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Download New 15G -15 H Forms

Shitanshu Kapadia
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Download New 15G -15 H Forms

15g

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/-

Submit

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.

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 new form 15G 15H

Download Form 15G  pdf form

Download Form 15H pdf form

10 Wealth Creators and Their Inspiring Quotes

Shitanshu Kapadia
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1

wealth

Wealth can be created but you need lot of patience, dedication, determination & hard work. Most of you must be heart throb fans of few of the world’s richest billionaires like Warren Buffett, Steve Jobs and Rakesh Jhunjhunwala. Here are few inspirational quotes from wealth creators.

1. Warren Buffett

Warren Edward Buffett is the chairman and CEO of Berkshire Hathaway and an American   business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. 

Quote: You only have to do a very few things right in your life so long as you don’t do too many things wrong.

2. Henry Ford

Henry Ford was an American industrialist, the founder of the Ford Motor Company, and sponsor of the development of the assembly line technique of mass production. 

Quote: A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large. 

3. Steve Jobs

Steven Paul “Steve” Jobs was an American entrepreneur and inventor, best known as the co-founder, chairman, and CEO of Apple Inc

Quote: “Being the richest man in the cemetery doesn’t matter to me … Going to bed at night saying we’ve done something wonderful… that’s what matters to me.”

4. Bill Gates

William Henry “Bill” Gates III is an American programmer, inventor, business magnate and philanthropist. A Harvard dropout and founder of Microsoft.

Quote: “I really had a lot of dreams when I was a kid, and I think a great deal of that grew out of the fact that I had a chance to read a lot.”

5. George Soros

George Soros is a Hungarian-American business magnate, investor, and philanthropist. He is the chairman of Soros Fund Management. Soros supports progressive-liberal causes

Quote: “Once we realize that imperfect understanding is the human condition there is no shame in being wrong, only in failing to correct our mistakes.” 

6. Larry Page

Lawrence “Larry” Page is an American computer scientist and Internet entrepreneur who, with Sergey Brin, is best known as the co-founder of Google. On April 4, 2011, he took on the role of chief executive officer of Google, replacing Eric Schmidt.

Quote: “I think it is often easier to make progress on mega-ambitious dreams. Since no one else is crazy enough to do it, you have little competition. In fact, there are so few people this crazy that I feel like I know them all by first name.”

7. Donald Trump

Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts.

Quote: “You can’t know it all. No matter how smart you are, no matter how comprehensive your education, no matter how wide ranging your experience, there is simply no way to acquire all the wisdom you need to make your business thrive.”

8. Robert Kiyosaki

Robert Toru Kiyosaki is an American investor, businessman, self-help author, motivational speaker, financial literacy activist, and occasional financial commentator.

Quote:  “The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.”

9 Dhirubhai Ambani

Dhirubhai Ambani was an Indian business tycoon who founded Reliance Industries in Mumbai. Dhirubhai Ambani was the most enterprising Indian entrepreneur. His life journey is reminiscent of the rags to riches story. He is remembered as the one who rewrote Indian corporate history and built a truly global corporate group.

Quote: “Think big, think fast, think ahead. Ideas are no one’s monopoly”

“If you work with determination and with perfection, success will follow.”

10 Rakesh Jhunjhunwala

Rakesh Jhunjhunwala is an Indian investor and trader. He is a qualified Chartered accountant. He manages his own portfolio as a partner in his asset management firm, Rare Enterprises

Quote: “Be paranoid of success — never take it for granted”

“Ready for challenges and risks. If you want to win a war, you have to lose many wars.”

At last I would like to add remember “There is no easy way to the top.”

When you choose to drive, you have to accept traffic jams.

When you choose to be health conscious, you have to forego being tongue conscious.

With income will come income tax. Anything you choose in life comes along with its own positives and negatives.

Super Secrets of Super Rich

Shitanshu Kapadia
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2
Super Secrets of Super Rich

Super Rich

If you are earning 1Cr in year you will be considered as super rich and you have to pay 10% additional surcharge as per union budget 2013-14. As per official figures in India we have 42,800 people who are earning 1 Cr+ income (in short they are member of super-rich club). If we talk in terms of percentage considering India’s population 121 Cr only 0.03% are member of super rich club.

What makes this super rich different from others? Is it only the number of zeros they have in their net wealth or their thinking, attitude and predetermination? Let’s find out the unique characteristics of the super rich which make them different from the crowd.

Secret # 1 Eliminate Self-Doubt

You call yourself self confident but even the most self confident person also doubts his capabilities from time to time. One can’t avoid it but can strategize to overcome these self doubts. Millionaires put this doubt of being rich and successful far aside and start with their set goals.

“I always knew I was going to be rich. I don’t think I ever doubted it for a minute,” – Warren Buffet.

Secret # 2 Create Goals

Rich people create a definite set of goals and spend each and every minute to take a consistent effort to work on it and fulfill it within the time set. But the crowds, who only set a goal and forget about it, are the one who miss the opportunity to achieve something great.

“Winners can tell you where they are going, what they plan to do along the way, and who will be sharing the adventure with them.”

Secret # 3 They Commit To Their Own Agenda

Wealthy people complete their tasks first before moving on to next task. They stick to their agenda and work tirelessly to accomplish it regardless of what other people say. How can we forget to mention about Mark Zuckerberg founder of facebook, Bill Gates founder or Microsoft and late Steve Jobs founder of apple who dropped college to execute their dreams contrary to the expectations of society.

