"Prosecution includes imprisonment which may range from three months to two years along with fine. The rules, however, are not so simple and you need to know the intricacies of the law as the repercussion of wrong filing is stiff.Ī false or wrong declaration in Form 15G attracts penalty under Section 277 of the Income Tax Act. While Form 15G is for individuals below 60 years, HUFs and trusts, Form 15H is for individuals above 60 years of age.Īlso, the above declaration can be submitted only by a person who is an Indian resident. However, you can submit a declaration Form 15G and 15H to avoid TDS on interest income.
If you do not furnish your PAN details, the TDS rate will be higher at 20%. There are rules and conditions you should be aware of.Īccording to the tax rules, if your interest income exceeds Rs 10,000 in a year, the bank should deduct a 10% tax at source, or TDS. However, you cannot randomly submit these two forms. Investment declaration is more or less a straightforward exercise. Two basic steps: submitting investment declaration with your employer on time and filling form 15G and 15H will save you from half the hassles. That is why you are advised to plan your taxes at the beginning of the year-to avoid overpayment and escape the refund process. Moreover, the I-T department is famous for delays and the wait sometimes is frustrating.
Form 15g in word format generator#
So, understanding the use of Form 15G and H, one can make sure that the tax for which he is not liable, does not get deducted at source.P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Planner Tool IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth NewsletterīENGALURU: Getting a tax refund is a cumbersome task. For other types of payments, these forms cannot be used.ħ) These Forms are not applicable for NRIs.Ĩ) If anyone has opted for monthly interest, he should deposit the Form at the start of financial year compulsorily as the TDS could be done from the starting month itself if he fails to submit the same. For example, if you have made deposits at three different branches of Axis Bank, then you have to submit the Forms at each branch separately.Ħ) These Forms can only be used for payments like dividends, interest on securities, interest other than interest on securities, national saving schemes, interest on units. So, the Income Tax Authorities can make further inquiries regarding the same income.Ĥ) It should be deposited at the beginning of each Financial year.ĥ) These Forms should be deposited at each and every branch where the deposit has been made. Ģ) Irrespective of the fact that Form15G/H has been filed or not, such income has to be mentioned under proper head while filing the return.ģ) These Forms are deposited in two copies, one of which is forwarded to the IT department.
So, HUF and Association of Persons can also use this form.Ĭertain points require strict attention regarding Form 15G/H:-ġ) PAN is mandatory for making declaration using Form 15G/H from. Here, the word person refers to individual or person (not being a company or firm).
The difference is only that Form 15G has to be filed by persons below 60 years of age and Form 15H has to be filed by persons above 60 years of age.