Tuesday, April 5, 2016

How to fill in revised Form 15G / 15H

Declaration form 15G (for other than senior citizen) and 15H (for senior citizen) for non deduction of TDS from Bank interest or other payments has been revised and new form introduced. This form has some columns which may be difficult to fill in for common people. In this article, the confusions are being cleared.

Who can submit Form 15G/15H ?
An account holder can submit Form 15G or 15H(for senior citizens who attained 60 years in anytime in the financial year) only if his total income from all sources does not exceed the threshold limit on which no tax is required to be paid
The maximum interest income not charged to tax during the financial year where form 15 G/H is submitted at bank(s) is as below :
  • Upto Rs 2,50,000/- for residents of India below the age of 60 years or a person( not being a company or firm ).
  • Upto Rs 3,00,000 for senior citizen residents of India who are between the age of 60-79 years at any time during the FY.
  • Upto Rs 5,00,000 for senior citizen residents of India who is 80 years or more at any time during the FY.
  • Click here to download the notification and Form 15G/15H
TDS from interest on bank and other deposits are mandatory. If your interest income is more than Rs 10,000/- aggregating in all deposits of a particular branch in any financial year, the bank is bound to deduct TDS @10% on the interest. The rate will be doubled if the assessee fails to submit his PAN to the bank.
How to fill in New 15G / 15H
New Form 15G since 1 Oct 2015
See the notes below for Field No 15 to 18 which may look little complex. These colums are identical in Form 15H also. The same illustration provided below will serve the purpose.

  • Field 15 (a) , Whether assessed to tax under the Income-tax Act, 1961. Yes or No, Check the appropriate Box.  Mention Yes if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment year out of six assessment years preceding the year in which the declaration is filed.
  • Field 15 (b), If yes, latest assessment year for which assessed , Mention the last Assessment Year, the year in which you filed Income Tax return.
  • Field 16, Estimated income for which this declaration is made, Mention the estimated income for which you are filing the Form. For example if you have opened a Fixed Deposit and you don’t want TDS to be deducted on FD then mention interest on FD you will earn this year.
  • Field 17, Estimated total income of the P.Y. in which income mentioned in column 16 to be included, Please mention the amount of estimated total income of the previous year for which the declaration is filed including the amount of income for which this declaration is made
    • Field 18, Details of Form No. 15G other than this form filed during the previous year, if any, In case any declaration(s) in Form No. 15G is filed before filing this declaration during the previous year, mention the total number of such Form No. 15G filed along with the aggregate amount of income for which said declaration(s) have been filed
      Total No. of Form No. 15G filed , How many Form 15G have been filled before the form 15G in this Fina ncial year or Previous Year.
    • Aggregate amount of income for which Form No.15G filed, Total amount of income for which Form 15G have been filled in this year.
  • Also Read : TDS is mandatory if you have taxable income.

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