What you should know about Form 15g and Form 15H
- 100 Comment
Introduction
In this article I will be writing about the Form 15G and From 15H and purpose of submitting those forms to the bank. Everyone aware that those forms are used for avoiding the TDS deduction while computing the interest earned during the financial year. This article gives you some important points while submiting the Form 15G and Form 15H. I have seen many people are asking the doubts on how to submit the forms and when to submit the forms. This post will answer some of the queries posted by our readers. If you have any doubts please post it in the comments section. If you like this post please subscribe to our future articles here.
Form 15H
- You must be above 65 years of age to submit the Form 15H
- Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
- This form should be submited to all the branches where you have the deposit. For example you have deposit in three SBI bank branchaes Rs.100000 each. You must submit the Form 15H to each branch.
- Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. You have to file the IT returns and claim the refund from the Income Tax. To avoid these proces, good idea to submit the forms at the beginning of the assessment year.
- If the total income from the interest is above Rs.10000 incase of deposied in the banks or Rs.5000 incase of deposited in the companies like Tata Motors, Mahindra Finance,etc. Note that for the banks the total interest is calculated in each branch separetly. If you have deposit in the many different branches, it will not be accumulated for the tax purpose. But, you will have to submit the details in the IT returns.
- TDS will be deducted at the rate of 10% p.a. up to 10 lacs.
- A fresh Form 15H needs to be furnished for each deposit that is placed with the Bank. For example you have many fixed deposit accounts in the same branch, you will have to submit for the each deposit.
- A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year will be issued in the month of April of the following financial year.
- Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor’s income is included.
Form 15G
- The above points are applicable to the Form 15G aswell, except the Form 15H is only for the senior citizen. Form 15G is for everyone whose income is below the taxable limit.
- You cannot submit the Form 15G if you are already the tax payer.
Summary
I hope this article clears the most of the doubts about the form 15h and form 15g. I would like to hear from you about this content and if you have any un cleared doubts please post it in the comments section. I will be answering all your questions. Thank you for reading this article. If you like the article please subscribe our future articles here.
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100 Comments on this post
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Rahul said:
Can you provided me the address of form 15G and 15H on website? I want to submit this form for UCO and SBI bank? Will the form be same for all the bank? If not , let me know the web address for this form for UCO and SBI bank?
August 22nd, 2009 at 11:54 pm -
Rahul said:
Are the downloaded form 15H and 15G on web , valid for submitting to bank ?
August 22nd, 2009 at 11:56 pm -
Rahul said:
The article on Form 15g and 15h was very good ? One more doubt pertaning to my case.
I have fixed deposit taking on 27-dec-2008 for a year and having interest more 10000. I have submitted the Form 15G? will it be counted for last year ie from dec2008 till 31-mar-2009? If I have to submit form this year i e from 1 apr-2009 till 31-mar-2009 (FD mature of 27-dec-2009), and submit it now ie in august 2009 , will the TDS deducted? or will the TDS calculated upto august-09 and I have to apply for refund .
August 23rd, 2009 at 12:02 am -
krishnas said:
HI Rahul,
Thank you for the comments. You can get the Form 15G here:
http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form15G.pdfThe form 15G will be the same for all the banks. The format will be the same.
It depends on the time when you are submitting the form 15g. If they have deducted tax then you have to apply for the refund. It is good idea to submit at the beginning of the financial year. Is it your doubt? If you have any other doubts please reply to this comment.
Thanks,
KrishnaAugust 23rd, 2009 at 12:32 am -
Rahul said:
Thanks for your comments.
They have not deducted my Tax. I Have submitted Form 15G when I opened my FD on 27-dec-2008? As I can understand that was for year 2008-09.
Now I have to submit for 2009-10 since FD is for a year and will mature on 27-dec-2010. If I submit form in Aug09, will they deduct tax. Is it that i have to submit before 27-dec-10 ie maturity date of FD or before 31-mar-2010?August 23rd, 2009 at 2:55 am -
krishnas said:
Hello Rahul,
They will deduct the tax at the time of accrual or maturity time. It is wise to submit before the maturity. 31-mar-2010 comes only for you to submit the IT return and bank doesn’t have anything to do. Once FD is matured they will cut the tax and give you the money if you are not submitting the Form 15G.
Thanks,
KrishnaAugust 23rd, 2009 at 3:08 am -
Rahul said:
Thanks for your comments.
They have not deducted my Tax. I Have submitted Form 15G when I opened my FD on 27-dec-2008? As I can understand that was for year 2008-09.
