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FORM 15 G AND FORM 15 H -- INCOME TAX -- useful for Bank/SSC/Railway Exams.

Who can submit Form 15G and Form 15H?
Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.
Form 15G eligibility:
§  You are individual below 60 years of age or a HUF
§  You must be Indian resident
§  The total interest income for the financial year is less than the minimum tax exemption limit for the year. For FY 2015-16 this limit is Rs 2.5 lakhs.
§  The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.
Form 15H eligibility:
§  Your age is 60 years or more
§  You must be Indian resident
§  The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.
§  The figure below gives example when people are eligible to file Form 15G/H.
Important Points:
1.    You need to submit the declaration at the start of every financial year to all the banks, companies where you have fixed deposits or recurring deposits.
2.    Always attach copy of PAN card while submitting the form.
3.    In case of joint accounts, the form should be submitted by the first account holder.I
4.    The forms need to be submitted in all branches where you have investments. For e.g. If you have opened FD in 3 branches of ABI, you need to submit the above from in all 3 branches separately.
5.    Form 15G/H is just to prevent the hassle of TDS and later seeking refund. You would need to file income tax return if you so mandated by law.
6.    Do not submit Form 15G/H if you are not eligible to do so. It would create more problems than solve.

Penalty for False Declaration on 15G/H
If you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS. Providing false declaration can lead to fine and imprisonment u/s 277
§  For tax evasion of more than Rs 1 Lakhs, there can be rigorous imprisonment for 6 months to 7 years along with fine
§  For all other cases, there can be rigorous imprisonment for 3 months to 3 years along with fine.

To conclude:
The Form 15G and Form 15H was revised from October 1, 2015 and has been simplified. Also the reporting to income tax department has become more robust. You must fill these forms and submit to relevant banks/institutions only if you are eligible. Do not make a false declaration as that might create problems.

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FORM 15 G AND FORM 15 H -- INCOME TAX -- useful for Bank/SSC/Railway Exams. Reviewed by sambasivan srinivasan on 8:13:00 AM Rating: 5

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