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How To Fill 15G/15H Form Correctly in Banks To Save TDS ?

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..

READ : HOW TO AVOID TDS ON FIXED DEPOSITS ?

 THINGS TO REMEMBER BEFORE FILLING THE 15G/15H FORM 

  1. Company, Current Account holders or firm are not authorized to fill these forms 
  1. Individual whose income are taxable or who have made the Fixed deposit

    under       Tax shield products cannot fill this form

  2. Deposits held by minor’s accounts are also subject to TDS. TDS will be reflected to the account of custodian of the account.
  3. 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.
  4. 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 
Calculate Your Fixed Deposit Interest : FD Calculators

About raj

A Banker By Profession.This blog was started to help individuals from complicated financial and Banking requirements.

20 comments

  1. HI,
    Myself Baljeet Yadav I have saving Account in a bank and my yearly salary is Rs 108000/-. My mother just a deal a village land of Rs. 650000 and made pepper of Rs 2lacks and remaining amount taken without proof ,this all amount I deposit in bank A/c . That 2lacks we invest in Fix Deposited and 4lacks given someone for use and 50thousand spend in personal use.
    So my query have I pay to tax or not…? If yes then how much amount approximately

  2. I am 25 yrs old. I have a FD for 3 years which wil earn me Rs 5000 at maturity. When should I count this interest income on maturity i.e. during the third year or should I divide Rs5000 by 3 to get my interest income each year.
    Secondly if I take monthly or quarterly interst my mayurity amount remains same as the principal amount, then how is the interst income calculated.
    Thirdly the income here refers to the interset income or the total amount invested with the Bank as FD.
    Fourthly my grandfather is of 92 yrs age. For ascertaining his eligibility to fill form 15 H, is his total income from al sources which includes pension, interst on FDs etc to be considerd or only the interst earned from Banks FDs to be counted.

    • You need to show the interest income every year after getting the interest certificate of your FD from your bank. You can't just divide the interest amount.
      2. Interest income calculated on yearly interest with quarterly compounded
      3. Only the Interest income is calculated not the Principal amount invested.
      4. 15H is applicable only in case of Bank's FD

  3. My father have 6 FD in SBBJ bank.I had given 15h form but her employee dint keep carefully and my father is also no more.first quarter TDS deducted now how can i prevent this TDS deduction rest of 3 quarter.I am the second holder and legal heirs also.could i have to submit 15 h form as my father was senior citizen or 15g form bz i don'nt premature it.please help me out bz bank have no clue about this situation.or i can not file 15h/g form this financial year .would I submit in april 2014.

    • In case your father is no more now, so as per I tax rule there would not be any taxation after the death, Just intimate your banker with a death certificate

  4. i have opened a FD on 16-07-12 which will be mature on 16-07-13, and will get 34000 as interest on maturity.at the time of opening bank doesn't told me anything about 15G,as i am a student and have no any other income. now if i will deposit 15G before maturity will TDS be deducted for the previous year??

    • No, Being a student you may get the benefit of Income Tax and amount can be refunded to you…What you need to do ?
      1. Take FD Interest certificate or Form 16 from your bank
      2. File return with Income Tax
      3. Your money will be refunded

  5. i am 66 years old my total income is 346594 minus 50000 union tax fd for 5 years, how much I will have to pay tax?

  6. If I submit 15 h on 29th April 2013 for existing FDs and then open new FDs in May 2013 will I have to submit form again

  7. Suppose todays data is 20th April, 2013. I have FD done in Julky 2012 for 2 years. So what should I write in the blanks below of form 15H.

    4. that the tax on my estimated total income, including *income/incomes referred to in the Schedule below

    computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending ……….

    on relevant to the assessment year ………… will be nil;

    • No need to mention anything there….Just provide the details like your PAN number , Assessment year and Details of FD. Sign the form and submit it to your bank.

  8. can i know area code for 15g form

  9. If different FD Same name and total interest less then Rs. 10,000/- then 15 g form can fill up or not

  10. Iam 64yr old and my FD Intrast is les than 10000/- per year can hav to form 15G subbmit to my Bank?

    • Up to Rs 10,000 there is no need to submit Form 15G but be sure that ou don't have any other FD with same branch of bank..

  11. Arvind Khnaolkar

    Is Investor holding deposits with three banks, all deposits earning above Rs.10,000- each, required to give details of FDs of other two banks in the form 15H submitted to one bank?

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