Now I have to submit for 2009-10 since FD is for a year and will mature on 27-dec-2010. If I submit form in Aug09, will they deduct tax. Is it that i have to submit before 27-dec-10 ie maturity date of FD or before 31-mar-2010?August 23rd, 2009 at 3:12 am -
krishnas said:
I haven’t read you question properly. You have to submit the Form 15G every year. If it is maturing on Dec 2010, then you have to submit for the year 2009-2010 before march 2010, after that another form 15g for the year 2010-2011 because it maturing on next financial year. Hope this clears your doubts.
Thanks,
KrishnaAugust 23rd, 2009 at 3:31 am -
SK said:
Very good information. Thank you. FD was taken on the name of 2 adults and 1 minor. Interest income exceeds 10,000 rs. 1 adult has paid income tax last year. So he is not eligible to submit 15G. But will it work if the other adult gives the FORM 15 G?
Or the interest income will be divided equally among 3 joint account holders?August 26th, 2009 at 10:05 pm -
krishnas said:
Hello SK,
Thank you for the comments. The interest income from the fixed deposit will be for First holder of the account. So, whose name is in the first will have to pay the tax for the income. First holder only can submit the Form 15G If there is any income from the minor, that will be clubbed into his parents income. Hope this clears your doubts.
Thanks,
KrishnaAugust 27th, 2009 at 1:24 am -
SK said:
Thanks Krishna for quick response. 2 adults and the minor are stated as the joint account holders on the fixed deposit. I am not sure, who will be the primary account holder because nothing is specified on the FD certificate. 2 adults are grand parents. So do they need to claim grandson(minor) income in their earnings?
August 27th, 2009 at 7:12 am -
krishnas said:
Hello SK,
You can ask the banker who is the first holder for the account. They will tell you. If there is income generated by a minor, then it should clubbed with parents income. There is no doubt on that.
In your case, all the income will be added to the first account holder. He has to submit the Form 15G.
Thanks,
KrishnaAugust 27th, 2009 at 7:16 am -
Meena D said:
Dear Mr Krishna ……read ur article ….thx for the information …
i just want to know — the co. paying rent to an individual & deduct tds on it….if the the owner gives me Form 15G stating tht he/she is not eleigible for paying tax in d current year, then do i need to deduct tds…and i also want to the current year wid the company?Thanks
MeenaSeptember 7th, 2009 at 11:49 pm -
ashutosh said:
hi, thanx for the useful info, i m holding NRE account and from past 2 years filing returns but income tax is nil as it is not an indian income. If i opens NRO FD, income from fd will be the only indian income (apart from the NRE bank account interest), so total indian income will be within the tax free limit. Am I eligible to submit form 15G to prevent TDS.
If i m not eligible, what is the TDS percentage?September 13th, 2009 at 5:36 am -
krishnas said:
Hello ashutosh,
Form 15-G (for non-seniors) or 15-H (for senior citizens), requesting for non-application of TDS is not available for NRIs. The interest on NRO is fully taxable.
TDS is applicable at 30.9 per cent (plus surcharge, if any) on the entire NRO interest (without any threshold) and nothing can be done in practice, to avoid it. The TDS is applicable on accrual basis on cumulative deposits.
Thanks,
KrishnaSeptember 13th, 2009 at 6:07 am -
jayaprakash said:
sir,
Will you give clarifty notes on 15H & 15GSeptember 29th, 2009 at 10:40 pm -
s r gupta said:
IS IT MADE COMPULSORY TO QUOTE YOUR PAN NUMBER WHILE SUBMITTING FOR 15G/15H AS PER FINANCE BILL 2009
October 7th, 2009 at 9:15 am -
krishnas said:
Hello Gupta,
In case of certain payments (Eg: Interest), where party was allowed to declare on Form 15G / 15H for non-deduction of tax, earlier many were not used to provide PAN. But, newly introduced section, makes such payments, if eligible for TDS, to compulsory quote the PAN. This means in such case where PAN is not-available/invalid, TDS has to be charged at higher rate, not ZERO irrespective of Form 15G / 15H.
Thanks,
KrishnaOctober 7th, 2009 at 5:28 pm -
krishnas said:
Hello Jayaprakash,
What is your doubt on form 15g/15h?. I will answer your questions.
Thanks,
KrishnaOctober 7th, 2009 at 5:29 pm -
Durga said:
can the form 15G submit by the trusts ans societies. In the rule it is prescribed as it includes resident individuals but excludes company and firm.
what is the answer?whether it is applicable of trusts and societies?
October 9th, 2009 at 1:30 am -
krishnas said:
Hello Durga,
Form 15G is only for the individuals. Not for the companies or trusts.
