Form 15G and 15H
Components of Form 15H
Form 15H comprises of two sections as mentioned below. The form can be completed through a few simple steps by entering the following details.
- Name of individual aiming for relief from TDS
- Information regarding investments
- Amount invested
- Date of investments
- Estimate amount to be received
- Age and profession
- Last assessment year
- Name and address of the individual
- Period when the dividend was credited
- Rate of interest on investment
One can file these forms online as well instead of submitting them at a bank branch. Find it from your bank if your bank allows filing of Form 15G/H online through Net banking.
Steps to file Form 15G/H online (May vary across banks)
Step 1 Log in to the bank’s Internet banking portal with your User ID and Password
Step 2 Select Tax Section
Step 3 Click on Form 15G/H
Step 4 Fill in the necessary details
Step 5 Click on Submit
Step 6 Download the acknowledgement slip
Step 7 Save the Service Request number for your future.
Things to Remember While Filling Form 15H
Individuals submitting Form 15H should keep the following guidelines in mind while filling it:
- Eligibility to fill the form
- Ensure accuracy of all details entered and prevent suppression or misrepresentation of details
- Make sure to mention the accurate PAN number, the inability of which is liable to a deduction at a rate of 20%. Submitting a photocopy of the original PAN card is recommended.
- Enter the correct year of assessment
- The Indian law has a provision for imprisonment for a term of at least three months if an individual is found to have provided inaccurate details in Form 15H.
- An estimate of expected income, as accurate as possible
- Only complete Part 1 of the form. Part 2 is not meant to be filled by individuals seeking relief from TDS
- This form is not a substitute for income tax return, which has to be duly filled and submitted separately
- Ensure that you have received a receipt of acknowledgment from the bank or post office where you have submitted the form. This will safeguard your interests in case a dispute arises with the bank or post office.
- The revised form makes it mandatory for an individual to submit the details of the Form 15H to other banks, along with the interest income amount mentioned by him/her in the form.
How to avoid TDS?
You can submit a declaration Form 15G or 15H to avoid TDS on interest income. While Form 15G is for individuals below 60 years, Form 15H is for individuals above 60 years of age. One can submit these forms only when the tax on total income is nil and the aggregate of the interest received during an FY does not exceed the basic exemption slab of Rs 2.5 lakh and Rs 3 lakhs for senior citizens and Rs 5 lakhs for super senior citizens.
Make sure you submit your form 15G or 15H, as the case may be, with the bank right at the beginning of the FY to avoid unnecessary TDS on interest accruing to you. If excess amount gets deducted or if you are eligible for non-deduction of TDS but the amount has been deducted, then you will have to claim for a refund when you file your ITR.
Penalty for wrong information
If you furnish these forms to the bank even if you are not eligible to submit them, you will be penalised. If a taxpayer makes a false declaration in Form 15G or Form 15H, and the tax sought to be evaded exceeds Rs 25 lakh, he could be subject to rigorous imprisonment which could range from 6 months to 7 years accompanied by a fine. In any other case, a taxpayer would be subject to rigorous imprisonment ranging from 3 months to 2 years with a fine under Section 277 of the Income-tax Act.
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