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 am karthikeyan.I am going to resign my job and claim my PF amount and I will not have any income for the next few years and no FD account. What should i fill as Estimated Total income..?
The estimated income for the year would be the amount which you would get from your PF.
Sorry made errors in dates..resending my queries as below:
need to fill 15H for my mother -age 68 for PY (as mentioned in the updated bank Form) - 2016-2017.
Her total income from APR15 to MAR16 is approx 3,69,000 thru FD’s in various banks including SBI. She also has good amount of FD under SCSS in SBI, therefore, I believe she is eligible of 1lac50 max.
My queries are:
1) Should I submit FORM15H in all the banks, considering that her income exceeds 3Lakhs or will the exemption be considered coz of SCSS.
2) Currently, if one of the FD matured in DEC2015, I have calculated her interest income for 9months(APR to DEC).Hope this is the right way to calculate.
3) What would be right way of calculating income of a renewed FD..FD that matured in JAN16 and renewed again till 2017? If you could state an example.
Thanks once again..
1. You should submit Form 15H to all the branches of all the banks where your mother has FD. If you do not banks would deduct TDS if the annual interest payable exceeds Rs 10,000.
2. The banks deduct TDS based on the interest you earn irrespective of the maturity period. For e.g if you make Rs 10 Lakh FD for 5 years @ 10% interest - the banks would assume that the interest credited for 1st year is Rs 1 lakh and TDS would be deducted on the same, even though the amount would mature after 5 years.
You should ideally get interest certificate from your banks which would state clearly the amount that was earned as interest and TDS deducted.
Hi,
I joined the company on Oct 29,2013 and resigned on May 29, 2015. I'm jobless from my resignation. I would like to withdraw my pf amount. I need your complete guidance in filling the Form 15G. I'm confused to fill the section 4, 16, 17, 18 and 19. I want to know what the exact amount to be filled in section 16 and 17. I do not know to calculate these amounts. Also please guide me in calculating these amounts.
Since you are withdrawing in April 2016 your field 4 (previous year) would be FY 2016-17. Field 16 is the approximate money in your EPF. Field 17 is field 16 income + any other income in this financial year like interest, salary, etc. Field 18 & 19 mention the details of other income where you have submitted this form 15G.
Can amount deposited in Atal Pension Yojna can be withdrawn prematurely?
Yes the amount in Atal Pension Yojna can be withdrawn prematurely before maturity. SYou will be refunded only your share of contributions and the interest earned on those contributions. You will not get the government’s contribution or the interest accruing on that amount.
Hi
I left the organisation on Sep 2015.so what should I fill in the column 4 of form 15g??
Column 4 asks for Previous Year (which is same as financial year) for which the declaration is being made. In this case it would be 2016-17.
Thank you
Hi Amit. Thank you very much for those instruction. Nowhere on the web have I seen such clear and precise instruction. This is the first time I'll be filing form 15G. 80% is clear. However I need help with just one or two difficulties. I'm filing this form 15g for 2 Fixed deposits I have with SBI. Right now I just have these 2 FD and no other income. So my Column 16 and 17 will be the same, right? they'll both be the estimated total interest I've earned for FY 2015-2016 on both the FD. Also, I don'y have any UIN. I don't know my UIN. Is it really necessary/mandatory for form 15g? Can I just leave it blank?
Thanks for your appreciation :)
In case these FDs are your only source of income, your field 16 & 17 would be same. Also Part 2 of the form has to be filled by the bank and so UIN is not required to be filled by you.
Is UIN just for the bank officials and has nothing to do with me?
What is due date for filling the same?
There is no due date but the bank would deduct TDS until you submit relevant forms. This needs to be done every financial year and it's good practice to submit it in April.
Need clarity on this - 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.
What else should be included? Do interest on FD in all the banks need to shown in this field??
This would include all income including interest across FD/RD from different banks/companies etc.
whether form 15G for AY 2017-18 for interest on loan to be filed online compulsorily
No it's not compulsory. You can download the form and submit physically to banks.
Amit
Is it same form to be used for2016-2017 ay2017-2018
Yes the form remains the same for next financial year too