Comments on: Download, know and FAQ on Form 15G & Form 15H (Updated)

By: Ashok

Ashok — Mon, 30 Jan 2012 11:24:26 +0000

How to open the form 16 files in TIN Nsdl

By: Ashok

Ashok — Mon, 30 Jan 2012 11:23:53 +0000

how to opne the form 16files in TIN-nsdl

By: SANJAY KUMAR JAIN

SANJAY KUMAR JAIN — Sun, 29 Jan 2012 08:54:11 +0000

MY INTEREST INCOME FROM BANK FD IS Rs.60,000/- AND OHTER SOURCE OF INCOME IS Rs.90,000/-. BANK IS DEDUCTING TDS ON Rs.60,000/- EVEN I HAVE DEPOSITED FORM 15G SAYING THAT MY INTEREST INCOME FROM BANK FD IS MORE THAN Rs.50,000/-. SO 15G IS NOT APPLICABLE.

IS IT SO, PLEASE CLARIFY WITH NOTIFICATION.

By: A. Roy

A. Roy — Thu, 26 Jan 2012 05:33:03 +0000

26th January, 2012.

I am a Non-Resident Indian working abroad. I have NRE (Non-Resident External) Account in a Nationalised Bank in India. Recently RBI / Govt of India increased NRE – FD interset rates, at par with domestic FD and is declared non-taxable, to attract inflow of foreign funds into the country. In view of this, recently I made an NRE-FD with State Bank of Hyderabad with 9.5% interest. The bank is asking me to submit Form 15 G. I understand that form 15G is only for residents, for TDS exemption. I do not understand the need for submitting form 15 G, when NRE-FD interest has been already declared non-taxable and whether form 15 G is applicable to Non-residents. I request you to send me a clarification with necessary document support from Income Tax department, which I can show to the bank. Thank you.

By: Navdeep Singh

Navdeep Singh — Wed, 25 Jan 2012 07:54:50 +0000

Sir I have work job my Annual Salary is 120000 But I save Some Money Monthly in RD Rs-500 .The RD Company was deducted Tds on Interest But My Annual salary not 180000 per year Plz Send This Answer

By: santhosh

santhosh — Tue, 24 Jan 2012 18:00:51 +0000

hi my gross salary 192900 per anna, can plz that should i underfiling Income Tax return & Form 16.

By: ASHOK SAGGAR

ASHOK SAGGAR — Thu, 12 Jan 2012 15:45:23 +0000

In case a depositor is having 5 deposits with a particular bank branch then how many 15H forms he is required to submit. One 15H can serve the purpose or 5 15H has to be deposited with the branch. Please clarify.

By: Ajit

Ajit — Sat, 07 Jan 2012 16:14:25 +0000

Hi,

I was not aware about TDS on interest of fixed deposites. Now after maturity of FD’s i got the interest after deducting TDS. Is it possible to recover this TDS if i submit form 15G after maturity of fixed deposite??? Pls revert

By: S.B.satpathy

S.B.satpathy — Sat, 24 Dec 2011 13:18:25 +0000

If the lone source of earning is interest from Fixed Deposits & a person earns 50000 form interests. wll he be taxable

By: Ramesh Suri

Ramesh Suri — Sat, 17 Dec 2011 00:38:56 +0000

I would like to reply to Mr Suryakant Surve’s query. As per ICICI Bank tax expert, the IT Comissionor has informed them that since the age has not been changed in the section 197A for the AY 2012-13 the form 15H can be submitted only by people of age >65 years.
Tax Guru spcifies it as applicable for people for age >60 years.
Tax guru has to take a call or help get the amendment done by the Government.

By: GR RAMYA

GR RAMYA — Tue, 13 Dec 2011 10:20:04 +0000

if we give 15g and pan number .we paid any tax?

By: RAKESH

RAKESH — Tue, 13 Dec 2011 03:59:16 +0000

How much amount to be invested u/s 80C to save income tax of Rs. 5000/- for Individual.

By: suryakant surve

suryakant surve — Wed, 07 Dec 2011 10:45:24 +0000

Dear all

Please clarify on the issue of form No. 15 H. as you mentioned in the above the age limit been reduced to 60 years from 65 years of person who can issue Form No. 15 H, how ever the form you have attached in this site still showing age of 65 years? and also please note that in the Income Tax and Rule the age limit is mentioned as 65 years?