Thanks,
KrishnaOctober 9th, 2009 at 1:38 am -
Dhiraj said:
Sir,
I am a NRI.I have no indian income. I want to open NRo account jointly with my wife. I know that interest from this account will have TDS at 30%rate. Will this TDS will be deducted even i will not have FD in this account. Means i will take only saving accout interest 3.5% only. And also tell me if i put FD then any limit for TDs then only bank will deduct 30%
ThanksOctober 24th, 2009 at 12:40 am -
krishnas said:
Hello Dhiraj,
If you have NRO account, both Savings and Fixed Deposit accounts will be liable to pay the 30% tax on the interest. Apart from the surcgarge and education cess will be included.
Hope this clears your doubts. If you are opening the NRE account, interest income is not taxable.
Thanks,
KrishnaOctober 24th, 2009 at 8:14 pm -
Archana said:
Hi Krishna,
I read most of queries above, but still my doubt is not clear.
As you said, for an FD, 10% of the interest is deducted if the interest exceeds Rs.10,000. I am a house wife and if I submit the 15H form, tax will not be deducted at all irrespective of the interest earned?? if the answer to above question is ‘No’, then what is the exact purpose of submitting 15H form?Thanks in advance!!!
Archana
October 29th, 2009 at 7:51 pm -
krishnas said:
Hello Archana,
Thank you for the comments.
You have to submit the Form 15G if you are not senior citizen.
If you submit the Form 15G, then the tax will not be deducted for the interest income. Are you understand now?Thanks,
KrishnaOctober 29th, 2009 at 11:16 pm -
Archana said:
Krishna,
sorry for the confusion between 15G and H. So if I submit for 15G and do an FD for 5 or 10 lakhs, there will not be any tax deducted?
Thanks,
ArchanaOctober 30th, 2009 at 1:13 am -
krishnas said:
No. It is up to the tax free zone. After that you have to pay the tax.
Thanks,
KrishnaOctober 30th, 2009 at 5:25 am -
Sridhar said:
Hi Krishna,
I am planning to invest more than 3 lacs rupees in company fixed deposits. Can you suggest a way to avoid TDS for company fixed deposits?
Thanks,
Sridhar
October 30th, 2009 at 6:14 am -
krishnas said:
Hello Sridhar,
Do you have any other income?. In that case you can submit the Form 15G in that company itself to avoid the TDS.
I can guide you in depositing for company FD.
Please fill the form and submit with your contact number. I will discuss with you:
http://www.thinkplaninvest.com/contact/Thanks,
KrishnaOctober 30th, 2009 at 6:22 am -
Sridhar said:
Hi Krishna,
Thanks for your advice.
Currently, I don’t have any other source of income
Previously, in one of your posts you had suggested to avoid TDS – make FDs in different bank branches such that the total interest accrued in each branch never exceeds 10000 rupees p.a. So I guess I have to do the same for company FDs too i.e. spread the FDs such that the amount of interest accrued from each FD doesnt exceed 10000 rupees. Also, I should submit them form 15G. Is this your advice for company FDs? Please correct me if I am wrong.
Thanks,
Sridhar
October 30th, 2009 at 7:55 am -
krishnas said:
Hello Sridhar,
Yes. you are correct.
You have the tax exemption up to Rs.160000. Please note that you have to file the IT return if you are getting the income above Rs.160000 and pay the tax legally. It is your responsibility.What I guiding you is to avoid the TDS from your Fixed Deposit. Not completely avoid paying the tax.
Thanks,
KrishnaOctober 30th, 2009 at 8:00 am -
Sridhar said:
Thanks so much.
Sridhar
October 30th, 2009 at 8:02 am -
krishnas said:
Hello Sridhar,
You are always welcome.
Thanks,
KrishnaOctober 30th, 2009 at 8:43 pm -
AZ said:
Hi,
My fathers is retired and not working. After deduction under chapter VI A of 1lacs, his total income is approx 2.94 lacs.
But banks always deducts tax on gross income and in higher slab and everytime he has to file tax refund.
Can he submit form 15G to avoid from TDS deductions and later on get rid from filing IT return (refunds) and pay advance tax of his own ? How the advance tax amount needs to be calculated and when it should be paid?
November 13th, 2009 at 10:18 am -
V.KARTHIKEYAN said:
Can you kindly clarify my doubt given below?
I am a central Govt Pensioner getting my monthly pension through SBI. During the current year, I received arrears of Gratuity and commuted value of pension as my pension was revised in accordance with VI CPC.
