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Form -15g/h

NIDHI (M.Com,CA Final Student) (226 Points)

18 December 2012

Once the TDS stated deducted u/s 194A, can in middle v can depost dat Form-15G/H to Bank to stop deducting TDS for remaining months in same Fiancial Year....

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CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert) (85930 Points)
Replied 18 December 2012

Yes u can do so ,bt u need to explain the reason y u didnt submit it at the time of making deposits to bank officials...this thing hapened with my client and later bank allowed on acceptable grounds

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satish kumar voleti (A.C.A., (ICWAI)) (1686 Points)
Replied 18 December 2012

YEs... provided your interest should not be more than the taxable limit.....................

Difference between form 15G and 15H:-

Form 15G can be submitted by individual below the Age of 65 Years while form 15H can be submitted by senior citizens i.e. individual’s above the age of 65 years. (60 Years from 1st July 2012).
Form 15G can be submitted by Hindu undivided families but form 15H can be submitted only by Individual above the age of 65 years. ( 60 Years from 1st July 2012).
15G CAN NOT BE filed by any person whose income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax.

In nutshell we can say that anybody whose tax on estimated income is not NIL and having income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax can not file DECLARATION u/s 15G . This is clear from the point 3 & 4 of the of From 15 G.

However, if you are eligible and also fulfill the condition, the payer can not deduct the tax even if it is above 10,000.

Senior Citizens who are eligible to file Declaration in Form 15H has no such conditions. They can submit form 15H even if there total Income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax if tax payable by them is NIL. This is clear from point 4 of the form 15H, which reads as under:-

” 4. that the tax on my estimated total income, including *income/incomes referred to in the Schedule below computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on relevant to the assessment year _____________ will be nil”

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NIDHI (M.Com,CA Final Student) (226 Points)
Replied 18 December 2012

Originally posted by : TusharSampatM.Com CA,CS-FINAL
	Yes u can do so ,bt u need to explain the reason y u didnt submit it at the time of making deposits to bank officials...this thing hapened with my client and later bank allowed on acceptable grounds

k n thanx, Actually at the first year of FD the tds didnt deducted due to 15G/H submitted but the next fiancial year cudnt deposit that form nd even bank didnt informd the same to client so for the current f.y. TDS has been deducted for 9 months..