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Provision Regarding Applicability of Form 15G/15H

Central Board of Direct Taxes vide notification dated 19.02.2013 has modified the guidelines regarding applicability of Form 15G & 15H for the Assessment Year 2013-14. 15G and 15H is applicable to all Tax payee who do not want TDS Deduction on their Income or other under section 203 of the Income-tax Act, 1961. CBDT has also changed the format of 15G & 15H vide said notification.

Applicability of Form 15G/15H

  1. Form 15G/15H should be accompanied with the PAN of the assessee, Otherwise TDS is to be deducted at the rate of 20% or the applicable rate whichever is higher.
  2. Form 15G can be accepted from any person other than company or firm if the amount of interest paid/credited or likely to be paid or credited alongwith the estimated income declared by the declarant during the financial year does not exceed the maximum amount not chargeable to tax i.e. Present limit is Rs. 2.00 lakhs.
  3. Form 15H can be accepted only from senior citizens / super senior citizens if the amount of interest paid/credited or likely to be paid or credited alongwith the estimated income declared by the declarant during the financial year does not exceed the maximum amount not chargeable to tax i.e. Present limit is Rs 2.50 Lakhs for Senior Citizen and Rs 5.00 Lakhs in case of Super Senior Citizen. The said limit is after allowing deduction under Chapter VI A of the Income Tax Act.
  4. Senior Citizen is a resident individual who is 60 years or more at any time during the financial year but not more than 80 years on the last day of financial year.
  5. Super senior citizen is a resident individual who is 80 years or more at any time during the financial year.

Download Revised format of Form 15G & 15H

Click to Download Form 15G (Word Format)
Click to Download Form 15G (Word Format)

Click to calculate your Income Tax Liability


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