Regards

Suryakant surve
9820835278

By: Saptarshi Duari

Saptarshi Duari — Thu, 24 Nov 2011 11:27:42 +0000

I am a Govt. PSU employee and I have invested Rs. 40000/- in the 5 yr Tax saving Fixed deposit in a nationalised bank. My question is that, whether it is necessary to submit Form 15 G every year? My salary account is in the same bank, where I have invested.

By: PREETI GUPTA

PREETI GUPTA — Tue, 22 Nov 2011 15:52:19 +0000

Sir i am an NRI AND WANT TO MAKE FIXED DEPOSIT OF RS 45L , I HAVE ONLY INCOME FROM FIXED DEPOSITS . SHOULD I FILL FORM 15G TO AVOID TAX DEDUCTION AT SOURCE.

By: Teresa Soren C/O

Teresa Soren C/O — Fri, 18 Nov 2011 13:59:41 +0000

18.11.2011
Sir, I am 34 years old, I am working as Domestic help. Over the years I collected Rs.40,000/- and deposited it in Fixed Deposit in IOB. (accumulated interest) The FDR shall mature in October 2012. My Income is Rs72000/- per annum.
Please advise
1) Do I have to pay any TDS (Bank shall deduct TDS)
2) Which form/s should I fill up to save my TDS, as I do not pay any income tax.
3) Do I require o PAN Card?
Regards.
Teresa

By: Nandu

Nandu — Sun, 13 Nov 2011 17:25:54 +0000

In some banks are refused to accept the Form 15H for customer who is a age of 62. They informed to customer to submit the form 15G. So kindly explain if there is any new form has been issued by IT department for the age of 60 and above or IT department has change declaration in Form 15H.
In case the ITD has issued new type of form or amendment done in the Form 15 H. kindly share same to me.

Thanks in advance……….

By: Bhavin Sanghavi

Bhavin Sanghavi — Sat, 05 Nov 2011 10:14:14 +0000

We are having one trust of flat owners and have deposited fixed deposit of Rs.2.50 lacs in bank. While receiving interest on fixed deposit, TDS is deducted by the bank. We don’t have any other income. Kindly let me know which form i required to submit for TDS exemption.

By: burchwood

burchwood — Fri, 21 Oct 2011 11:21:00 +0000

we have a tds deductor. from the last quarter, we have received a form 15G from one of an assesse. after accepting for 15G, were we give this for submitting income tax & as deductor, what is the procedures on form 15g. submitting, I mean like, i.e TDS returns for NSDL. form 15G for…

By: hemant

hemant — Thu, 20 Oct 2011 09:11:25 +0000

what if this person does an investment of 100000 under 80c does this will be considered and total interest can be 2.6 lakhs without TDS.

By: rajen tolia

rajen tolia — Sat, 15 Oct 2011 15:37:17 +0000

For the financial year 2011-2012, my son’s(aged 28yrs) total income is expected to be Rs190000 and after deduction under Sec80C it will be about Rs 90000. Is he eligible to submit Form 15G?

By: Brikito

Brikito — Thu, 06 Oct 2011 04:28:04 +0000

You should fill up for 15H and 15H. because a FD is not her income but only the interest on FD. So pension of Rs 12000 per year and interest of Rs 25000 per year are altogether less than Rs. 1,90,000.
The forms must be filled every year and dposited ith the bank.

By: naik v r

naik v r — Sat, 24 Sep 2011 13:20:32 +0000

whther charitable trust not working for profit are eligible to submit form 15g so that they can save from tds and by obtaining TDS certificate they will file their annual return

By: Antony

Antony — Fri, 23 Sep 2011 11:23:30 +0000

My 62-year-old aunt, who is unmarried and has no children, lives alone and she is a retired teacher. After 35 years of service in private school, she gets a monthly pension of Rs.1000. She has a total lifelong saving of just 2.5 lak rupees deposited in an FD. Other than Rs.1000 pension, the interest from FD is her only source of income. The bank has deducted TDS from this interest also. How should poor people live?? The rich govt and rich bank employees are drinking poor people’s blood.

