In the routine banking process, Banks deduct tax at source (TDS) on the interest earned on Fixed Deposits, if it is above Rs. 10,000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f. April 1, 2010 If no PAN is  furnished or submitted PAN is invalid then TDS will be deducted @ 20%). Hence to get the income tax refund in case higher TDS has been deducted or TDS was not required to be deducted at all, then you have to file the income tax return for claiming of refund. To avoid all these exercises you may just need to declare that you do have not any taxable income during the beginning of the financial year.

Now may be thinking if it is so, then whatever is your income you can declare it as NIL and get the exemption from such deductions at source. Let me tell you, your thinking is wrong! There are certain conditions needs to be satisfied before you claim such benefits.

There are Form 15G and Form 15H available which can help you avoid TDS incase you do not have to pay income tax at the end of the year.

What is Form 15G: It is applicable to Declaration under section 197A(1) and section 197A(1A) of the Income-tax Act, 1961 to be made by an individual or a person not being a company or firm claiming certain receipts without deduction of tax.

What is Form 15H: It is applicable to Declaration under section 197A(1C) of the Income-tax Act, 1961 to be made by an individual who is of the age of 60 years or more claiming certain receipts without deduction of tax.

In short; Form 15G is meant for non-senior citizens whereas Form 15H is meant for senior citizens only and the aggregate of the interest income received for these individuals during the financial year should not exceed the basic exemption slab for Form 15G while no such condition exists for Form 15H.

Both the Forms are same, but the only difference is that the Form 15G has to be filed by persons below 60 years of age, HUFs and trusts etc, where Form 15H has to be filed by persons above 60 years of age.

Here, the word person refers to individual or person (not being a company or firm). So, HUF and Association of Persons can also use this form.

The Income Tax department has modified the Form 15H and Form 15G as per amended notification dated February 19, 2013 for the Assessment Year 2013-14. The New Form No. 15G and 15H is applicable to all Taxpayee who do not want TDS Deduction on their Income or other under section 203 of the Income-tax Act, 1961.

Download  the revised Form 15G | Form 15H

Certain points to remember while submitting Form 15G & 15H

  1. Effective from April 1, 2010 PAN is mandatory for making declaration using Form 15G & 15H.
  2. Irrespective of the fact that Form15G & 15H has been filed or not, such income has to be mentioned under proper head while filing the return.
  3. These Forms are deposited in two copies, one of which is forwarded to the IT department. So, the Income Tax Authorities can make further inquiries regarding the same income.
  4. It should be deposited at the beginning of each Financial year.
  5. These Forms should be deposited at each and every branch where the deposit has been made. For example, if you have made deposits at three different branches of HDFC Bank, then you have to submit the Forms at each branch separately.
  6. These Forms can only be used for payments like dividends, interest on securities, interest other than interest on securities, national saving schemes, interest on units. For other types of payments, these forms cannot be used.
  7. These Forms are not applicable for NRIs.
  8. If anyone has opted for monthly interest, he should deposit the Form at the start of financial year compulsorily as the TDS could be done from the starting month itself if he fails to submit the same.

For better understanding of the usage of these forms and the respective provisions, let’s take go by two situations;

Situation – 1:
Mr Sanjeev, who is 57 years old and his total income is Rs. 3,00,000, of which Rs. 2,20,000 is earned by way of interest from bank deposits. Mr. Sanjeev also invests Rs. 1,00,000 under Section 80C and pays a medical insurance premium of Rs. 15,000.

Now the question arrises; Is Mr. Sanjeev eligible to furnish Form 15G to save the TDS?

To find out the answer of the said question, let’s see whether Mr. Sanjeev satisfies the prescribed two conditions.

The first condition is that Mr. Sanjeev’s final tax liability should be nil. Though Mr. Sanjeev’s gross income is Rs. 3,00,000, on account of his Section 80C and Section 80D deductions of Rs. 1,00,000 and Rs. 15,000 respectively, the net income falls to Rs. 1,85,000 and consequently he is not liable to pay any tax. Therefore, Mr. Sanjeev satisfies the first condition.

