Filing of declaration in form 15g/15h

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2017 All,
I want to know filing of declaration of form 15G/15H

In our case we have received from 15G /15H from few lenders at the start of the year for non deduction of TDS.
We are paying interest to them on quarterly basis at the end of each quarter.
How to file these declaration - only once or in each quarter.
How the amount of income paid to be disclosed in each case.

Mithun Agarwal

Mithun Agarwal (Expert)
Follow

24 January 2017 Forms 15G and 15H to save TDS on Interest Income. Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for individual or HUF.
Form 15G and Form 15H are valid for one financial year. So you have to submit these forms every year if you are eligible. Submitting them as soon as the financial year starts will ensure the bank does not deduct any TDS on your interest income.

Querist : Anonymous

Querist : Anonymous (Querist)

24 January 2017 I want to know, how to fill up the details in case of online filing of declaration of 15G/15H, as interest payout is quarterly basis.
Is filing required in each quarter

Upgrade to CAclubindia Pro. Subscribe Now!

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
Follow

24 July 2024 When filing a declaration using Form 15G or 15H for non-deduction of TDS on interest income, especially when the interest payout is on a quarterly basis, here are the key points to consider:

### Filing Requirements:

1. **Frequency**: You generally need to file Form 15G or 15H at the beginning of each financial year (April to March) if you meet the eligibility criteria to avoid TDS deduction on interest income.

2. **Quarterly Payout**: If your interest income is paid quarterly, you might consider submitting Form 15G or 15H at the start of the financial year covering the expected interest income for the entire year. This is typically done to cover all quarterly payouts under one submission.

### Online Filing Process:

1. **Access the Form**: Visit the income tax department's e-filing portal (https://www.incometaxindiaefiling.gov.in) and log in using your PAN (Permanent Account Number).

2. **Select Form 15G or 15H**: Navigate to the 'e-File' section and select the appropriate form (15G for individuals below 60 years, 15H for senior citizens above 60 years).

3. **Fill Details**: Enter personal details, PAN, address, and other relevant information accurately. Specify the financial year for which the declaration applies.

4. **Interest Income Details**: Provide details of the payer (bank or institution), interest income amount, and frequency of payment (quarterly in your case).

5. **Declaration**: Declare that your total income for the financial year will be below the taxable limit and thus TDS should not be deducted on the interest income.

6. **Verification and Submission**: Review the details entered, verify the form using OTP (One-Time Password) or Aadhaar-based verification, and submit the form electronically.

### Points to Note:

- **Submission Frequency**: While ideally, you submit Form 15G or 15H at the beginning of the financial year, if your interest income changes significantly during the year, you might need to submit revised declarations.

- **Validity**: Once submitted, the declaration remains valid for the financial year specified unless your circumstances change (e.g., your income exceeds the taxable limit).

- **Penalties**: Providing false information can lead to penalties under Income Tax laws, so ensure all details are accurate.

By following these steps, you can ensure compliance with the Income Tax provisions regarding Form 15G/15H for non-deduction of TDS on interest income received quarterly. If you have specific doubts or complex financial situations, consulting with a tax advisor or chartered accountant would be beneficial.