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➡ Click here: How to fill 15g form online
As per the procedure if we withdraw our pf after 5 years then 15G is not required then why are they asking this? This confuses many people. Assessment year is one year next to financial year For e. He expired on 27th July 2014 since than we could not do so.
Only source of income was salary 4. I want to know whether I should calculate the interest for the period 13-1-2015 to 31-3-2015 i. For FY 2018-19 this limit is Rs 2. The procedure to be followed for the allocation of UIN is described in comment difference for the reply to Ayushi. Here they are asking me to declare my previous year tax as NIL. While submitting 15H in two separate bank in column no 16. So, what if a person files a wrong form or simply files a form when he or she is not sincere to. File Form 15G and 15H!. If you have opened FD in 3 branches of ABI, you need to submit the above from in all 3 branches separately.
In such a case Form 15G cannot be submitted. But before that, in case you are not SBI user, you need to work around with the internet banking interface of your bank to know how to generate the forms. Please help me in clarifying: 1 I am an NRI and my indian salary doesnt fall under income tax slab for last year i.
Oops! - How to File Form 15G and 15H online?
To add up to this misery, the old method of submitting forms 15G and 15H for evading TDS deductions was pretty difficult. This has however been simplified by CBDT. Today, both these forms are available online and allows electronic submission, making the process whole lot easier. This form can be in case one decides to go for manual submission. This form can be in case one decides to go for manual submission. Those who want to evade TDS deductions are required to fill up either 15G or 15H depending on whether they are non-senior or senior citizens. Once the form is filled up, they need to submit the forms online. The tax deductor will then receive the submitted forms and assign UIN or Unique Identification Numbers to the forms. Remember that the forms that are submitted online are all self-declarations. UIN assignment to each form is a compliance requirement from CBDT. Additionally, the deductor has to mandatorily keep records that is retain the forms for a period of 7 years. This is a compliance requirement as laid down by CBDT and failure to comply can cause troubles for the deductor. Guide to online submission of 15G and 15H forms A person may not be eligible for income tax deductions. However, at the end of the year, they may have to end up paying TDS. The rule of thumb says that if a person is not eligible for income tax deductions, TDS should not be deducted as well. For evading TDS, it is necessary to fill form 15G or 15H form. Only then the deductor will not deduct taxes. Now, as mentioned earlier, 15G and 15H are meant for two different classes of people. Though filing of these forms are pretty much similar, the forms themselves are very different. So, it is very important for tax payers to understand these differences and pick up the right form. Failure to comply will be tagged as an illegal action from the tax payers and they will have to pay penalty as well as interest on payable taxes. Before we move on to the key differences between the two forms, let us take a look at how to submit the forms online. Let us take a quick look at the screenshot of SBI online banking interface for 15G and 15H form generation: Now that we know how it works, we need to head over to the differences between the two types of forms. But before that, in case you are not SBI user, you need to work around with the internet banking interface of your bank to know how to generate the forms. So now, let us take a look at the differences between the Form 15H and 15H Parameter for Difference Form 15G Form 15H Income Tax Act Income Tax Act 1961 — Section 197A — Sub-section 1 and sub-section 1 a. Income Tax Act 1961 — Section 197A — Sub-section 1 c. Eligibility Only for those people who are less than 60 years old. Even Hindu Undivided Families are eligible for using this form. Meant only and only for senior citizens, i. There are no income restrictions put forward for senior citizens or the users of form 15H. Understanding the income requirements in details Let us take a quick example to understand the Income Requirement parameter for 15G users. Let us assume that we have a tax payer named Mukund. Let us assume that the total yearly income of Mukund from all sources is INR 340,000. Out of this total early income, Mukund earns INR 270,000 directly as interest earnings from deposits he has in a bank. Of the total income he has, Mukund invests, say INR 100,000 a year to evade taxes under 80C. He, also has a mediclaim premium of INR 15,000 a year. This income does not fall in taxable income slab. So, one might naturally think that Mukund is eligible for filing 15G. The story however is slightly different. We mentioned that Mukund earns INR 270,000 in form of interest earnings. As per income tax rules, interest earnings from all allowed sources cannot exceed INR 250,000. Thus, Mukund is not eligible for filing 15G. Filing a 15G will mean an illegal activity on part of Mukund and he will be subject to penalties. Understanding 15H in details Now that we have a decent understanding of the differences between 15G and 15H and we also understand how the income restrictions apply in case of 15G, it is time we take a somewhat detailed look at both the forms. We will start with 15H. That is people who are at least 60 years of age or elder than that. This means that if a person has invested in three different branches of a same bank, he or she has to submit the form separately to all three branches. This will help to avoid TDS deductions right from the beginning. The deductor will actually issue the TDS certificate if TDS deductions are made. The certificate is always provided at the end of year fiscal year. For 15H, target audience are senior citizens. What if a person files a wrong form or simply files a form when he or she is not supposed to? It is advised to be very careful while filing a 15G or 15H. However, sometimes mistakes do happen. Nonetheless, such mistakes are not forgiven by the authorities. So, what if a person files a wrong form or simply files a form when he or she is not supposed to? However, the extent of punishment depends on how much tax has been evaded. This may be extended to 7 years alongside financial fines. This will happen if the amount of tax one wants to evade is equal to or greater than INR 100,000. So, being careful is the only option available for people. Common misconceptions about 15G and 15H forms In this section of this article, we will take a look at some of the common misconceptions about the two forms and we will give the actual scenario that prevails as per law. For this purpose, we will use a tabular presentation, making is somewhat easy for people to understand the myths and facts. Common Misconception Factual Truth 15H or 15G can be used whenever one wants to avoid paying taxes NO! Only those who have net income below taxation slab are allowed to use these forms. Whether one submits the form or not, income from all sources has to be mentioned clearly in income returns. Submission of 15G or 15H means that there is absolutely no need to pay taxes NO! Even if the forms are submitted, taxes are to be paid if it is found that the person has a tax liability. On top of that, the person may be prosecuted for incorrect filing. The tax payers submit the forms only to banks and financial institutions. The deductor or the receiver of the form then forwards a copy of the forms to income tax commissioner, giving the department of income tax full access to the declarations. The department then conducts further enquiries on the declarations. Submitting 15G or 15H only once is sufficient NO! This has to be done every year. Here year refers to fiscal year and submissions must be done at the beginning of fiscal year. Though there are deposits in different branches of the same bank, filing 15G or 15H with one branch is sufficient NO! Forms are to be filed with every individual branch separately. Income level below taxation slab and zero tax liability means PAN details are not required with 15G or 15H filing NO! It is mandatory even if tax liability is zero. Failure to provide PAN details will attract 20% taxation on earned interests. For every other known form of payment, TDS evading using these forms is not allowed. In case you have any questions, feel free to drop comments and we shall revert back to you as soon as possible.