Form 15G and 15H are known as self-declaration forms which you need to fill up when you don't want to deduct TDS on interest income because your income is below the basic exemption limit. For this, you need to visit the bank and submit the form by raising a request. This is what is form 15g and 15h means.
Since I have explained what is 15G 15H form, I like to share who is eligible to submit the form 15g and 15 h.
Age |
50 years |
21 years |
65 years |
68 years |
Salary |
Rs. 1,80,000 |
– |
– |
– |
Pension |
– |
– |
Rs. 1,00,000 |
– |
FD interest income |
Rs. 85,000 |
Rs. 2,60,000 |
Rs. 1,80,000 |
Rs. 3,30,000 |
Total income before Section 80 deductions |
Rs. 2,65,000 |
Rs. 2,60,000 |
Rs. 2,80,000 |
Rs. 3,30,000 |
Deductions under Section 80 |
Rs. 45,000 |
Rs. 30,000 |
Rs. 10,000 |
Rs. 55,000 |
Taxable income |
Rs. 2,20,000 |
Rs. 2,30,000 |
Rs. 2,70,000 |
Rs. 2,75,000 |
Minimum exempt income |
Rs. 2,50,000 |
Rs. 2,50,000 |
Rs. 3,00,000 |
Rs. 3,00,000 |
Age |
less than 60 years |
less than 60 years |
more than 60 year |
more than 60 year |
Tax on total income is Nil |
Yes |
Yes |
Yes |
Yes |
Interest income is less than basic exemption limit |
Yes |
No |
N.A. |
N.A. |
Eligible to submit Form 15G/15H |
Form 15G |
Cannot Submit |
Form 15H |
Form 15H |
Some factors you need to remember while submitting 15g and 15h:
A non-resident cannot avail of this benefit.
If the interest income is more than the basic exemption limit you cannot opt for Form 15G.
Even though the interest income is more, a senior citizen can submit 15H so that the bank does not TDS on interest income.
What is the right time to submit Form 15G and Form 15H?
Since you can submit Form 15G and Form 15H only once, you should submit them at the beginning of the financial year so that the bank does deduct TDS on your interest income.
Read more:
What Is Form 15G?
How to fill Form 15G? Is Form 15G mandatory for PF withdrawal? How to download Form 15G for PF withdrawal?Your Feedback Matters! How was this Answer?
Shifting, House?
✔
Lowest Price Quote✔
Safe Relocation✔
Professional Labour✔
Timely Pickup & Delivery
Intercity Shifting-Upto 25% Off
Check Prices
Intracity Shifting-Upto 25% Off
Check Prices
City Tempo-Upto 50% Off
Book Now
What is form 15G and 15H?
Sutirtha
447 Views
1
3 Year
2022-03-31T18:13:43+00:00 2022-03-31T18:13:45+00:00Comment
Share