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
Suppose I have 3 fds in a bank, one of which will mature in june (income 5000) which was opened on june 2015, another in dec (income 12000) and the 3rd one on may 2017 (income 20000). I don't have any other income. Then in column 17 of 15G what will be my income? Should I consider by dividing the income by 12 and consider for the months in FY 2016-17 or what? Please explain
There are two ways. One you can directly ask your bank about the total interest that would be credited in respective FY. If you want to do it yourself, you will have to calculate interest earned in FY for each deposit and add it.
Taking your example - you have FD maturing in June which means 3 months interest income in FY 2016-17. For simplicity you can just take simple interest. Say the principle amount was Rs 1 Lakh & interest rate of 8%, so simple interest would be (1,00,000*8%*3/12) Rs 2,000. You need to do similar calculation for all FDs. The interest calculated here would be slightly less than actual that you would get but you can fill this in Form 15G/H - as it requires only approximate figure.
2nd one opened in dec 2015 and 3rd one opened in may 2015.
THANK YOU.
Namaste Amitji,
The information given by you is very much help full to fill the form 15G. Still I have a little confusion for no.17 and 18.
1) Will you please give the eg. for no 17(I am a housewife. The bank interest is my only income.)
2) In no.18 'Form no. 15G other than this',is it means 15G forms filled in other banks?
Thank you very much for easy and nice explanation.
For No 17 you need to give the total expected income for the financial year. As interest is your only income you'll need to add it across your FDs and mention it here.
Your understaing of No 18 is right, it asks about the the detail of Form 15G filled in all other banks
Hi ! Thanks a lot for your clear instructions & suggestions. My questions are as follows :
1) Whether I will calculate the accrued interest or the received interest (for column no. 16) ?
2) Whether I will include my gross salary income in column no. 17 ?
3) Whether the P.Y. will be 2016-17?
Thanks a lot in advance.
Here are your answers:
1. You should include accrued interest as banks use this method to deduct TDS and so most people use this for their income tax returns.
2. Yes gross salary should be added
3. Yes PY is same as FY and so it's 2016-17 [Government forms and their multiple nomenclature for same thing!!!!!]
Thank you very much.
Hi Amit,
I am trying to fill the 15G form online through SBI banking, but i dont have the option for generate 15G/H as shown in this sbi video https://www.youtube.com/watch?v=rSXWaYLdQ6c.
In your screenchot also there is no such option so please tell me how to get that option or how can i fill the 15G form online.
I checked today and it's not working. The link only tells if you have submitted Form 15G/H for a specific account. At the time of writing this post the link gave a form to fill. I think you might need to contact SBI customer care or branch for this information.
I searched SBI internet banking and could not find it anywhere!
I have two 5 Years Tax savings FDs receipt of a Bank of Rs. 1 lakh & other one Rs. 30,000. Should I fill the Form 15 G and submit to bank to prevent any TDS.
Fill Form 15G only if you are eligible because filling the form just to prevent TDS might lead you in more trouble.
Dear Amit,
Hi,
Can we rely on foreign bank like Deutsche Bank in India for fixed deposits
please post your advise???
Yes Deutsche Bank like all other banks in India are regulated by RBI, so you can trust the bank for your deposits.
There is still confusion with regards to income to be shown in aggregate incomefor which 15 G or H is filed For example if Annual interest income is 25000 from a particular Bank and income from pension is 120000/- p.a. Then the estimated income will be Rs.25000/- and Total estimated income will be Rs.145000/-. Then what will be the aggregate income? Is it Rs.25000/-. Now suppose interest income from other Banks other then where the form 15G or H is submitted is Rs.35000/-. Then the aggregate income will be Rs.60000/-.( 25000+35000) Then this will be the figure to be mentioned in Form 15 G submitted to all the banks. Is it correct ? Please advise
Yes your understanding is correct.
I am a college student aged 20 .
I have fds in 2 banks.
I do not have income other than fds interest.
I filled form 15g in bank 1 showing my total income( column 16) as rs 1,50,000 mistakenly. Now I am filing form 15g form in bank2.
Should I mention my total income as rs 1,50,000 in bank 2 also or should i mention it as my actual interest income.
You should mention your actual income. Anyway these incomes are just estimated and can change with time. So no need to worry - Just make sure you fill whatever is true to your knowledge as of today.
So should I fill only my interest income as my total income? If I do so then total estimated income will be different in both forms with a huge difference.
Is it necessary to mention that I have already filled a 15g form in another bank?
The difference in income really does not matter. So go ahead with the right income in the new form.
hi..Have not filled ITR for last two year and currently im having 25k FD and LIC of 12K, no other income and i'm salaried employee and company deducting every month 1500/-. Please advise what should i declare. My privious employer want me submit 15G along with PF claim form
Your company is deducting Rs 1500 tax every month, which means your income exceeds taxable income. In this you should not submit Form 15G.
Also EPF withdrawal can be done without Form 15G, in which case TDS would be deducted and you can claim it back by filing tax return.
What need to filled in part II form..??
You need not fill Part 2 as it would be filled by person who you submit the form.