Form 15G and 15H

Dear Sachin

Both Form 15G/H are self declarations by the depositor not to deduct tax on the deposit and this available with the bank or institution where you have your deposit. These forms are to be submitted in duplicate in the beginning of the financial year so as to enable the bank/institution to take care of TDS on the deposits.

Regards,

Devendra Kulkarni

Agreed with DEVENDRA JI.

Just in addition in that , 15 H is for SENEIOR CITIZEN and 15 G for OTHERS..

In 15G, the Gross  total income should not exceed the BEl while in 15H, there should be no tax liablity.

can a pan card holder submit the form 15G and 15H? tell me plz

15G AND 15H are not related with PAN CARD HOLDER ISSUE.

its related with the TDS ISSUE

15G and 15H are submitted when any type of your income(interest for the advances) in the year is applicable for TDS deduction BUT your total income for the year is not taxable...

so for not deducting TDS , an assessee(who received interest income) has to file 15G / 15H to the said party who is going to give you income (interest)for the year...

so when you submit these forms the payer will not deduct your TDS.

now the PAN is compulsorily mentioned in 15G / 15H forms.

I have yearly paid interest to party 31st March & deduct TDS from party. 

my quesotion is that if persion (mr. x) is death 30th Jan. & his relative infomed me march end.

what is the interest entry if his  income transfer to his (mr. y) after dead on dated 30 jan. 2011 & interest paid to Mr. Y 31st March.  

pls urgenlty reply

@ Roshan ji

there is one possibility that you can make entry of tranfer the capital on which interest is received by mr.Y....

so the capital amount of mr.X is first transfered to mr.Y in the month of february and income of interest is trasfered to mr.Y at the end of the year so mr.Y can claim TDS in his Return at the end of the year....

What Is the provision related to 15G & 15H for Banks??
What is the time to submit these forms to incometax department by banks??
please solve this query of mine...