However, we see that since his interest income of Rs. 2,20,000 is more than the basic exemption limit of Rs. 2,00,000, thus he does not satisfy the second condition and hence he is not eligible to furnish Form 15G to the interest paying organisation.

On the other hand Form 15H imposes just the first condition, in that, the final tax on the investor’s estimated total income computed as per the provisions of the Income Tax Act should be nil. The second condition imposed by Form 15G is not applicable in the case of Form 15H.

Situation – 2:
Mr. Ramesh, 69 years old, has a total income of Rs. 3,00,000, out of which Rs. 45,000 is earned from the senior citizens saving scheme and the rest from bank deposits. He invests Rs. 50,000 in PPF.

Here the question is; Is Mr. Ramesh eligible to furnish Form 15H?

As pointed out earlier, here Mr. Ramesh has to do is to ascertain his final tax liability. It doesn’t matter what amount he receives from which source; this information is irrelevant for Form 15H. We find that Mr. Ramesh’s net income works out to Rs. 2,50,000 (Rs. 3,00,000 – Rs. 50,000). As the basic exemption limit for Mr. Ramesh is also Rs. 2,50,000 (on account of him being a senior citizen), his net tax liability is nil and hence he is indeed eligible to submit Form 15H.

Now you must be clear whether you can use these Forms to save TDS or not. Ask your further queries or share your views.

How to use Form 15G & Form 15H to save TDS

81 thoughts on “How to use Form 15G & Form 15H to save TDS

  • April 18, 2013 at 12:29 PM
    Permalink

    hello Soubhagya Kumar,

    Nice article.

    I have one question regarding this.

    When we fixed deposit for the amount for 5 years. In certificate/bond given by bank will mention the amount returned after matured. Will bank pay the amount mentioned ? or will they deduct any tax from that ? how much percentage and on what basis ?

    thanks,
    Sreedhar.

    Reply
    • April 18, 2013 at 6:15 PM
      Permalink

      Hi Sreedhar,
      I am glad you appreciated the article. 🙂
      Answer to your query is; Whatever maturity amount mentioned in the certificate/bond is without tax amount which has to be deducted. If you satisfy the conditions for 15G or 15H (as explained in the article) then you may be eligible to get the complete maturity amount, else bank will deduct TDS at the rate of 10.3% (for current financial year 2013-14) on the interest accumulated amount and you get the complete principal amount along with interest net of taxes on maturity.
      Hope I clarified your query.

      Reply
      • April 19, 2013 at 10:53 AM
        Permalink

        Thank you very much for the clarification.

        If the taxable income is in 20% bracket, even though we submit 15G or 15H. It is no use. Isn’t it ?

        Reply
        • April 19, 2013 at 11:07 AM
          Permalink

          Most welcome!
          Since there is a taxable income, in that case such forms are of no use. Also note, bank may deduct 10.30% TDS from the interest, still you are liable to pay additional tax if your net taxable income bracket is 20%.

          Reply
          • April 19, 2013 at 12:48 PM
            Permalink

            Assume for 5 years – the interest earned on the principle is 15,000 INR.

            1. Will bank deduct, 1545 INR. or Every year deducts like (1545 * 5).

            2. Just go and show bond/certificate and get the money after deducting 10.30% or do we need to submit any other information to them about tax?

  • April 19, 2013 at 12:59 PM
    Permalink

    TDS will get deducted on maturity payout. If the maturity happens after 5 years, then TDS will be levied on the total accumulated interest amount on maturity, not every year. But in case you have yearly payout interest option then tax will be adjusted before the payout credited to you.

    As long as your PAN is updated with your bank, then no other docs are required to be submitted (yes! FDR needs to be surrendered).

