Form 15G and Form 15H for fixed deposits
How these forms works & and what is their purpose
In routine banking process, the Bank will deduct tax at source on the interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Hence to get the income tax refund, you have to file the income tax return. To avoid this process, you have to declare that you have not any taxable income. The main and only purpose of these forms is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source.
- Form 15H must be used above 65 years old individual.
- Previous year income should not be taxable.
- Form 15H should be submitted before the first payment of interest on fixed deposit.
Form 15G
Form 15G is same like Form 15H difference is only that form 15G is for every individual below 65 years of age
The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.
The payer is under an obligation to deduct tax until the declaration in Form No. 15 G/15H is received and in the event that such form is not received till the end of the financial year, the failure to deduct tax amounts to violation of this section.
A sample of both the type of forms can be downloaded from the links provided in the below table.
| Specimen Of Form 15h & 15g Free Download | |
| Form 15 G download in excel Format | Form 15 G in XLS Format |
| Form 15 H download in excel Format | Form 15 H in XLS Format |
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i have a question.
i am a student and my income is absoultely ZERO.
but i have invested FD with the money i get from my dad.
and now the interest has reached above 10k and it is applcable for TDS.
can i give form 15g to avoid TDS?
if i submit form 15g should i have to file income tax returns the next year?
Yes, you will have to submit form 15G to avoid TDS, provided your over all income (including interest earned on your all fixed/term deposits & savings a/c) is with in the nontaxable limit. You must mention your PAN no also, otherwise, even you submit 15G is not a valid thing babu.
Hi, i m salaried person and pay income tax as applicable.
i have fixed deposits in different bank accounts where
interest amt is more than 10 k, can i submit 15 g for the same
and will i have to submit seperate declarion to income tax for the same.
yes you can submit form 15G to avoid your TDS. No declaration is required to give to Income tax.
since you are paying tax on your salary income ,your total income is above exemption limit. so Interest income will attract the Income tax. so by giving form 15 G you are giving wrong declaration which will attract penal provision.
My total income consists of pension and bank interest on fixed deposits.If my total income exceeds 2.50,Can I submit 15h to banks and pay tax for the balance amount
Hello sir,
I am a salaried person and paying tax , and i am planning to go for FD encloses with 15G to avoid TDS, In every year Mar am i need to pay tax for the interest?
then i used to fill the return the form 16 issued by the company Am i need to add the payment details in the form 16 while doing the return? how can i do? kindly guide what are the things i need to do if i go of FD with 15G…
Regards,
Shanmugam
Dear Sir/Madam
I have question regarding form 15G & 15H
I was in USA, UK, & CANADA before and I worked there for 7 year but now I return to India and I and my family have Indian nationality, we have 80 lakhs in our Indian saving account.
Now I have following 3 question that
1. I want to make FD of 20lakhs for my name(My age below 60) and FD of 20lakhns for my wife name (her age also below 60) so total 40lakhs FD but want to split in 20-20 laths because of below tax limit. I & My wife do not have any other income.
SO CAN I FILL FORM 15G FOR MYSELF AND FOR MY WIFE?
So there is no deduction of TDS and income tax.
2. Other question is that I want to make another 20-20 lakhs FD for my father and mother name, they are above 65.
SO CAN I FILL FORM 15H FOR MY PARENTS?
So there is no deduction of TDS and income tax.
3. So in total I want to make 80 lakhs FD on that I can get as per example 8% interest per year
So can I get 6, 40,000 interest per year without deduction of TDS and Income tax?
I have a FD of Rs. 55,000/- at the rate of 6.75% per annum. This FD is matured on 29/07/2011 with amount approx. 60,500/-. My query is
1. Can I require to fill 15G/15H form.
2. In my knowledge, I have not submitted PAN no. and presenty I am outside station and reach after 01/08/2011 to submit this PAN no.In this case my TDS or other type deduction is applicable or not.
Please reply as soon as possible.
With regards
Rajesh Kumar
Hi,
My wife saving account and FD did had PAN card, we did submitted 15G to the bank but they still have deducted the tax, We also got the form 16 from back where PAN information is not provided as we might have informed them late. Wanted to know what is the process of getting the FD interest TDS tax refund when it is not associated with PAN no
Regards
Rakesh K Kunwar
Hi ) I am working in Bahrain (middle east) from July 2011 and have FD in HDFC which will earn interest more than 10K and matured on Sept 2012. My income in India from other sources is Nil. Can i fill form 15G to save TDS.
you are an NRI. you need not pay any tax. What is required is to tell the bank to switch your deposit from Resident to non-resident.
