Do you know the interest you earn from the fixed deposit or post office deposit is taxable? If you have these investments, you must know about Form 15G and Form 15H. Banks deduct TDS when your interest is more than Rs. 40,000 in a year. But, if your total income is less than Rs. 2, 50,000 per year, you should submit Form 15G and Form 15 H to the bank or post office, asking them to not deduct any TDS.
No balance sheet needed
After first 6 EMIs
Straight into your account
Form 15 G is a self-declaration form. It declares that one's income is below the taxable limit and hence they should be exempted from tax.
You need to fulfil the following criteria for filling Form 15G-
Form 15H is a self-declaration form for those who are above 60 years of age. You need to meet the following criteria for filing Form 15H-
TDS deducted on income from fixed deposits, EPF withdrawal, post office deposits, and Insurance commission is not refundable by the bank. You have to claim it while filing ITR. It is better to fill the form 15G and form 15H online in advance.
What are Form 15G and Form 15H in PF?
If you have worked less than 5 years and withdraw more than Rs. 50000 from your PF, then it will result in TDS deduction. To get exemption in tax for PF withdrawal you should fill Form 15G and Form 15H.
Why Form 15G and Form 15h are required?
Most banks deduct TDS every quarter. If you don't submit Form 15H and Form 15G, then it will lead to a deduction of TDS.
Can NRIs submit Form 15G/Form 15H?
NRIs cannot submit Form 15G or Form 15H. These can only be submitted by residents of India.
What is the validity of Form 15G and Form 15H?
The validity of Form 15G and Form 15H is one year and it needs to be submitted every fiscal year.
