Forms 15G/15H are self-declaration forms that must be provided by the Assessee to his banker in order for Tax Deducted at Source on interest on recurring deposit/fixed deposit at a lower or nil deduction. Form 15G is used for the person who is below the age of 60 years, and Form 15H is used by the person who is above 60 years. In this blog there will be detailed information on filing of income tax form 15G and 15H.
If an Indian citizen wishes to be free from TDS on interest earned on their deposits, he or she must complete Form 15G before the validity period expires. You should file Form 15H if you are a senior citizen; however, you must meet certain eligibility requirements. The forms can also be submitted online using the bank’s official website. To apply for exemptions, you must have a PAN.
Both Form 15G and Form 15H are only valid for the current fiscal year. As a result, you must submit the forms at the beginning of each fiscal year to avoid TDS being withheld from your interest earnings.
The EPFO portal now allows you to submit Form 15G online when filing an EPF withdrawal claim. For non-deduction of TDS, you can also fill out and send a physical copy to the EPFO regional office.
You will be able to upload form 15G on the screen. Form 15G can be downloaded from this page. Fill out Part 1 of the form and save it as a PDF file. When filing an online claim, upload a PDF copy of the form.
Yes, you must submit one at each bank branch where you get interest income, albeit TDS is only deducted when the total interest earned across all branches surpasses INR 10,000.
Form 15G and Form 15H are valid for one financial year, after that taxpayer needs to submit the Form at the starting of the financial year.
No. Forms 15G and 15H can only be submitted by resident Indians, not non-resident Indians, according to the laws and regulations.
There is no deadline for filing Form 15G or Form 15H. However, it is advisable that you file the form at the start of the fiscal year because the validity of the Form is for a year only.
The Income Tax Department does not require you to submit Form 15G or Form 15H. You can hand over the forms to the deductor, who will subsequently forward them to the IT Department.
It’s vital to remember that in all of these circumstances, the overall taxable income standards must be met for both the 15G Form and 15H Forms. As a result, it is critical to grasp the various tax exemptions and deductions available while keeping the tax-free income limit in mind.