    Reply
  • April 20, 2013 at 12:10 AM
    Permalink

    As a banker, I am facing an embrassment, to receive Form 15G, from those whose salaried incomes are of range of Rs.5 lacs and above. What can I do in such situations?

    Further, A senior citizen of age 80 years submitted form 15H for a deposit favouring jointly with his wife, himself and his daughter in the same order payable to any one or survivor. Can I accept from him on behalf of his wife.

    Some are not submitting in duplicate to enable me to send one copy to the IT dept.

    Kindly advise me.

    Reply
    • April 20, 2013 at 10:00 AM
      Permalink

      Hi Samy,
      Don’t be embarrassed! Take a responsibility to educate your clients as why they are (not) eligible for such claims. Information from this article may be sufficient to explain them.

      Answer to your second question is, if any of the joint members has net taxable income beyond the taxable limit for previous and current financial year, then in that case they are not eligible to submit the form. I also suggest you, just check once with your senior officer for the same.

      Reply
  • April 25, 2013 at 10:26 PM
    Permalink

    Assessment year and last assessment year is wrong on Form 15-G. Assessment yr should be 2014-15

    Reply
    • April 26, 2013 at 1:09 AM
      Permalink

      Hi Mr. Anonymous,
      That’s not wrong. The latest Form 15G is for AY 2013-14.

      Reply
  • June 2, 2013 at 5:05 PM
    Permalink

    Hi,

    I am a senior citizen aged 62 with an estimated income from pension and bank interests etc. of around Rs.4.3 Lakh. I am looking to invest Rs 1 Lakh and avail the maximum tax benefit under chapter VI(A) and bring down my taxable income to around 3.3 Lakh. Shall I submit form 15H?

    Reply
    • June 2, 2013 at 8:35 PM
      Permalink

      Hi Kastha,

      Even after Rs. 1lakh of investment under chapter VI(A) you final tax liability is more than the minimum slab, thus you are not eligible to submit form 15H.

      Reply
  • June 6, 2013 at 12:36 PM
    Permalink

    My mother-in-law (61 years) is receiving family pension around Rs. 132000.00
    Now she wants to invest some money (around 1/2Lakh) in FD or RD. Does she need to submit 15H form to the bank? If she does not submit this form, will bank deduct TDS?

    Reply
    • June 6, 2013 at 1:31 PM
      Permalink

      Hi Moumita,

      Yes! your mother-in-law needs to submit 15H form. If she doesn’t do so, bank will surely deduct TDS.

      Reply
  • June 10, 2013 at 9:23 PM
    Permalink

    a person is agent of post office to open the saving accounts and other schemes of post office.
    The income he gets from commission from post office , tds is deducted by post office on this commission . Can he submit form 15g to post office while his income is below taxable income.

    Reply
    • June 11, 2013 at 8:16 AM
      Permalink

      No! form 15G or 15H is not applicable on commission income.

      Reply
  • June 29, 2013 at 11:37 AM
    Permalink

    Is 15G apply only for interest from bank?
    Can it be used for interest received from other than banks?

    Reply
    • June 29, 2013 at 1:04 PM
      Permalink

      Hi Mohit,

      Yes it’s applicable if you satisfy the eligibility conditions.

      Reply
  • August 7, 2013 at 8:34 AM
    Permalink

    how to fill 15G/H form & who is the responsible to sign on last page of this form where written as (Signature ofthe person responsible for paying the income referred to in
    Column 22 of PartI)-
    1) Customer
    2) Bank official
    3) Income T ax official

    Reply
    • August 7, 2013 at 1:03 PM
      Permalink

      Hi Ajay,

      Here the signature should be done by the deductor of TDS. Eg: Bank

      Reply
  • August 7, 2013 at 4:02 PM
    Permalink

    Hi,
    My mother in law has no other income. she has some money to be put aside as fixed deposit and she does not come under the tax bracket. She was booking the FD in Aug and wanted to submit form 15H and she visited one of the SBI branches. She was told that 10% would be deducted as TDS this year and she can submit form 15H for the next FY. Is it right that we cannot submit form 15H in Aug for that FY?

