Form 15G & 15H: What are they? How to Fill?

Form 15G & 15H: What are they? How to Fill?

Unlocking Tax Savings: A Comprehensive Guide to Form 15G and 15H

Forms 15G and 15H are invaluable tools for individuals aiming to steer clear of Tax Deduction at Source (TDS) on their interest income. Tailored for specific age groups, Form 15G caters to individuals below 60 and Hindu Undivided Families (HUFs), while Form 15H is designed for senior citizens aged 60 and above. By timely submission of these forms, individuals safeguard their interest income from TDS, provided they meet specific criteria.

Understanding TDS Thresholds and the Role of Forms 15G and 15H

Banks are obligated to deduct TDS on interest income exceeding Rs. 40,000 for individuals and Rs. 50,000 for senior citizens annually. However, the submission of either Form 15G or 15H empowers individuals to bypass TDS, given their interest income falls within the stipulated limits.

Expanding the Scope: Form 15G for EPF Withdrawals

Form 15G is not limited to fixed deposit maturity withdrawals; it can also be a game-changer for those seeking to avoid TDS on Employees' Provident Fund (EPF) withdrawals. As per income tax regulations, TDS applies to EPF withdrawals exceeding Rs. 50,000 for individuals with less than 5 years of service. By submitting Form 15G, accompanied by PAN Card details, individuals can navigate the TDS hurdle seamlessly.

Navigating the Form 15G Submission Process for EPF Withdrawals

To submit Form 15G for PF withdrawal, individuals should follow these steps:

  1. EPFO UAN Unified Portal:

    • Log in to the EPFO UAN Unified Portal for members.

  2. Online Services:

    • Click on the ONLINE SERVICES option.

  3. Claim (Form 31, 19, 10C):

    • Select Claim (Form 31, 19, 10C).

  4. Bank Account Verification:

    • Verify bank account details.

  5. Upload Form 15G:

    • Upload Form 15G.

Form 15G: Key Fields and Accuracy

Form 15G requires accurate completion of various fields, including:

  • Name of the assessee (declarant)

  • PAN of the assessee

  • Status

  • Previous year

  • Residential status

  • Address, email id, and phone number

  • Tax assessment details

  • Estimated income

  • Total estimated income

  • Details of previous Form 15G filings

  • Details of the income for which the declaration is filed

Precision in completing these fields is paramount, as inaccuracies may lead to penalties and legal consequences.

Seeking Expert Guidance

In conclusion, Forms 15G and 15H offer a strategic approach to minimize TDS on interest income and EPF withdrawals. Following the correct procedures and ensuring accurate form completion empowers individuals to preserve their income. Consulting with tax professionals or financial advisors is recommended for personalized guidance on navigating these forms effectively. Make informed choices, unlock tax savings, and secure your financial future with Forms 15G and 15H.

Unlocking Tax Savings: A Comprehensive Guide to Form 15G and 15H

Forms 15G and 15H are invaluable tools for individuals aiming to steer clear of Tax Deduction at Source (TDS) on their interest income. Tailored for specific age groups, Form 15G caters to individuals below 60 and Hindu Undivided Families (HUFs), while Form 15H is designed for senior citizens aged 60 and above. By timely submission of these forms, individuals safeguard their interest income from TDS, provided they meet specific criteria.

Understanding TDS Thresholds and the Role of Forms 15G and 15H

Banks are obligated to deduct TDS on interest income exceeding Rs. 40,000 for individuals and Rs. 50,000 for senior citizens annually. However, the submission of either Form 15G or 15H empowers individuals to bypass TDS, given their interest income falls within the stipulated limits.

Expanding the Scope: Form 15G for EPF Withdrawals

Form 15G is not limited to fixed deposit maturity withdrawals; it can also be a game-changer for those seeking to avoid TDS on Employees' Provident Fund (EPF) withdrawals. As per income tax regulations, TDS applies to EPF withdrawals exceeding Rs. 50,000 for individuals with less than 5 years of service. By submitting Form 15G, accompanied by PAN Card details, individuals can navigate the TDS hurdle seamlessly.

Navigating the Form 15G Submission Process for EPF Withdrawals

To submit Form 15G for PF withdrawal, individuals should follow these steps:

  1. EPFO UAN Unified Portal:

    • Log in to the EPFO UAN Unified Portal for members.

  2. Online Services:

    • Click on the ONLINE SERVICES option.

  3. Claim (Form 31, 19, 10C):

    • Select Claim (Form 31, 19, 10C).

  4. Bank Account Verification:

    • Verify bank account details.

  5. Upload Form 15G:

    • Upload Form 15G.

Form 15G: Key Fields and Accuracy

Form 15G requires accurate completion of various fields, including:

  • Name of the assessee (declarant)

  • PAN of the assessee

  • Status

  • Previous year

  • Residential status

  • Address, email id, and phone number

  • Tax assessment details

  • Estimated income

  • Total estimated income

  • Details of previous Form 15G filings

  • Details of the income for which the declaration is filed

Precision in completing these fields is paramount, as inaccuracies may lead to penalties and legal consequences.

Seeking Expert Guidance

In conclusion, Forms 15G and 15H offer a strategic approach to minimize TDS on interest income and EPF withdrawals. Following the correct procedures and ensuring accurate form completion empowers individuals to preserve their income. Consulting with tax professionals or financial advisors is recommended for personalized guidance on navigating these forms effectively. Make informed choices, unlock tax savings, and secure your financial future with Forms 15G and 15H.

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