Secret # 4 They Take Initiatives

They say there are three types of people in the world – those who make things happen; those who wait for things to happen and those who always asks ‘what happened’. Rich people are of the first kinds. They always believe in taking initiatives and make things happen. They don’t wait for others, always stand alone and respond to whatever’s happening and do they feel is right.

“You only have to do a very few things right in your life so long as you don’t do too many things wrong” – Warren Buffet.

Secret # 5 They Pursue Tasks to Completion

Rich people never leave anything incomplete whether it is personal relationship or a professional matter. They will never leave a project unfinished or their bills unpaid (at least for long). They know the fact very well that keeping a work pending for loan saps energy and hijacks thoughts and hence they smartly avoid it.

Secret # 6 They Do Things They Enjoy and Have Always Wanted To Do

Rich people do what they love to do not only because of the fact that they have the liberty to do so, but because they know this love for their work will be fruitful as it is also their passion. Common people work only to earn money even if they don’t like their work, but this is not what millionaires think.

 ‘‘One person with passion is better than forty people merely interested.”

Secret # 7 They Eat Well and Exercise and Live Healthy

As they say, wealth lost, something lost but health lost is everything lost. Rich people are most of the times frugal but they invest for themselves for their health care and proper and best education. This investment helps them to get richer. Want to know how? It’s simple; if they are healthy and well educated then they can start and grow new businesses. When the business succeeds, they put back the profits for their ventures again. Being frugal and investing in you is a good start to become healthy and wealthy.

 “Daily rigorous physical activity not only helps strengthen bones and the heart, but it also teaches balance, critical in preventing the falls that have become a leading cause of death as we age.”

Secret # 8 They Always Have a Winning Attitude

Attitudes are simply of two types – Good attitudes and Bad attitudes. Good Attitude always inclines towards winning attitude in future. if you have good attitude, you will always find solutions for your problems rather than sitting and waiting for any miracle to happen. This is what a millionaire does. Their speech and actions always reflects their winning attitudes even in worst situations.

Secret # 9 They Don’t Outsmart Other People

You can avail the information about publicly traded investments as they are easily dispersed. This information is studied by millions of investors and financial professionals, who establish stock prices based on this data. Rich people never try to contradict these predictions and don’t forecast the future when they invest. Wealthy people always try to reduce risk and capture market return using diversified portfolio. Common people are the one who commit this mistake by predicting the future of a particular stock.

At last I would like to share famous quote by Robert Kiyosaki “If you want to be rich Think Big Think Differently”.

Home loan HRA and your Taxes!

Shitanshu Kapadia
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6
Home loan HRA and your Taxes!

Home loan HRA

Suresh, currently employed with MNC Company in Mumbai, is staying in a rented apartment in Mumbai and has bought himself a property in Ahemedabad for which he has taken a home loan.

Now he is in confusion while filing tax returns – “Can I claim both HRA and home loan benefits?”

This seems to be a dilemma for most tax payers. When Suresh pays rent, under the Income tax act, he is definitely allowed to claim both HRA and home loan benefits (interest payment and principal repayment).

Similar to Suresh we have many queries about Home loan, HRA and Tax Benefits, Let us try to evaluate various possible situations an individual can find himself in and understand what the income tax act permits him to do.

Situation 1: You live in your own house purchased via Home loan

You have taken a home loan and residing in the house purchased with it. Since you are residing in your own house, you will not be able to claim HRA. However, you will be able to claim tax benefits on both, the principal and interest repaid on the home loan.

Situation 2: You own a house in another city

This situation was the one faced by Suresh. He resided in Mumbai but had bought an apartment in Ahmedabad taking a home loan. Suresh will be entitled to HRA exemption and tax benefits on both, the principal and interest repaid on the home loan.

Situation 3: Your house cannot be occupied at this point

You have bought a house in same city of your work by taking a home loan and you’re currently living in same city in a rented apartment because the house is under construction. In such a case, you are eligible to claim HRA.

In such case you can take partial tax benefit on the home loan, you can claim tax benefits only for your principal before the completion of your house.

Once your house is completed, you can claim tax benefits on the total interest paid up.

Situation 4: You have a house but you cannot reside in it

You have bought a house in Surat taking a home loan and now you aren’t residing in it but are living in a rented apartment in Surat itself for genuine reasons e.g. the house that you have bought is far away from your office.

In such cases, the Income tax act permits the individual to claim HRA and home loan benefits which includes both principal and interest repaid on the home loan.

Also, please note that if your house remains vacant, then you will still need to pay tax on a notional rent income.

Situation 5: You have rented your own house and currently residing in a rented house

You took a home loan and your house is now ready for occupation. You have rented the same out while you reside in a rented house. The Income tax act allows you to claim both HRA and home loan benefits.

However, in such a case, since you are the recipient of rent because you have let out your own house, that income is taxable at your hands.

The Income Tax Act treats HRA and home loan deductions under separate sections independently. The two are not interconnected to each other.

HRA is dealt with in section 10(13A) Rule 2A while home loans are entitled for tax benefits under section 80C (tax benefit on principal repayment) and Section 24 (tax benefit on interest payment) of the Income Tax Act. Hence, feel free to avail both tax benefits accordingly.

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