The bank has deducted TDS more than Rs one lac from my A/C taking the arrears of Gratuity and commuted value of pension into the total income but for which, I need not pay any tax at all.
Under Chapter III of IT Act, gratuity and commuted value of pension
are exempt from total income. But the bank is asking me to file Form 15G or 15H. Is it correct? If not, how should I ask the bank to refund
the deducted amount,before it goes to IT Dept?November 19th, 2009 at 1:31 am -
S Dey said:
Hi..
My father has a FD with Bank and earlier for last FY he had submitted 15H and the bank never deducted any TDS in last FY, but Bank deducted TDS for this FY as my father has not deposited 15H for this FY. Now after submitting 15H for this FY can he claim for refund from bank the amount they have deducted as TDS from Interest? The have deducted the TDS only for the last quarter i.e. recently. Looking for your valuable reply.. thnx..November 19th, 2009 at 2:36 am -
cs said:
Hello krishnas,
I am an resident Indian working online as a freelancer and my income is totally from foreign comany paying me in foreign currency US dolar.I get paid by paypal.
Will i be eligible for submitting any form 15g/h.?
will i need to file income tax on this income as it is not an Indian income.What are my tax eleigibility and options.
Thanks in advance for your valuable advice.
Best regards!
November 19th, 2009 at 9:56 am -
AZ said:
You reply still awaited….
November 19th, 2009 at 10:29 am -
krishnas said:
Hello KARTHIKEYAN,
You have to file the IT return to get the refund for the tax paid. To avoid any future taxes, please submit the form 15H.
Thanks,
KrishnaNovember 19th, 2009 at 10:24 pm -
krishnas said:
Hello SDey,
Thank you for the comments. You can not get the refund from bank. You have to file the IT return at the end of FY and get the refund. That is the only way. By submitting the Form 15H, you can avoid the future TDS.
Keep in mind that, every year you have to submit the Form 15H. It is good to submit at the beginning of the year.
Thanks,
KrishnaNovember 19th, 2009 at 10:54 pm -
krishnas said:
Hello CS,
You have file the IT return and pay the tax. There is no relating between form 15G with your problem here. That is only for avoiding the TDS in bank deposits. Don’t confuse with that one.
You are getting money from foreign, how ever you are working in India and get the money from PayPal. You have to pay the tax like any other citizen. There is no rebate for the tax.
If you are NRI, then only there is no tax for your earnings.
Hope this clears your doubts.
Thanks,
KrishnaNovember 19th, 2009 at 10:58 pm -
krishnas said:
Hello Az,
Thank you for waiting for the reply. How ever I need few inputs from you.
1. What is his age?
2. His gross monthly income?
3. He is receiving pension?
4. Where he worked?
5. How much TDS currently they are deducting?I will reply in detail after receiving the details. sorry for the delayed reply. I did not see your comment in this article.
Thanks,
KrishnaNovember 19th, 2009 at 11:03 pm -
cs said:
hello krsihnas,
Thank you for information,
One more doubt i have .
As you told that the form 15g is submitted with each deposits and is for TDS.If some one is depositing money in bank by paypal then will the TDS be deducted on such total net deposits?
As the form 15g is for TDS on the net “total interest earned” which is given by bank on the total deposits irrespective of source . If i am already a tax payer from the last financial year 2008-09 then will i still need to deposit the form 15G with each deposits for current financial year.
Is the form 15 g is for total deposits or for the TDS on the interest earned?
Thank you!
November 20th, 2009 at 4:29 am -
krishnas said:
Hello CS,
Note that form 15G is only for the TDS on interest earned in the bank’s fixed deposit. You can give ti only when you don’t have any other income except the interest on deposits.
If you are depositing through paypal, it will be deposited into the savings bank account. There won’t be any TDS for that amount.
Form 15G is for the each deposit in the bank.
If you have any other doubts, please reply to this comment.
Thanks,
KrishnaNovember 20th, 2009 at 6:09 am -
AZ said:
Hi,
Thanks for the reply. As requested by you, details are as follows:
1. What is his age?>>>60Yrs
2. His gross monthly income?>>No monthly income since he is retired. Gross interest from FD is 3.94 lacs. After deduction of 1 lacs in section VI, it comes down to 2.94 lacs.
3. He is receiving pension?>> NO
4. Where he worked?>>Not working.
5. How much TDS currently they are deducting?>>Approx 30 thousand per year.Am confused, since there is a condition in for 15 H/G which says:
“You cannot submit the Form 15G if you are already the tax payer.”Can you please elaborate.
