.21 do not include “Pension” credited to the Bank, which is obviously a source of my income. Where can I write the amount of pension?
iv) Item no. 22- Estimated total income of the previous year in which income mentioned in Column 21 is included. Here again, which one is previous year? How can the estimated total income from various sources in current year (Item no. 21) be included in estimated total income of previous year?
v) In which Schedule of 15 H shall I write the details of my Savings Bank Account?
vi) Where in the Form shall I write the particulars of my Bank (i.e. Name, Customer ID, Account no.
vii) In the verification statement, what should be the ‘previous year ending on ….’ if I am submitting the Form now in April 2013?
Request to help and guide with proper clarifications in the context of the Income Tax Act.
Money Excel
i) Is the Form 15 H now being submitted in April 2013 is for the FY 2013-14?
Yes it is for FY 2013-14 (For the Income in year 2013-14)
ii) As I Paid Tax for the FY 2012-13 (the previous year), can I submit Form 15H for the FY 2013-14?
You can submit Form 15H for FY 2013-14 for the income from interest from FD, dividend etc.
iii) Item no. 21 – Estimated total income for which year? Possibly the current FY i.e. 2013-14. The various sources mentioned in item no.21 do not include “Pension” credited to the Bank, which is obviously a source of my income. Where can I write the amount of pension?
Estimated total income is for FY 2013-14 current year. Form 15G/15H is applicable only for Interest on sum assured (Like FD) or Dividend from shares or Interest on securities or income from NSC or Income from Mutual funds unit.It is not for Pension.
v) In which Schedule of 15 H shall I write the details of my Savings Bank Account?
Every Bank has its own customization for 15G/15H wherein they make provision for saving bank account. Please contact your bank for form 15H.
vii) In the verification statement, what should be the ‘previous year ending on ….’ if I am submitting the Form now in April 2013?
Previous year ending on 2013-14
shekhar
Hi,
I would like to know if an NRI who has no tax liabilities in India and who has never been assessed for tax in India and does not have a PAN number, how would he fill the new form 15 giving details of the ward/ circle etc. Please advise. Thanks
Money Excel
Dear Shekhar,
I am not sure but you can contact bank and show the proof that you have applied for PAN card. Bank may agree.
You may ask them that you are never been assessed by Incometax.
Santosh Kadam
Pls. send me with MoneyExcel’s updates.
R.padma
Whether bank will deduct TDS on the interest payable to a deceased depositor, if form 15-H is not filed for non-duction of TDS, in case the deposits were not closed before th financial year closing?
Raviraj Parekh
In case of deceased person you can not submit form 15H.TDS will be deducted by bank you need to apply for TDS refund by filing a return of deceased person.