    Reply
    • September 21, 2013 at 10:36 AM
      Permalink

      No! Bank should not say no to this. Your mother can very well submit 15H along with new FD application.

      Reply
  • October 8, 2013 at 12:34 PM
    Permalink

    My mother (55 years) is receiving family pension around Rs. 672000.00
    Now she has FD. Can she need to submit 15G form to the bank as she is getting family pension.?

    Reply
    • October 8, 2013 at 4:00 PM
      Permalink

      Hi Ashutosh,

      As per the information, your mother’s income is above taxable limit, thus she is not eligible to submit form 15G.

      Reply
  • October 10, 2013 at 1:44 PM
    Permalink

    I have submitted form 15 H after ascertaining my total income would be under exemption limit. but by end of financial year it crossed that limit. what can I do now?

    Reply
    • October 10, 2013 at 5:50 PM
      Permalink

      Hi Kuma,

      No problem, in such case you have two options.. either do advance tax payment if total tax liability comes more than Rs. 10K else pay as self assessement tax while filing your IT returns for the same FY.

      Reply
  • November 6, 2013 at 1:08 PM
    Permalink

    Being a self employed person, how do I assess that my net income will be taxable or not? Every year I fill form 15 G but I also include interest on FDs under ‘income from other sources’ while filing my returns. And if the net income gets taxable, then I pay tax. But is it still punishable under section 127?

    Reply
    • November 6, 2013 at 2:07 PM
      Permalink

      Hi Anuradha,

      To estimate the yearly income you can look back how your previous year income was, till date how much income has been generated and how much is expected till the end of the finacial year.

      I don’t think you will be punishable, rather you may end up paying interest on tax liabilities arise due to short or non payment of advance tax u/s 234 a, b & c.

      Reply
  • November 6, 2013 at 2:05 PM
    Permalink

    I am little confused about the limit of interest earned on FDs, which ensures eligibility to fill form 15 g. Is the limit 10,000 or 2 Lacs as mentioned in the example given? As per my knowledge the saving accounts interest limit (to qualify non taxable) is 10,000 p.a.

    Reply
  • January 20, 2014 at 5:06 PM
    Permalink

    hey if some one hav not monthly income then is he can make 2 f.d ( wich both intrest is 1,90000 per year ) in different bank and fill 15g for save tex?? which intrest is 1,90000 per year

    Reply
    • January 20, 2014 at 6:19 PM
      Permalink

      Hi Ankit,

      Yes in such case 15G can be submitted, but for your information there is no point keeping FDs in different banks (only if you have better interest rates), because your PAN has to be updated in the banks and you can not avoid paying taxes.

      Reply
  • January 21, 2014 at 2:16 PM
    Permalink

    hi, sir my father is pensioner and he got 16k per month. and also he has bank fd approx 4 lacks.
    should he submit 15h form.
    after this(as above 16k pension and 4 lacks fd in advance) how much amount fd he can made from a bank that no tax deduct.
    sir plz reply soon so that my father take benefit.

    Reply
    • January 21, 2014 at 3:40 PM
      Permalink

      Hi Anil,

      Yes he can! It’s very simple, if your father’s yearly income is less than Rs. 2,50,000 (I assume he is a senior citizen, but less than 80 years age). You can total up Rs. 16,000×12 plus Interest Income on Rs. 4Lac FD (assume 9.5%) = Rs. 2,18,000. This means he can have additional FD of approx Rs. 3,54,000 at a rate of 9.5% per annum i.e. [(Rs. 2,50,000 – Rs. 2,18,000) ÷ 9.5%].

      In case your father has any investment into ELSS, paying health or life insurance premiums then he still have prospects to do more FDs. Eventually annual net taxable income should be lower than his basic tax slab.

