![]() ![]() ![]() Form 15G can be submitted by Hindu undivided families but form 15H can be submitted only by Individual above the age of 65 years.Form 15G can be submitted by individual below the Age of 6 0 Years while form 15H can be submitted by senior citizens i.e.Form 15G should be submitted before the first payment of interest on fixed deposit.The above points are applicable to the Form 15Gas well, except that the Form 15H is only for the senior citizen.Otherwise the bank will deduct TDS though you have submitted 15G. Interest income should not exceed basic exemption limit (i.e Rs 2,50,000). Form 15G can be submitted by Individual below the age of 65 years (Age limit reduced to 60 Years from from 1st July, 2012)) and Hindu Undivided family. ![]() You need to submit for 15H If interest on loan ,advance, debentures, bonds or say Interest income other then interest on bank exceeds 5000/-.įorm 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.You need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year (Rs 50,000 from A.y 2019-20).In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. It is not mandatory but it will avoid the TDS deduction. Submit this form before the first payment of your interest.You must submit the Form 15H to each branch. For example you have deposit in three SBI bank branches Rs.100000 each. This form should be submitted to all the deductors to whom you advanced a loan.The assessee can submit 15H, even if the interest income exceed basic exemption limit, provided the tax paid on total income for the relevant previous year is NIL. Tax calculated on total income should be NiL.(Age limit reduced to 60 Years from from 1st July, 2012) Form 15H can be submitted only by Individual above the age of 65 years.Frequently Asked Question Answers On Form 15G And Form 15Hįorm 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 1st July, 2012) claiming certain receipts without deduction of tax. ![]()
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