Also, what should I do? Should/Can I submit form 15G or not?
Thanks,
AZNovember 21st, 2009 at 8:04 am -
krishnas said:
Hello AZ,
You cannot submit the Form 15G. Since you are already paying the tax. You can submit the Form 15G only when you are not paying any tax and your income is below the taxable income. You can look for the various investments to reduce the tax burden. I hope this clears your doubts.
Thanks,
KrishnaNovember 21st, 2009 at 8:12 am -
AZ said:
Thank for ur quick reply…
That helps a thousands of common people…in solving investment queries…Thanks for all.
The problem is banks deducts at 10% for 3.94 lacs income. But, after deduction of 1 lacs by investing in section VI, the tax is applicable on 2.94 lacs.
This causes extra tax to be deducted by the bank. i have to file return every year.
Can I submit form 15 G in one bank/account so that less amount is deducted. And can I pay the tax of my own…if in case, the tax deducted by bank is less (since submitted form 15g) ?
November 21st, 2009 at 9:26 am -
krishnas said:
Hello Az,
I can understand your problem. To file the Form 15G Tax on total income of the previous year must be nil. In this case you are paying the tax. You have to file the IT return and get the refund. Regarding the exemption, I would suggest you to talk to the banker for more details.
Thanks,
KrishnaNovember 21st, 2009 at 6:02 pm -
rahul said:
I am receiving an interest of rs 1.84 lacs from interest on Fixed Deposit . I have exhausted my limit of 1 lacs by depositing in ppf ..lic…
Now my amount becomes 1.84lac-1lac = 84000/-.
Do I still have to file form 15G so that TDS is not deducted?
Even though I have file form 15G with Bank, Bank is saying that TDS will be deducted since ur interest is above taxable income limit ie 1.5 lac?How much TDS will be deducted in my case?
November 21st, 2009 at 11:28 pm -
AZ said:
Thanks a lot for ur feedback.
Best Regards.
AZNovember 24th, 2009 at 12:03 pm -
priya said:
I would like to know about NRO deposit.is it taxable when we return to india or only the interest is taxable?now i am abroad how much amount i can put as fixed deposit now without tax?
November 28th, 2009 at 10:14 am -
krishnas said:
Hello Priya,
Only interest income is taxable. The money deposited in the NRE account is not taxable. The money you earned outside India is fully exempt from the tax. Do you have NRE account. If you are staying for long time, please create NRE account which has the more benefits and the amount which you transfer from NRE account is fully tax free. What ever fixed deposit you are opening, the interest income is fully taxable. I hope this clears your doubts. You can read our NRI related articles for more details:
http://www.thinkplaninvest.com/2009/08/how-to-find-nri-status/
http://www.thinkplaninvest.com/2009/10/different-types-of-nri-bank-accounts/
http://www.thinkplaninvest.com/2009/11/10-things-you-must-know-about-nri-bank-accounts/If you have any doubts, please reply to this comment.
Thanks,
KrishnaNovember 28th, 2009 at 5:39 pm -
SANJEEVAGANDHI said:
Sir
My Mother is housewife rental income received Rs.15000/-per month but no any other income so avoid the taxation (mother age below 65 years)
applicable form 15G OR 15 HPls any rules and regulations
November 29th, 2009 at 11:48 pm -
SSR said:
Sir, I have around Rs 50000. I want my investment safe for my daughter’s marriage & education i.e after 4/5 yrs. Can u pl suggest whether i should invest in PO MIS or invest in Hybrid Monthly Income Plan (HDFC MIP long term/Reliance MIP) or else Hybrid Equity fund(Prudence)…
November 30th, 2009 at 3:58 am -
Shantaram E G said:
Dear Mr Krishna,
Your clarifications on 15G/H are appreciable. But when we start filing the forms we get certain doubts which cannot be explained clearly. Hence will it be possible to show one format of 15 G/H duly filled as a model case so that there is ample clarity. Pl let me know the possibilities.
With thanks, Shantaram
December 2nd, 2009 at 11:54 pm -
krishnas said:
Hello Shantaram,
Thank you for the comments. I will post the sample form 15G/H shortly.
Thanks,
KrishnaDecember 3rd, 2009 at 12:04 am -
Ad said:
I would also like to see sample of Form 15G as teh form is quite confusing.
ThanksDecember 8th, 2009 at 4:18 pm -
S Pal said:
First of all thank you for your very informative article. I have one question. I have three FDs 25000/- each opened last year maturing in March, May and June, 2010. Last year i.e. 2008-09 i was not a tax payer, but this year i.e. 2009-10 i will have to pay tax. Can i submit 15G form now to avoid TDS?
