Have income from the interest which is more than 10,000 and the bank is deducting TDS from it? What can you do to stop bank doing it? Provided that your income is below the limits of taxable income, then you can fill and submit Form 15G and Form 15H. It is used to request the bank to stop deducting TDS from interest income.
There are various conditions in which you need Form 15G and 15H, downloading and submitting will need following things.
Who can file Form 15G?
Here are the conditions that you need to fulfill before submitting Form 15G.
- You must be a citizen of India.
- Age of the applicant must be less than 60 years.
- Your income must not be above the taxable earnings.
- You must be either Individual or HUF (Hindu Undivided Family).
- Total income from interest must be less than the total taxable income.
Who can submit Form 15H
Make sure that you meet following criteria before submitting the Form 15H.
- The applicant must be a citizen of India.
- The applicant must be 60 or more than 60 years old.
- Total tax on your income must be NIL.
- Only individual applicants can file the Form 15H.
What to do if you forgot to file Form 15H or 15G?
There is a situation when people forget to submit the 15H or 15G. In this kind of situations, the bank will deduct the TDS automatically. Here are two options for you in such situation.
- File income tax return and claim back the TDS. Since you are already late in filing the Form 15H or 15G banks cannot refund the TDS which is already deducted. In this case, you can file the return and ask for a refund from Income Tax.
- File Immediately! This forms can be filed quarterly, so make sure that you submitted the forms on time. This will make sure that no TDS is deducted for the upcoming financial year.
Frequently asked questions
- Who can submit 15G and 15H? Only Individual and HUF can file the Form 15G and 15H.
- Do I need to submit Form 15 at all the banks? Yes, you must submit Form 15G and 15H at all the branches of banks from where you are receiving interest.
- Will the interest income be tax-free? No, not all the income will be tax-free, only the income which is below the taxable limits will be tax-free.
How to download the Form 15G or 15H?
This form will be available on the branch of banks, you will have to ask the bank manager or cashier for the Form 15G/H if you can’t find the form from listed below.Download Form 15H Download Form 15G