Dear Sir,
I have question regarding 15G ?
what is the limit of exemption after submiting 15G ? Like of what amount Senior citizen get the exemtion on interest on FD after giving 15G, what is the limit on interest ?
can anybody tell me how much ceiling of form 15g/h. my interest income is more than 2 lacs in a year can i subbmit these form.
if i have 5 deposits in icici bank , shall i need to submit one 15g or 5 nos of 15g
VCS SWAMY
I am 60 years old pensioner and according to notification of GOI, age for senior citizen has been reduced from 65 to 60 years. Tell me which form is to be filled & submitted to bank for not deducting tds on my fixed deposits
i am salaried person and my incomtax deduction is nil. i have FD of combine account of myself and mother. if interest is more than 10k and if i fill this 15G form.. than there should be any deduction from bank with this FD?
if u submit form 15 g, no tds will be deducted from the bank and u will get the
full interest on ur fixed deposits.
sir
I,am 70 year old i am getting income from the rent of property 70000 per anom
and interrest from fixed deposit about 80000 total income is 150000
my husband is a retired govt servent and getting pension he is regularly filling return
my querry is weather to submit form no 15 H for not deduction of TDS
no need to fill as you mare above 70 years………
yes u should submit form 15g for not deduct tds.
My source of income is agriculture (Rs.1,500,000)Taxfree.
I`ve made a fixed deposit of rs 200,000 @ 9 %.
Will there be a tds on the interest, even after submiting form 15G?
Hello,
My annual income is Rs 2,20,000 and have FD of Rs 15,000 at interest rate of 7.75 % in HDFC. I have sumbitted form 16 for this year.
Please let me know if I am eligible to submit Form 15G to avoid TDS or not?
Thanks & Regards,
Nandan Phirangi
yes u can submit form 15G if u do not fall under taxable limit.also an fd of
rs 15000 wil not earn interest above rs 10000 per year, so the bank will not dedut
tds at all , provided u have interest income not exceeding rs. 10000.
hi i have a small doubt. i am 23 years old. i have 1 crore rupees.i want to fixed deposit total money in a reputed bank. my doubt is Am i eligible to submit 15G form? what is the reason?
Hi,
I have invested 30k as an FD in my SBBJ account on 26-Dec-2012 and shown that as a tax saving FD in my Income Tax Return?
Now My question is :
1) I have done the FD for 5 years so The Date of Maturity is 26-Dec-2017 when i will be getting the matured amount and the interest will be earned is above 15k on this amount. So do i need to fill the form 15G to save the TDS on it?
2) Do i need to fill 15G for every year till it get matured or only once?
3) When i have to fill the 15G form now or the year when the FD will Get matured?
Please inform me , whether filing of IT return on ITR-2,is compulsory , in cases , where Form 15-G / H is periodically submitted to the banks every year , by the non- tax payers ( ie. whose inst.income below tax range ) and whose interest on deposits exceed Rs. 10,000/- per year.
Thanks,
G.V.N.Prasad
Sir, Gone through Your great Web Forum!
I NEED A DETAILED CLARIFICATION ON A TDS RELATED ISSUE.
I have Invested Rs.5 Lakh Rupees on my Mother’s name in a Bank. The Bank currently Offers Fixed Deposit @ 10% P.A. as Interest. My Plan is to Upgrade it to Atleast 11 Lakhs Over next 3 Years @ 2 Lakh/Year.
My Mother is a Senor Citizen and 68 Years Old.
My Query is:
1. Is this Investment Attracts TDS? and What will be the TDS amount upto 12 Lkhs?
2. If yes, Can I completely Avoid TDS?
3. Should I have to Split the FD at different Banks or Can I continue FD with a Single Bank account?
4. In case, If I Invest in my Name, (I am 36 Yrs old), What will be the Maximum TDS as per current Rules?
Kindly Clarify the above queries as early as Possible.
Thanks in Advance
hi, i have interest income of rs 250000 per year , can i submitt 15 g if i invrst 60000 in 80cc. if yes or no plz reply me