By: Niladri Goswami

Niladri Goswami — Fri, 23 Sep 2011 02:55:09 +0000

My mother(73yrs)want to invest a total of Rs-7-lakh to a bank @10.25% in the sctzn scheme.Her total income for a year will come from the interest.My question is
(1)can she deposite the total ammount in one bank?
(2)any necessary to create a income tax file?
(3)have to show her total welth(like house,gold)
(4)when a 15H form submitted-can the bank deduct tax (TDS)
She has a pan card.

By: Dheeraj Grover

Dheeraj Grover — Wed, 14 Sep 2011 08:11:44 +0000

Submit it immediately after opening an FD (technically it should be submitted before first interest is paid to you by bank, generally quarterly i.e. 3 months) and thereafter within first week of April every year untill your FD matures.

By: haresh shah

haresh shah — Fri, 09 Sep 2011 13:23:09 +0000

i have trustee one jain temple trust fd one bank rs.1500000, bank say tds deduted your a/c . i submit to 15g, but bank not accepted the form . yealry income trust rs.150000/- what rules 15g /h
thanks reply to me my emaail id haresh_32@yahoo.com

By: mohini

mohini — Wed, 31 Aug 2011 10:23:57 +0000

I want to know if anyone does not come under income tax scenario and get more than Rs.10000/- as interest on his/her FDRs then TDS will be deducted or not? a bank official told me that more than Rs.10000/- TDS will be cut either anyone does not come under Income tax scenario. tell me the right answer

By: mohini

mohini — Wed, 31 Aug 2011 10:20:22 +0000

for assessment year 12-13 you should submit the form 15g or 15h on april 12, a year before and check it on every march of that year here it is 2012. By doing this you can save TDS amount if u not come under income tax scenario.
for refund you should file IT return with refund option.

By: Mehul Nagda

Mehul Nagda — Sun, 28 Aug 2011 07:52:19 +0000

Dear Sir,
I have some FDs in my Grandmom`s and my name.The TDS has been deducted on the interest accrued on them,but the Tax Credit as shown in Form 26AS is shown in my name.Please tell me as to what should be done now as I want to file ITR to claim the TDS.Please Help me.Thanks

Your`s Faithfylly
Mehul Nagda
8989718278

By: R.K. AGRAWAL

R.K. AGRAWAL — Sat, 27 Aug 2011 11:34:09 +0000

DEAR SIR,

A SOCOEITY REGISTERED UNDER THE SOCIETIES REGIATRATION ACT AND REGD UNDER SECTION 12A OF THE INCOME TAX ACT ARE ENTITILED TO FILE FORM 15G TO THE BANK OR NOT

By: mahesh

mahesh — Wed, 24 Aug 2011 08:49:38 +0000

one my friend has sell falt in india now he is staying Canada (country) now he need to transfer amount to his a/c to Canada (HSBC bank) on his father name his age is 65 now he want submit 15g and 15h from so what is formalities for the further process

By: Chetan A.Khandheria

Chetan A.Khandheria — Wed, 10 Aug 2011 12:26:01 +0000

Dear Sir,

Tks. for your information, however, kindly let me know the last date of submiting the form 15G to the bank, in order to be free from paying TDS and then getting refund of the same.

Rgds, Chetan A.Khandheria

By: shrivatsa

shrivatsa — Sun, 07 Aug 2011 17:43:49 +0000

sir
i have shown my savings as a Fixed deposit of Rs 100000 for the period 6yrs under 80C in SBI. considering this my income tax has been generated. Since this amount is permissible under 80 C . what is the need of filling 15G ?

By: Swathi Reddy

Swathi Reddy — Sun, 07 Aug 2011 13:20:44 +0000

sir,

Thanks for the information sir.this post helped me to get perfect information on 15h and i had solved my problem.Comments are very helpful.

By: shyam Thakur

shyam Thakur — Thu, 04 Aug 2011 07:25:40 +0000

http://taxguru.in/income-tax/download-know-and-faq-on-form-15g-form-15h.html#comment-428035

please check the following link i think that will solve your problem.

By: shyam Thakur

shyam Thakur — Thu, 04 Aug 2011 07:22:02 +0000

Form 15G and Form 15H for fixed deposits
Form 15G and Form 15H are used for averting / reconciling the TDS deduction on interest earned during the financial year on fixed deposits in Banks. Below is the explanation as to how it works.
How these forms works & and what is their purpose
In routine banking process, the Bank will deduct tax at source on the interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Hence to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.

