about 15G and 15H

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Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2011 hello..
May i know the utility of Form 15G and 15H in Income Tax.

Kumar Babu.G

Kumar Babu.G (Expert)
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18 July 2011 Form 15G and 15H are for non deduction of TDS submitted to deductor if deductee falls below the maximum exemption limit.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 July 2011 Form 15H :- Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more (Sixty Years from A.Y. 2012-13) claiming certain receipts without deduction of tax.

1)Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from A.Y. 2012-13)
2)Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
3)This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three SBI bank branches Rs.100000 each. You must submit the Form 15H to each branch.
4)Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year.
5)You need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year.
6)You need to submit for 15H If interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-.

Form 15G:- Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax.

1)Form 15G can be submitted by Individual below the age of 65 years (Age limit reduced to 60 Years from A.Y. 2012-13)) and Hindu Undivided family.
2)The above points are applicable to the Form 15G as well, except the Form 15H is only for the senior citizen.
3)Form 15G should be submitted before the first payment of interest on fixed deposit.

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CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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18 July 2011 These FORMS are of great utility to small assessees who are having their income below Taxable limits. If those people give the said forms to Person responsible for deducting TDS, the the said person will not deduct TDS. But this is applicable only in case of interest.

By giving these forms, assessee is relieved from compulsory filing of return to get a refund of the TDS deducted.

As you give this form only if your income is below taxable limit, so in that case no compulsion on you to file the return. Otherwise you had to file the return to get the refund.