      Reply
  • February 19, 2014 at 8:28 PM
    Permalink

    i have a FD for 18 months of rs.10000(principle).the bank will give me interest 9% p.a.my annual income is below rs.200000.can i submit form15 g/h?

    Reply
    • February 19, 2014 at 10:24 PM
      Permalink

      Hi Prodip,

      Just do a simple calculation of your net taxable income after all deductions like 80D, 80C extra and then include such FD interest. If your total income doesn’t cross minimum slab then you can submit 15g/h as applicable to you.

      Reply
  • March 3, 2014 at 6:26 PM
    Permalink

    Hello Sir,
    My Father’s age is 61 and his income is NIL.
    However, his interest earned on FD’s for the current financial year is coming to around 2,55,000.
    he has already submitted Form 15G/H.
    I wanted to know if the bank would now cut a straight 10 percent on the complete interest of 255000 OR only on 5000 that is exceeding as per his tax slab.
    He has no other investments.
    Many Thaks

    Reply
    • March 4, 2014 at 11:50 AM
      Permalink

      Hi Shail,

      Bank will not take the pain of calculating taxable income basis tax slab. It will deduct straight 10.30% (including cess) on Rs. 2,55,000.

      Reply
  • April 3, 2014 at 2:36 PM
    Permalink

    I am a senior citizen (66 yrs). Having income from pension and interest from F.Ds. about Rs.500000. After saving of Rs.100000/- I will left with Rs.400000. But I am not eligible to fill and furnish Form 15H to my bank since my income will be more than the exemption limit of Rs.2,50,000/-. My bank will deduct TDS of whole amount of Rs.400000 instead of Rs.1,50000 (Rs.400000-2,50,ooo). It is understood that Sr. citizen are not supposed to deposit advance tax. But bank will automatically deduct tax in advance on quarterly basis Please advise me what I should do. Whether I will get the refund at the time of submission of income tax return. What is the use of giving the exemption to Sr.citizens to not pay the income tax in advance.

    Reply
    • April 3, 2014 at 3:10 PM
      Permalink

      Hi Saini,

      Please understand Advance Tax and TDS are not same in their technical terms. Fyi, Senior citizens not having Business Income are exempted from Advance tax payment, but this doesn’t justify that no TDS will be levied if total annual income is more than minimum tax slab.

      Do not worry, you can file your returns and take the refund if eligible.

      Reply
  • April 24, 2014 at 8:44 PM
    Permalink

    Sir I need a clarifiaction on whether “flat owners welfare association” can submit form 15G or not? If they can
    1) Who should sign the form?
    2) Under which section they can claim exemption?

    Because when we inquired with IT return preparers we were told that Association should get an exemption certificate from IT dept.

    Reply
  • June 9, 2014 at 4:39 PM
    Permalink

    i am a student. i have opened a FD of Rs. 2,500 for 1 year 3 months. I have no other income. do i need to submit form 15G?

    Reply
    • June 9, 2014 at 10:24 PM
      Permalink

      Hi Amit,

      It’s good to hear, being a student you do savings. Until you have interest earned from the said FD is Rs. 10,000 and above, bank will not deduct TDS. Cheers!

      Reply
      • June 9, 2014 at 10:43 PM
        Permalink

        Thanks a lot for replying.

        Reply
        • June 10, 2014 at 12:00 AM
          Permalink

          You are most welcome Amit.

          Reply
  • July 4, 2014 at 4:27 PM
    Permalink

    Hi Mr Soubhagya, sir my mothers fd matured on 4 jul 14. Even after submitting form 15 h, tds was deducted on maturity. The bank manager has accepted it and given a certificate stating submission of form 15h. Now can u pls guide me how to claim tds back. pls respond. thank u.

    Reply
    • July 4, 2014 at 6:57 PM
      Permalink

      Hi Sameer,

      No worry! If TDS has been deducted, you can get it back, but it will take little more time, as the same has been deducted during the FY2014-15. What you can do is, file IT returns for your mother during AY 2015-16 (FY 2014-15) after March 31, 2015, but before July 31, 2015 and claim this TDS as refund.