December 9th, 2009 at 12:16 am -
Narain said:
Hi,
Thanks for sharing very useful informaiton!
Though I have a question. In case the interest being less than 10000, (in my case it is even less than 4000), is it still advised to submit form 15G to the bank? Could bank still deduct TDS even if it is well under the limit?
Thanks in advance?
Narain.January 15th, 2010 at 12:16 am -
krishnas said:
Hello Narain,
No. If the amount is above 10000, then only they will deduct the tax.
Thanks,
KrishnaJanuary 15th, 2010 at 4:50 am -
NAS said:
I m having 3 FDs in 3 different banks & each of one lack Rs.
I have paid IT last year.
All having maturity date in Mar 2010.
Will my TDS will be deducted.
I have not filled any 15G.
Total salary is taxable.
PAN no given everywhere.January 21st, 2010 at 1:46 am -
Vittal SVP said:
What is the form for claiming non deduction of TDS from Rent to an indivedual paid by the Company? Is is necessary to get the certificate from the Income Tax Dept?
January 29th, 2010 at 12:49 am -
Divya said:
Hi Krishna,
I am an NRI. Is the interest earned on NRO savings/FDs liable for 30% tax even if my total income in India is less than 1.9L? As per tax slabs, if my income in India is less than 1.9L I don’t need to pay any income tax. Then why is it that there’s TDS of 30%? Can I submit a Form15G to request no TDS? Any clarification would be useful. Thanks!
February 14th, 2010 at 9:27 pm -
s.l.singh said:
hello sir. I have got the status of senior citizen in the middle of 09-10 in the month of Nov.09.Whether I can claim exmption of senior citizen in the return of 09-10. Thanks.
February 15th, 2010 at 5:11 am -
P G said:
I am an NRI but do hold dual citizenship (of Australia & India). I hold 8% taxable RBI bonds. Can I apply for tax not to be deducted at source.
What forms I need to fill in this regard. I do not have any taxable income in India and I am not a tax payer in India. I do have a PAN.
Please advise
RegardsPG
February 17th, 2010 at 9:34 pm -
Kiran said:
Hi, Iam having fixed deposit in bank of india and for which Rs.1070 was deducted as tds by the bank and after submitting the 15G form they refunded back the amount Rs.1070. My monthly income is Rs.6000,and i don’t come under tax.as,my income is not subjected to tax. Is it needed to return file showing Nil return or just go on as it is?Awaiting quick reply from u.
regards
KiranFebruary 19th, 2010 at 8:41 am -
D Banerjee said:
Dear Mr. Krishna,
Appreciate your write-up. Can you help me on a question. I hold a FD with a nationalised Bank, where annual Interest income exceeds Rs.10,000. I am a taxpayer, while my wife is not. My questions are
Can my wife furnish Form 15G to the Bank for exemption ?February 22nd, 2010 at 3:17 am -
D Banerjee said:
Dear Mr. Krishna,
Appreciate your write-up.
Can you help me on a question. I hold a FD in a nationalised Bank, jointly with my wife, where annual Interest income exceeds Rs.10,000. I am a taxpayer, but my wife is not. My questions are:
1] Can my wife furnish Form 15G to the Bank for exemption ?
2] If yes, whether the full amount of interest would be exempted ?Thanks,
D BanerjeeFebruary 22nd, 2010 at 3:21 am -
J.P said:
Sir,
Can a person who has already submitted form 15G/H during this financial year i.e.2009-10 now request to his banker for the cancellation of the same. Please clarify my doubt.
ThanksFebruary 24th, 2010 at 10:20 am -
Devendra Munot said:
Hi,,,
I am an NRI staying ecurrently in African Country. I have a NRO Fixed Deposits. My bankers deduct a TDS @ 30.9% every Quarters. If my Interest income is below the Income Tax Slab, then How should I stop my banker to stop deducting TDS from my Interest Income.
In fact I filed the 15G, which my banker did not accept showing the reason that there is no DTAA( Double Taxation avoidance agreement ) treaty to African country where I am staying.
Please suggest way to stop this TDS or suggest us to other investment avenues where tax liability will be less compare to maximise earnings.
February 27th, 2010 at 9:08 pm -
Devendra Munot said:
Hi,,,
I am an NRI staying currently in African Country. I have a NRO Fixed Deposits. My bankers deduct a TDS @ 30.9% every Quarters. If my Interest income is below the Income Tax Slab, then How should I stop my banker to stop deducting TDS from my Interest Income.
