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