Form 15G and Form 15H are self-declaration forms which can be submitted to banks and other institutions to avoid Tax deduction at source (TDS) by banks on fixed and recurring deposit. The post covers the following:
Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.
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The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.
There are 19 fields to be filled in the Form. I really wonder why Government department makes forms so complicated and use such technical field names.
First Download Form 15G and Form 15H. You can also refer to your banks site to download these forms.
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The form refers “Assessee” everywhere. Assessee refers to the name of the person on whose name the investment has been done.
Also it mentions “Previous Year” frequently. This confuses many people. Previous Year means financial year (i.e. April 1 to March 31)
The numbers below represent field names in the above form
1. Your name as it appears in PAN card
2. Your PAN number
3. Status – Write Individual or HUF as applicable
4. Previous Year is same as financial year. For e.g. you are making declaration for FY 2018-19 (i.e. for April 1, 2018 to March 31, 2019), the previous year field would be FY 2018-19.
5. Residential Status – Resident Indian or NRI. Only resident Indians are eligible to fill form 15G/H.
6 to 12 – Your current address details
13 – Your email address
14 – Telephone Number (with STD Code) and Mobile No. – Fill up both the numbers of whatever you have
15(a). Whether assessed to tax under the Income-tax Act, 1961. Yes or No – Mention ‘Yes‘ if you have filed income tax return in last 6 financial years.
15(b). If yes, latest assessment year for which assessed – Mention the latest assessment year in which you filed your Income Tax return. (Assessment year is one year next to financial year For e.g. For FY 2018-19, the AY would be 2019-20)
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16. Estimated income for which this declaration is made – This income is for the investment you are giving declaration. For e.g. you have FD of Rs 1 lakh at 7% interest for 1 Year, your estimated income for the financial year would be Rs 7,000.
17. Estimated total income of the P.Y. in which income mentioned in column 16 to be included – Total income expected in the financial year for which the declaration is being made. This would include the income declared in Field 16.
18. Details of Form No. 15G other than this form filed during the previous year, if any
19. Details of income for which the declaration is filed – Mention the details of the investment for which the form is being submitted.
For e.g. For the above example of SBI fixed deposit you need to fill as follows:
I wonder how I-T department expects everyone to know income tax sections. Below are common sections for your reference:
Investment | Income Tax Section | Cut Off (Rs.) | TDS when Valid PAN submitted | PAN not submitted |
Bank – Fixed/Recurring Deposits | 194A | 10,000 | 10% | 20.00% |
Premature withdrawal from EPF | 192A | 30,000 | 10% | 34.61% |
Interest on securities | 193 | – | 10% | 20.00% |
Dividends | 194 | 2,500 | 10% | 20.00% |
Interest other than interest on securities – Others (NCDs, etc) | 194A | 5,000 | 10% | 20.00% |
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Fill the date, place and Sign on the dotted lines.
This part has to be filled by the person responsible for paying the income referred to in column 16 of Part I.
Do you know you pay a few thousand rupees every year to hidden charges of banks. This could range from more known fines for not maintaining minimum balance amount to lesser know POSDEC charge of ICICI Bank. There could be charges for ATM usage, branch visits, cheque books and so on. Do read our article on Hidden Charges in Banks and what you can do about it?
All the fields are similar to the Form 15G except Date of Birth (Field No 3).
There can be several situations when we look for regular income. This is especially true for people after retirement without any pension. Also there would be new entrepreneurs who need regular income until their start-up stabilises. We tell you 13 investments which can generate regular income for you along with their pros and cons.
Some banks have allowed submission of Form 15G & Form 15H Online through internet banking. The screen shot below is from SBI and shows the links to be clicked for generating the form online.
If you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS. Providing false declaration can lead to fine and imprisonment u/s 277
Senior Citizens’ Savings Scheme or SCSS is an excellent investment for senior citizens for regular income and tax saving u/s 80C. It is 100% safe as its backed bu Government of India, the interest paid is generally higher than bank fixed deposits and the investment is eligible for tax saving u/s 80C. We explain the eligibility, process and do’s & don’ts of SCSS in this post.
The Form 15G and Form 15H was revised from October 1, 2015 and has been simplified. Also the reporting to income tax department has become more robust. You must fill these forms and submit to relevant banks/institutions only if you are eligible. Do not make a false declaration as that might create problems.
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View Comments
Sir if interest on f.d is 260000 and deduction in 80c is 20000 then 15g should be given or not
no
I am a senior citizen. In form 15 h should I mention all my investments like scss, mis, Lic's barista pension bins yojana, Jeevan akshya vi, pmvvy etc. in column no. 18 while submitting in a particular bank where I have a FD of only rs. 10000? In column 17 whether my pension amount along with all interests should be mentioned? In column 15 should I mention only the amount of a particular bank where 15h is being submitted? Please clarify.
My Huf will have an income of RS 400000 for fy 19-20(ay 20-21) mainly by interest .can I submit firm 15 g as my income is below new taxable limit of RS 500000.
Form 15G/H is not applicable for HUFs
What i have to write in Amount of income part of 19 column
I am retired central govt.class I officer (66+ age). I get 56,910/- pension. Should income means my pension + interest I earned for my FD/RD/Saving bank and from post office senior citizen saving Scheme interest (for Rs.900000/-) in Post Office. In addition I invested Rs.11 lakhs in SBI SCSS' monthly income scheme. So 9 lakh + 11 lakh=20 lakh in monthly income scheme. Four the FDs (of 1 lakh each)with sbi for 5 years TAX savings FD. What is the exemption and tax liability for current year for me. Please elaborate.
Dear sir
Tax payer (induvisual) can submit 15G form.
For example
A person total income is - 3;00;000
he invest 50;000 in 80c
Naw tax liability is 0
He can eligible for submit 15G
And what is total estimated income of him
Dear Sir
i am a senior citizen of 61 yrs age. i have sr citizen saving scheme , ppf a/c, bank fda, recurring deposite. i will be crossing the taxable limit as my income for FY 2018-2019 is working out more. but i have given form 15H only for the bank fda and for other investments i have not given 15H . Any possible implications due to 15H given for the FDA
kindly clarify .
I am govt employee and my gross salary monthly around 44000.
I have confusion regarding estimated total income of the previous year, what it means it is interest income or total income like
44000*12 plus some perks I got from my organisation or only interest income
I have filed only it return of 2017-18
Should I tick yes in tax access or NO
Please guide
Its total income which includes your salary/perks/interest income etc
Dear Amit,
From this FY I understand that Dividends are taxable. But Dividend pay out is not guaranteed. If my income from FDs is below the tax slab, but any dividend received may or may not take me above the tax slab, can I submit a 15 H?
Yes you can submit Form 15H because you cannot be sure of dividend income!
I have FD in three different banks and for which I have to submit 15H for three banks.
1.For Box 15 should be the sum of all interest for all three deposits of 3 banks?
2.for box 18 should I include the details of all FDs(other bank also) or only FDs of the corresponding bank?
1. yes
2. all bank fds