In fact I filed the 15G, which my banker did not accept showing the reason that there is no DTAA( Double Taxation avoidance agreement ) treaty to African country where I am staying.
Please suggest way to stop this TDS or suggest us to other investment avenues where tax liability will be less compare to maximise earnings.
February 27th, 2010 at 9:08 pm -
Darshil said:
My father is a senior citizen having income from FD and dividend. He submits Form 15H to the banks where he is having his FD by which the banks do not deduct any TDS. But during the year his total income exceeds the max exempt limit of Rs 2.40 lacs prescribed for senior citizens. His total tax works out to Rs 5500. In such a case should he pay advance tax or is it ok if he pays the tax at the time of filing return?
Also what should he do for the next Asst year? Should he submit Form 15H before interest payment ? Is this practice ok that he submits Form 15H initially so that TDS is not deducted and later pays the tax as advance tax?
pl guideFebruary 28th, 2010 at 6:33 am -
P G said:
I posted this question on 17/2/10, can you please advise which form needs to be filled in to avoid TDS? Any other formality need to be completed?
P G said:
I am an NRI but do hold dual citizenship (of Australia & India). I hold 8% taxable RBI bonds. Can I apply for tax not to be deducted at source.
What forms I need to fill in this regard. I do not have any taxable income in India and I am not a tax payer in India. I do have a PAN.
Please advise
RegardsPG
.February 17th, 2010 at 9:34 pm.March 1st, 2010 at 7:36 pm -
Chinmaya said:
Hi Krishna,
I am working as a professional in the IT services sector and i pay tax every year based on the Form 16 provided by my company.
I have deposited INR 15000/- in the sahara infrastructure deposit scheme and will continue to do so for next 5 years. Do i need to submit the Form 15G to Sahara. Please help me in this. Also please help me how can i save income tax from the interest i get from this deposit.March 6th, 2010 at 2:12 am -
Amalendu said:
The Form 15G is quite confusing. Would you please post a sample (filled out) 15G for Fixed Deposit with bank. Also how do I mention my FD account number in the form 15G?
March 10th, 2010 at 9:24 pm -
Jagan said:
I am a tax payer during 2009-10 financial year. I came out of service during Jan-2010. I got a PF amount wich I wanted to invest in the FDs. The interest on FDs will not be crossing the tax limit of 160000 PA during 2010-11.
Am I eligible to submit my 15G, to avoid the TDS on the interest earned on the FDs? Please advise.
March 11th, 2010 at 10:04 pm -
ADITYA said:
I HAVE ALREADY PAID INCOME TAX ADDING BANK INTEREST WITH MY SALARY . NOW WHAT I HAVE TO DO FOR AVOIDING DEDUCTION AT BANK’S END?
March 14th, 2010 at 9:59 pm -
VIKRAM ADITYA said:
I AM TAX PAYER IN 30% RANGE AND HAVING BANK INTEREST IN SBI MORE THAN RS. 10,000/- ON SALARY ACCOUNT .I HAVE ALREADY PAID INCOME TAX ADDING BANK INTEREST WITH SALARY. NOW WHAT I HAVE TO DO FOR AVOIDING ANY DEDUCTION AT BANK’S END?
March 14th, 2010 at 10:26 pm -
Siddharth Vora said:
Do we need to submit a copy of the Pan Card with Form 15G?
March 18th, 2010 at 2:30 am -
hi..sj here said:
For F.Y. 2009-10
I am receiving an interest of rs 2 lacs from interest on Fixed Deposit . I have exhausted my limit of 1 lacs by investing in various 80C deductions.Now my amount becomes 2lac-1lac = 100000/-.
Do I still have to file form 15G so that TDS is not deducted?
Even though I have file form 15G with Bank, Bank is saying that TDS will be deducted since ur interest is above taxable income limit ie 1.6 lac?How much TDS will be deducted in my case?
March 27th, 2010 at 6:55 pm -
Manu said:
Hi,
I have got these forms. t have filled them completely.
can anyone tell me, where do o submit the forums?
Currently i live in Ahmadabad.
Thanks..April 3rd, 2010 at 10:55 pm -
Jogindar Sud said:
I am NRI now. When I was resident, I had fixed deposit with a bank. I am continuing with those fixed deposits. Can I give form 15G to bank to avoid TDS as my income in india is about 75000 rupees presently.
Are tax slabs same for NRI,s for their Indian income as for resident indians? Or are there different Tax slabs for NRI,s.
Your kind guidance will be highly appreciated.