Form 15H must be used above 65 years old individual.
Previous year income should not be taxable.
Form 15H should be submitted before the first payment of interest on fixed deposit.
Form 15G
Form 15G is same like Form 15H difference is only that form 15G is for every individual below 65 years of age

The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.

The payer is under an obligation to deduct tax until the declaration in Form No. 15 G/15H is received and in the event that such form is not received till the end of the financial year, the failure to deduct tax amounts to violation of this section.

By: Manas

Manas — Wed, 03 Aug 2011 16:08:06 +0000

Hello!!!!
please can anyone tell me what is the provision related to form 15G & 15H for banks?
when the banks are required to submit these forms to income tax department???

By: TMS Narayana

TMS Narayana — Mon, 01 Aug 2011 07:59:08 +0000

I am 62 years old and having other income (business0 in addition to interest on Deposits.The TDS deducted from my business income is more than my tax liability.
Hence I am claiming refund every year which takes more than 18 months at present. In order to reduce my refund claim, can I submit Form-H to bank so that the TDS is redused since I am already paying tax more tahn the tax I am supposed to pay?

By: Surendra Prasad

Surendra Prasad — Fri, 29 Jul 2011 16:17:07 +0000

Sir,

I am 70 years of age. I have been taxed by SBI on their FD’s inspite of submitting 15H form. Please inform me of the limit for which their is no TDS for senior citizen with no other source of income

Thank You

By: Rukmani.G.Nair

Rukmani.G.Nair — Fri, 29 Jul 2011 09:12:08 +0000

I am 61 year old senior citizen and working. My income comes below Rs.250000.
But I have some fixed deposit receipts which have interest above Rs.10000.
To avoid TDS, please advise wheter I can submit form 15G

By: Rajesh

Rajesh — Sun, 24 Jul 2011 13:54:31 +0000

Good Evening Sir,

I had a Fixed deposit of Rs400000/- in State Bank of India, while getting the Fixed deposit i have submitted the Form-15G in year 2004. Those fixed deposit has expired recently and the bank has hold an amount of Rs18000/-, when we have enquired regarding that they are saying they have hold that as TDS. But instead of giving form15g why the bank is holding that amount ? How can i get that Rs18000 from bank? Can u please help me out sir..?

Regards,
Rajesh.

By: Bency

Bency — Sat, 16 Jul 2011 17:44:35 +0000

I have a joint acct with my wife & and has an FD. I am an income tax payee but my wife is not as she has no income. Can she submit Form 15G so that TDS on interest on the FD is not deducted?

By: vipul

vipul — Sat, 16 Jul 2011 02:28:24 +0000

FORM 15G AND 15H IS DOWNLOAD BUT NOT OPEN IN WINZIP…PLEASE GUIDE ME HOW TO OPEN.
MESSAGE CAME ” CANNOT OPEN FILE”

By: Basavaraj

Basavaraj — Fri, 15 Jul 2011 11:43:21 +0000

Only Individual & HUF can submit Form 15G. Others can’t submit.

By: M. Lakshmanan

M. Lakshmanan — Thu, 14 Jul 2011 13:20:23 +0000

Very Good Article

By: v.s.mahadevan

v.s.mahadevan — Mon, 11 Jul 2011 16:59:00 +0000

sir,

it is not bank,it is branch for TDS purpose.In your case if the total interest does not exceed 10000/-in a financial year(taking all depoosits in the branch except Savings and RDS),the bank can not deduct TDS.There is no need to submit form 15G.

By: v.s.mahadevan

v.s.mahadevan — Mon, 11 Jul 2011 16:54:08 +0000

sir,

if you are going to deposit by keeping your name as first,you will be entitled to submit 15 G if you fulfil the following conditions(assuming you are a resident)
1] you should have PAN
2] you total income (including the interest) is Rs 180000 or less
3] the total interest does not exceed Rs 180000/- in all deposits with that Branch
mahadevan

By: v.s.mahadevan

v.s.mahadevan — Mon, 11 Jul 2011 16:46:39 +0000

sir
your answer”Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from A.Y. 2012-13)
kindly check up whether the age is rteduced to 60 for AY 2012-13.This is reduced to 60 only for tax exemption limit to Rs 250000/- and not for any other purpose.
i will be glad if you clarify