Form 15g/15h
This query is : Resolved
24 March 2016
Not compulsory. Can file online if the assessee has ' internet banking facility'. CBDT notification 76/2015 dated 29.9.2015.
26 March 2016
Please tell me the complete procedure to submit 15g/15h in simple words.
25 July 2024
Submitting Form 15G or Form 15H is a straightforward process aimed at avoiding tax deduction at source (TDS) on certain incomes if your total income is below the taxable threshold. Here’s a simple step-by-step procedure to submit these forms:
### Procedure to Submit Form 15G/15H:
1. **Eligibility Check**:
- Form 15G: Applicable for individuals below 60 years of age and Hindu Undivided Families (HUFs) if their total taxable income is below the basic exemption limit.
- Form 15H: Applicable for senior citizens (aged 60 years or above) if their total taxable income is below the basic exemption limit.
2. **Download the Form**: Obtain Form 15G or Form 15H from the Income Tax Department’s website or collect it from your bank, financial institution, or post office.
3. **Fill Out the Form**:
- Provide your personal details such as name, PAN (Permanent Account Number), address, and date of birth.
- Declare your eligibility criteria (total income below taxable limit for the relevant financial year).
- Mention details of the income for which TDS deduction should not be made (like interest income from fixed deposits, recurring deposits, etc.).
- Provide your income details and the assessment year (usually the year for which you are submitting the form).
4. **Attach Supporting Documents**:
- Attach a copy of your PAN card.
- If required by the bank or institution, provide proof of identity and address.
5. **Submit the Form**:
- Submit the filled and signed Form 15G or Form 15H to the bank or financial institution where your income is credited.
- Alternatively, you can submit it online through the bank’s internet banking portal if they provide such a facility.
6. **Acknowledgment**:
- Upon submission, the bank or financial institution will acknowledge receipt of Form 15G/15H. They may provide a stamped acknowledgment copy for your records.
7. **Validity**:
- Form 15G/15H is valid only for the financial year in which it is submitted. You need to submit a new form each financial year if you continue to meet the eligibility criteria.
### Points to Note:
- **Correct Information**: Ensure all information provided in the form is accurate and matches your income details.
- **Submission Deadline**: Submit the form well in advance to prevent any TDS deduction.
- **Keep Records**: Maintain a copy of the submitted form and acknowledgment for your records and future reference.
By following these steps, you can effectively submit Form 15G or Form 15H to avoid TDS deduction on your eligible income, provided you meet the necessary criteria. If in doubt, consulting with a tax professional or financial advisor can provide further guidance tailored to your specific situation.
### Procedure to Submit Form 15G/15H:
1. **Eligibility Check**:
- Form 15G: Applicable for individuals below 60 years of age and Hindu Undivided Families (HUFs) if their total taxable income is below the basic exemption limit.
- Form 15H: Applicable for senior citizens (aged 60 years or above) if their total taxable income is below the basic exemption limit.
2. **Download the Form**: Obtain Form 15G or Form 15H from the Income Tax Department’s website or collect it from your bank, financial institution, or post office.
3. **Fill Out the Form**:
- Provide your personal details such as name, PAN (Permanent Account Number), address, and date of birth.
- Declare your eligibility criteria (total income below taxable limit for the relevant financial year).
- Mention details of the income for which TDS deduction should not be made (like interest income from fixed deposits, recurring deposits, etc.).
- Provide your income details and the assessment year (usually the year for which you are submitting the form).
4. **Attach Supporting Documents**:
- Attach a copy of your PAN card.
- If required by the bank or institution, provide proof of identity and address.
5. **Submit the Form**:
- Submit the filled and signed Form 15G or Form 15H to the bank or financial institution where your income is credited.
- Alternatively, you can submit it online through the bank’s internet banking portal if they provide such a facility.
6. **Acknowledgment**:
- Upon submission, the bank or financial institution will acknowledge receipt of Form 15G/15H. They may provide a stamped acknowledgment copy for your records.
7. **Validity**:
- Form 15G/15H is valid only for the financial year in which it is submitted. You need to submit a new form each financial year if you continue to meet the eligibility criteria.
### Points to Note:
- **Correct Information**: Ensure all information provided in the form is accurate and matches your income details.
- **Submission Deadline**: Submit the form well in advance to prevent any TDS deduction.
- **Keep Records**: Maintain a copy of the submitted form and acknowledgment for your records and future reference.
By following these steps, you can effectively submit Form 15G or Form 15H to avoid TDS deduction on your eligible income, provided you meet the necessary criteria. If in doubt, consulting with a tax professional or financial advisor can provide further guidance tailored to your specific situation.
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