What Is The difference between 15G And 15H forms.
I have put in some money in my father's name in ICICI Bank Ltd Branch as and FD. He being 60 Years old and he is eligible for filling Form 15G/H.Now what i been told by ICICI Bank Ltd's Employee is that.. Even though you have filled Form 15 G/H.We will deduct TDS @ 10 % +SC +EC. If your interest portion is exceeding Rs 20,000/-Please clarify the position, whatever i know I remember is once you have filed Form 15 H / G, Payer cannot deduct TDS on Interest if you have filed Form 15G /H.. Santosh
First of all, you should know that only a person of 65 years or more is eligible to file Form 15 H . So, your father is not eligible to file form 15H . A person who is below 65 years can file the Form 15 G . But there is major difference between 15G and 15 H.
15 G can not be filed by any person who gets AGGREGATE income from Dividend or Interest or Interest other than Interest on securities or on Securities or withdrawl or surrender value of pension plan of insurance for which deduction u/s 80CCA was availed ,
- exceeds Rs 100000 (maximum exempt)
- or
- tax on estimated total income including the those income for which 15G is submitted of the is NOT nil.
However, if you are eligible and also fulfill the condition , the payer can not deduct the tax even if it is above 20000.
Senior Citizen who are only eligible to file the Declaration in Form 15H has no such conditions .But a simple one that tax on estimated income is NIl. This is given in point 4 of the form 15H below:
- "4. that the tax on my estimated total income, including *income/incomes referred to in the Schedule below computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on relevant to the assessment year _____________ will be nil"
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