15G form : This is the form which is filled by any individual below the age of 65 Years as per the declaration under Sub-section (1) and (1) A of section 197A of the Income Tax Act 1961 claiming certain receipts without deduction of Tax.
This is to remember that Company or Firm is not authorized to submit this form under any circumstances and they are liable to tax deductions.
15 H Form: This is the form which is filled by any individual above the age of 65 Years as per the declaration under Sub-section (1) C of section 197A of the Income Tax Act 1961 claiming certain receipts without deduction of Tax..
THINGS TO REMEMBER BEFORE FILLING THE 15G/15H FORM
- Company, Current Account holders or firm are not authorized to fill these forms
- Individual whose income are taxable or who have made the Fixed deposit
under Tax shield products cannot fill this form
- Deposits held by minor’s accounts are also subject to TDS. TDS will be reflected to the account of custodian of the account.
- Slab of Rs 10000/- TDS on FD interest is subject to one bank only, if Individual have had 10 FD in different bank he can enjoy the TDS benefit up to Rs 10000/- in all the ten banks.
- All the FD opened in one bank with same name will be added to each other for TDS calculation. i.e. if you have opened 20 FD of different amount with same name than all the FD’s are clubbed together for TDS calculation and it will be deducted on the Total interest accrued by all the FD’s