      May be a mistake of Bank, but going forwards make sure your mother submits 15H at the beginning of each financial year and at the time of each new FD she opens. Hope I clarified your query.

      Reply
  • July 10, 2014 at 3:54 AM
    Permalink

    Hi,

    Can I submit the form 15g to the bank through states by sending through post? or by asking friend to submit it? If the AY 2013-3014 for a bank starts in March, can I still submit the form in August or September?

    Reply
    • July 10, 2014 at 7:08 AM
      Permalink

      Hi Chital,

      If bank accepts, then you can go with either of the options you indicated. But do remember, forms has to be signed by you.

      Reply
  • July 23, 2014 at 7:55 PM
    Permalink

    i am a seaman and my mother has made a FD amounting 5 lakhs on my name for 5 year period .do i need to fill form 15 g..//pls advice

    Reply
    • July 23, 2014 at 11:45 PM
      Permalink

      Hi Ryan,

      As per section 192 , 2(25A) Indian members of the crew of a foreign-going Indian ship would be non-resident in India if they are on board such ship outside the territorial waters of India for 182 days or more during any year. Accordingly, such seamen will be charged to tax in India only in respect of earnings received in India or the earnings for the period when they are working within the Indian waters on coastal ships, etc. In case your residential status considered as Non-Resident then you won’t be allowed to submit form 15G.

      Reply
  • August 6, 2014 at 1:26 PM
    Permalink

    HI
    I want to know that if u miss form 15 G for any reason on this financial year,
    can u submit it in mid.
    is there any provision for that?

    Reply
    • August 6, 2014 at 4:33 PM
      Permalink

      Hi Neha,

      You need to submit form 15G at the beginning of the financial year and along with every new deposit you make. In case you have missed it you can submit it at the branch. Though it is not specifically stated as a rule, but depends on bank’s discretion to consider your request not to deduct TDS.

      Reply
  • August 22, 2014 at 10:22 PM
    Permalink

    sir. my rs. 3 lacks fixed deposits in hdfc ….and i am student and part time job in shop so am i elegible for filling form 15 G ?

    Reply
    • August 25, 2014 at 9:36 PM
      Permalink

      Hi Ansh,

      Did you mean Rs. 3Lacs FD at HDFC ? Ok! If you have no other income which is crossing minimum income slab, then you can submit 15G to avoid TDS. In short, your total income (including income from part time job) for the financial year should not cross Rs. 2.5Lacs.

      Reply
  • September 10, 2014 at 12:33 PM
    Permalink

    Hi,
    I have funds in “capital gain account” . It have not made any FD in that account. I got an interest on the funds which is greater than 10k. I got interest on December 2013 and August 2014, both are greater than 10k. I have not submitted 15g for previous year and this year too. Also i have not mentioned it in IT RETURN. I have few queries:
    1. Do I need to submit 15g for funds stored in capital gain account if interest crosses 10k?
    2. As i said i have not sumbitted 15 g last year and also not mentioned in it tax return. What should i do in this case?

    Thanks.

    Reply
    • September 11, 2014 at 5:34 PM
      Permalink

      Hi Alok,

      Interest earned on savings account (even if from CG account other than term deposits) is not subject to TDS. You need to calculate your total income while filing IT returns and then pay tax if liabilities come.

      Reply
  • October 15, 2014 at 4:48 PM
    Permalink

    Hi ,
    You are giving a fine clarification to all doubts. Thanks for your service.
    My doubt,
    My parents having 4 lakh amount, which i planned to put FD on SBI for a year so at the end of the year they will earn approx. 36k as interest on 9%. My parents (below 60years) are non-working people so i need to submit form 15G to avoid TDS?

    Thanks in Advance…

    Reply
    • October 15, 2014 at 9:20 PM
      Permalink

      Hi Johnson,

      Yes! You are right.

