Declaration form 15G (for other than senior citizen) and 15H (for senior citizen) for non deduction of TDS from Bank interest or other payments has been revised and new form introduced. This form has some columns which may be difficult to fill in for common people. In this article, the confusions are being cleared.
An account holder can submit Form 15G or 15H (for senior citizens who attained 60 years in anytime in the financial year) only if his total income from all sources does not exceed the threshold limit on which no tax is required to be paid. The maximum interest income not charged to tax during the financial year where form 15 G/H is submitted at bank(s) is as below :
Upto
Rs 2,50,000/- for residents of India below the age of 60 years or a person (not
being a company or firm).
Upto
Rs 3,00,000 for senior citizen residents of India who are between the age of
60-79 years at any time during the FY.
Upto
Rs 5,00,000 for senior citizen residents of India who is 80 years or more at
any time during the FY.
TDS
from interest on bank and other deposits are mandatory. If your interest income
is more than Rs 10,000/- aggregating in all deposits of a particular branch in
any financial year, the bank is bound to deduct TDS @10% on the interest.
The rate will be doubled if the assessee fails to submit his PAN to the bank.
How to fill in New 15G / 15H?
See the notes below for Field No 15 to 18 which may look little complex. These
colums are identical in Form 15H also. The same illustration provided below
will serve the purpose.
Field
15 (a) , Whether assessed to tax under the Income-tax Act, 1961. Yes or
No, Check the appropriate Box. Mention Yes if
assessed to tax under the provisions of Income-tax Act, 1961 for any of
the assessment year out of six assessment years preceding the year in which the
declaration is filed.
Field
15 (b), If yes, latest assessment year for which assessed , Mention the
last Assessment Year, the year in which you filed Income Tax return.
Field
16, Estimated income for which this declaration is made, Mention the
estimated income for which you are filing the Form. For example if you have
opened a Fixed Deposit and you don’t want TDS to be deducted on FD then mention
interest on FD you will earn this year.
Field
17, Estimated total income of the P.Y. in which income mentioned in column
16 to be included, Please mention the amount of estimated total income of
the previous year for which the declaration is filed including the
amount of income for which this declaration is made
Field
18, Details of Form No. 15G other than this form filed during the previous
year, if any, In case any declaration(s) in Form No. 15G is filed before
filing this declaration during the previous year, mention the total number
of such Form No. 15G filed along with the aggregate amount of income for
which said declaration(s) have been filed
Total No. of Form No. 15G filed , How many Form 15G have been filled before the form 15G in this Fina ncial year or Previous Year.
Aggregate
amount of income for which Form No.15G filed, Total amount of income for
which Form 15G have been filled in this year.
