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
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
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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