Wednesday, February 5, 2014

What is Form 15G or 15H (Download form 15G, 15H)

Forms 15G or 15H can save you from TDS on your interest income earned if interest income exceeds Rs 10,000 in a year


Forms 15G or 15H can save you from TDS on your interest income earned if your income is below the exemption limit.

According to the TDS rules S/194A, if interest income exceeds Rs 10,000 in a year, 10% tax will be deducted at source. If the investor has not furnished his PAN details, the TDS rate will be higher at 20%. However, if the investor's total taxable income is below the basic exemption limit, he can submit a declaration to avoid TDS. Form 15G is to be used by individuals below 60 years, HUFs and trusts.

Lets summarise conditions for saving on TDS deduction:



Conditions for availing benefit
Form No. 15G
Form No. 15H
Resident / Non Resident
Only Resident
Only Resident
Status of Assessee
All except company
Only Individual
Age
Less than 60Yrs
60 Yrs & Above
Interest Income
Should exceed Rs. 10,000 less than Rs. 2.5 Lacs
May exceed Rs. 2.5 Lacs
Total Income including Interest
Should be less than Rs. 2.5 Lacs
May exceed Rs. 2.5 Lacs
Tax Liability
Should be NIL
Should be NIL


Download form 15G
http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form15G.pdf

Download Form 15H
http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/pdf/itr62Form15H.pdf



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