      Reply
      • October 16, 2014 at 4:30 PM
        Permalink

        Thanks for your reply on time…
        Suppose, i invest 4 lakh for a month and get an interest of 2k, same kind of interest i followed for a year every month. In this case, for each month FD investment i need to submit form 15G ( because after a year total interest i earned will be 24k which is more than 10k)?

        Reply
        • October 16, 2014 at 6:35 PM
          Permalink

          Hi Johnson ,

          You don’t need to submit 15G every month or frequently. You have to do this at the beginning of each financial year also along with each new FD you open.

          Reply
  • November 12, 2014 at 6:12 PM
    Permalink

    i am not working but can my father open fd in my name?he wants to deposit 500000 rs for 1 year .should i need to submit form 15G ?

    Reply
    • November 13, 2014 at 10:50 PM
      Permalink

      Hi Sohana,

      Yes your father can deposit FD in your name. Even you can submit form 15G if you have no other income. But your father might get taxed on interest income earned on this FD.

      Reply
  • November 29, 2014 at 9:10 AM
    Permalink

    if the annual income of year 2014-2015 is Rs 151600 then what is the maximum interest one can get on FD?will it beRS 98400=RS250,000-RS151600?is there a different exemption limit for widow women other than RS2,50,000?

    Reply
    • November 29, 2014 at 11:02 PM
      Permalink

      Hi Ravi,

      Your calculation is correct! For the current financial year 2014-15 limit of tax slabs are same for both male and female (even widow) assessee.

      Reply
      • November 30, 2014 at 10:45 PM
        Permalink

        Thanks a lot!I have learnt so much from your comments.kindly simplify about 80C and 80D deductions,Can anybody claim them? where are they written on form 15G?How IT department determine their genuineness?I have two other questions first my mother’s pension varies time to time then how to calculate the annual income? and in the column 21 is the jurisdiction chief commissioner same as the jurisdiction detail i.e( the ward and state combination) obtain by entering PAN detail in the IT website?
        Many thanks to you!

        Reply
        • December 4, 2014 at 8:53 AM
          Permalink

          Hi Ravi,

          Investment amount or premium paid u/s 80C & 80D can not be mentioned in either form 15G or 15H. You need to calculate net taxable income post these deductions. IT Dept. knows every thing, so you just need to wait for your case to come under scrutiny in an unfortunate situation 🙂

          If income varies, then nothing specifically can be done, but in case of a situation you have already declared no/less income by way of 15G or 15G then later income becomes taxable then pay advance tax during March.

          Yes! Jurisdiction will be same as PAN data.

          Reply
  • January 8, 2015 at 2:01 PM
    Permalink

    after my father’s death my mother got regular pension around 8000 per month and got some funds of my father from govt. department
    around 10 lakh . can she show in form 15G,her net income Rs96000/- and make an FD of Rs 10 lakh or her net income will be 1096000/- and then she can’t fill form 15G. I am very confused kindly help! one more thing what to fill in column 7 assessed in which ward/ circle if one is not assessed before and from where one can find present ward/ circle for column 17.

    Reply
  • January 9, 2015 at 11:15 AM
    Permalink

    Dear Sir,
    I took home loan(1st home loan) to buy a house and have been staying in that house since 2004. This is my 1st house. I have been claiming tax benefits whatever I am entitled for. In March 2013, i bought a old independent house(2nd house), again on home loan(SBI gave this loan as house loan, not plot/site loan). I have been paying EMIs towards this from April 2013. (Call it as 2nd Home Loan). I demolished this house in June 2013, constructed new a house in that site again on Home loan (call it as 3rd home loan).
    I would like to know (1) On the 2nd loan, interest component of the EMIs whatever was paid from 1st April 2013 to 31st March 2014 whether the full interest amount can be claimed or it comes as pre-EMI and this interest can be claimed in 5 years, each year 1/5th of the interest amount?(2) How can I claim tax benefits on the 3rd loan, which I took for construction and was disbursed during June 2013 to May 2014 in 3 installments. Kindly clarify , whatever interest component I paid during this construction period comes as pre-EMI, and only 1/5th of interest component can be claimed towards tax exemption or full interest paid for 3rd loan can be claimed for tax benefit?
    I want to use this property for residential rental purpose only. Not for keeping myself for any business purpose.
    Note: I already filed tax returns for 2014-15 by claiming full interest on 2nd home loan. I have to file revised tax returns based on your advise.
    Thanks in Advance