Regards,
April 14th, 2010 at 12:33 am -
ramkesh said:
Dear Sir
April 17th, 2010 at 8:38 am -
ramkesh said:
Dear Sir
I have a bank F.D. of say Rs.20 lacs with interest earned of 1.7 lacs for the fin.yr.2009-10. I had submitted form 15G[ as i am 64 yrs. of age] right in the beginning of fin.yr.09-10.I had indicated in 15G that my estimated I.T will be nil for fin.yr.09-10[ since i have investment in tax saver m.f. for Rs.1 lac in 09-10].
In this case whether bank is entitled to deduct TDS from interest earned of 1.7 lacs.If yes how much and what is the rule governing it.My documentation is o.k. in respect of PAN No.etc.
If possible kindly inform by e-mail too.
Thanks.April 17th, 2010 at 9:04 am -
Saurav Tibrewal said:
Dear Sir,
I have an income of Rs. 2.5 lacs per annum but after Chp VI A deductions, it becomes Rs. 1.5 lacs which is below basic exemption limit. Can I submit form 15G to avoid TDS
April 26th, 2010 at 4:46 am -
satish said:
Hi,
my income is above the taxable income,also I have FD account in which I got the interest above 10000 and submitted 15G also in the bank for not deduting the tax.
Now what should I do adhere to income tax rules.May 15th, 2010 at 8:35 am -
dr.vamsikrishna said:
i am pursuing my DM in neurology .i have a stipend of Rs20000/- per month .i made a fixed deposit of 2 Lacs on 15th march 2010. for a period of 500 days .i.e., maturity date is 28-07 -2011.and maturity value is 2,19,922/-guide lines for filling the form G15.
May 24th, 2010 at 7:45 pm -
Amitabh Goswami said:
My mother has a number of FD’s but she fills regularly 15G. with HDFC you have to fill it with each FD you do, but in case of other banks you give only one 15G and whatever Fd’s you have under that customer number it gets applied to all. I was not aware of the HDFC rule. But i do make it a point to fill with each FD, but somehow i forgot to fill in for one FD and the tax was deducted. I almost had a lot of verbal spat over this with the bank officials, but in vain .. I think i have to fill returns now. I am not sure what should i fill in NAYA SARAL ITS 2E. Please guide me in this.
May 30th, 2010 at 7:43 pm -
Midhun said:
Thank you for the information… It was really helpful…
June 8th, 2010 at 12:55 am -
Jyothilakshmi said:
Thanks for the information provided by you.
June 8th, 2010 at 12:56 am -
Vipul Udeshi said:
Hi, I am having professional income and the TDS from my professional income is also deducted at the time I recive the same and every year I claim the refund from the IT dept. which takes 2 years !! Currently, I am keeping FDs in different banks so as to avoid TDS deduction by any particular bank ! Should I or is it advisable for me to submit the 15G form ? Am I eligible to do so ? I am compying with the KYC norms and giving the PAN number to all banks. Please advise.
June 9th, 2010 at 10:19 pm -
Shankar said:
My wife is a salaried employee in a Company. She has income only from salary and from interest on FD, etc. On account of PF deduction / LIC, etc. her income level from Salary alone is less than taxable limit for women. With interest income ( FD’s opened in her name from our past savings from my earnings, etc ) total income may exceed this limit. Can she give Form 15G so no TDS is deducted by bank ? I am 61 years and she is 54yrs. I too have salary income and pay tax on it as also on interest income, etc !
June 19th, 2010 at 6:02 am -
Somdeb said:
Hai Krishna,
I don’t know about anithing about form 15G. Pls. tell me the detail about 15G.
and also provide me a demostration of a fillup form 15G as because of that I don’t know how form 15G should be filedup
Thank’s
Somdeb
June 23rd, 2010 at 11:29 pm -
prashant said:
hi sir
If my interest exceed RS 10000
For first quarter & for this I have already submited 15g form , is it nessesory to submit again for next quarter for next quarter interest for the same fd amountJuly 7th, 2010 at 3:33 am -
veluri suresh babu said:
I have opened an RD on my daughter’s name (minor). Please suggest Whether I can submit form 15-G for not deducting TDS or not.
July 26th, 2010 at 4:13 am -
R.K.Sharma said:
Dear Sir/Madam,
I am alredy a Tax payer in slab of 30%:
a)Interest earned from my Bank’s Saving account is Appx. Rs.2,000.Is it require to add this Saving interest in my other income?
b)Interest earned from my Bank FD is Appx. Rs.38293 on which bank has made TDS of Rs.3878 and issued form 16A.
Shall i add this FD interest in my other income?
August 9th, 2010 at 10:48 pm
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