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.
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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
Hi,
I 've doubt in column 16 and 17.I've FD of 3,00,000.So in col. 16 i'll put the interest amount (e.g.7% of 3,00,000=21,000).But I've confusion regarding col.17( which is Estimated total income).So what amount should I put ? since I dnt hv any other source of income.
17 has to be all income you expect in financial year.
My wife earns interest income of amount Rs39000p.a. from her FD account. I have already filed her return on income for P.Y. 2018-19. I am filling 15g form with the bank, so that her income is not liable to TDS.
I am unsure of the column 19 "Section under which tax is deductible".
Can you please help me in this regard.
Thanks
194A for Bank - Fixed/Recurring Deposits
Can banks recover IT when the income from interest is declared as less than 3 lakhs for senior citizens even after 15H is furnished
No banks cannot deduct TDS if relevant forms are submitted. However there have been instances where banks have mistakenly done so. If TDS is deducted the only way to get it back is by filing income tax return.
Hi
I am submitting form 15H in 1st week of April 2018. What will be the PY (column no 4) ?
2018-19
Hi
1. Suppose I have a FD in a bank for Rs 1 lac @7.5% ROI. Its maturity date is 2nd Nov 2018. Will my 'amount of income' in column no 18 of form 15H be like this ?
(1lac X7.5%)/12X8 (April18 to Nov18 = 8 months) = 5000
2. Should I write this figure in column no 15 also?
3. I have FDs in 3 different banks. Accordingly I have to submit 15H form to each bank. Hence total I have to submit 3 nos form in same time i.e in April 2018. What should I write in column no 17 ?
4. Is Total interest of these 3 banks be mentioned in column no 16 ?
1.yes
2.yes
3.write 3 with their aggregate amount
4.est. total income would also include any other income like pension/rent along with other FDs
HI AMIT,
my question is suppose a pensioner is getting 30,000 Pension/month and he is having FD of RS 500000, whether he is eligible to file 15H?
No apka income 3 lakh se jada he ise liye aap 15 H nahi var payenga
Assuming you are senior citizen, If all your income for the year minus the tax exemptions (like 80TTB, 80C, 80D, etc) is less than Rs 3 lakhs then you are eligible for form 15H
hello amit ,
i want to fill 15H Form for my mom she is 61 yrs old ,i am stuck with the option that says estimated total income of the Previous year in which income mention in column 15 to be included ? what should i entered according to your given example , should i enter only a) FD interest amount (i.e 7000/-) or b) FD interest amount( 7000/- ) + mom pension
if i go with option b) then overall amount is above 3.5 then what option should i choose ?
and what does it means wheather assessed to tax in detail ?
Hi Parag,
I am also facing the same issue as yours.
Did you submit the 15H.
Amits answer doesnt answer your query.
You need to show all income so add pension income to it.
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)
Hi Amit,
I am also facing the same issue as above.
But your aswer does not answer the query. Could you pls. explain.
I am sorry but which part is not clear?
1. I have 3 FD in a bank. When giving the details of estimated income do i need to provide details of each of the FD amount and rate of interest?
2. If am having joint account with my parents do i need to submit 15G form ? If yes, how will i provide the necessary information like estimated income, Total income etc.
Please guide.
1. Yes - just estimated income not all details
2. In case of joint account, the tax liability is with first holder. In case your parents are first holder and they are eligible to submit Form 15, they should with their details.
I open e-STDR Tax Saving of 90000 in Feb 2018 My estimated income after deduction is Rs. 2,56,000. But if I consider for Rs.2500 tax reduction due to income less than Rs. 3,50,000 , my tax calculation is NIL.
I Got Permanent And Get Salary This Year 2017-18 Before That I was at 9000 per month salary with temperary employee and never fill form 16.
Should i File Form 15 G ?
or When should i File 15 G In April First week or Current Month in Feb Plz Suggest.
Hi
I worked in a company from jan 2014 to jan 2016. Pf balanve is 90000. Currently i m not working, have savings bank ac with 7000 annual interest and dont have any other source of income .
What should be filled in following columns of form 15 g
4 .?
16 ?
17 ?
19. ?
It would be of great help if you could answer these questions .
Dear Amit,
Your prompt response will be highly appreciated
As i served in 3 different company more than 5+ years from sept 2011 to April 2017. Now I want to withdrawal my PF. I have transferred my PF from last 2 company into current company and it is around 3Lac+. I have resigned now and working abroad since May 2017. Is I am eligible to fill form 15G and is my PF will be taxable or not. I will apply for PF withdrawal in FY 2017-2018 And what I will fill in form 15g point 4, 5,15,16,17,18.19
Please help I am very confused