    Reply
    • January 23, 2015 at 11:39 PM
      Permalink

      Hi PVS,

      You can claim interest benefits for 2nd loan, but it might get questioned by IT, so I can’t give any confirmed answer here. For 3rd home loan you can start claiming interest post the construction is completed, and 1/5th of interest paid before the financial year when it was completed. If it is using as rental purpose then you can take full interest for current year plus 1/5th of pre-construction period interest.

      Reply
  • May 7, 2015 at 6:04 PM
    Permalink

    what would be my income tax if yearly income is 3,00,000 from interests of fixed deposits..?

    Reply
    • May 20, 2015 at 7:23 AM
      Permalink

      Hi Ganesh,

      May I know, what’s your age? Fyi, if you are below age 60 then your tax liability will be Rs. 3,090. In case you are Senior Citizen equal or above age 60 years, but less than age 80 years or even above age 80 years (considered as Super Senior Citizen) then this would be tax free.

      Reply
  • May 14, 2015 at 5:24 PM
    Permalink

    i have around 2 lac rs fd on the rate of 8.75 so in which month fill the 15g & my other income is 1.5 lac what can i do

    Reply
    • June 13, 2015 at 11:26 PM
      Permalink

      Hi Arpit,

      You should submit form 15G at the beginning of each financial year & at the time of any new FD you open. If you haven’t submitted then talk to bank and submit asap.

      Reply
  • June 13, 2015 at 3:55 PM
    Permalink

    I am a student and receive my scholarship,I invested around 25000 and 9% and 14000 at 7% .Should i submit 15G form to the bank.Previously i had FD of 10000 and 4000 at 9% for 1 year.Including all these my interest sum does not cross 10000rs. whether it is necessary to form 15G even if my interest does not cross 10000rs this year.

    Reply
    • June 13, 2015 at 8:56 PM
      Permalink

      Hi Manjunath,

      It seems overall you have this income only which is not crossing minimum tax slab i.e. Rs. 2,50,000. In such case, yes go ahead and submit form 15G. This will avoid TDS.

      Reply
  • July 13, 2015 at 5:11 PM
    Permalink

    I need to withdraw PF amount from my last employer since I am not employed for over 6 months. On submitting Form 19 & 10C to the PF Office. They are asking to submit 15G as well now I am confused with why PF people is asking for it. Kindly clarify.
    Also, the Net CTC from the employer was 2.8Lacs at the time of leaving the company & I have not submitted IT return for any of my service period as I don’t fell in the Tax Slab.
    Also,clarify whose signature is required at column SIGNATURE OF THE PERSON RESPONSIBLE FOR PAYING THE INCOME REFERRED TO IN COLUMN OF PART 1.
    Please reply at the earliest.

    Reply
    • August 16, 2015 at 9:00 AM
      Permalink

      Hi Ankush,

      Yes, you are required to submit form 15G to prove you have no taxable income for the current financial year.

      “SIGNATURE OF THE PERSON RESPONSIBLE FOR PAYING THE INCOME REFERRED TO IN COLUMN OF PART 1” not for you. You need to ignore.

      Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

css.php
Read previous post:
TDS Rates and Threshold Limit for Financial Year 2013-14

Find the table below for the TDS (Tax Deduction at source) rates and threshold limit for financial year 2013-14 or assessment...

Close