What is g15 form?
Form 15G is a self-declaration form for seeking non-deduction of TDS on specific income as annual income of the tax assessee is less than the exemption limit. The rules for this specific self-declaration form are mentioned under the provisions of Section 197A of the Income Tax Act, 1961.
What is form 15G 15H of income tax?
Form 15G and Form 15H are self declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website. Edit.
Who can submit form 15H?
senior citizens
Form 15H can only be submitted by an individual who has reached the age of 60 years and above i.e. senior citizens. Other individuals/HUFs are required to submit Form 15G in order to prevent TDS deduction. Form 15H can only be submitted by Indian citizens residing in India. It is not applicable to NRIs or foreigners.
When Should form 15G be submitted?
For how long are Forms 15G and 15H valid? Both the forms are valid for 1 year only i.e., the validity runs out at the end of each financial year which is March 31st. If you are eligible, make it a point to submit the forms, preferably at the beginning of the financial year ie., 1st April.
Why 15G and 15H is required?
Form 15G and Form 15H are usually submitted to banks to prevent the deduction of TDS on interest, these forms can also be submitted for a few other reasons: TDS for EPF withdrawal. There is a deduction of TDS on EPF if an individual withdraws their EPF before completion of 5 years of continuous service.
Who should not submit 15H?
Resident Individuals with an age of 60 years or more i.e. Senior Citizens are allowed to submit Form 15H. Companies, firms, the non-resident persons are not allowed to use these forms.
How can senior citizen avoid TDS?
This year onwards, senior citizens aged 75 years and above looking to get exemption from filing income tax should fill and submit form 12BBA with their respective banks. Senior citizens with income only from pension and interest from fixed deposits are eligible for this exemption.