INCOME TAX :- Latest Procedure of Form 15G or 15H.

Friends,  Major amendments have been done in Procedure for submitting Form 15G or 15H vide Income Tax Notification No.  76/2015 [F.No. 133/50/2015-TPL] / SO 2663 (E) : Income Tax (14th Amendment) Rules, 2015 dated 29th September, 2015.   Utilities have also been provided by Income Tax Department for deductors  for generating XML Files of consolidated forms 15G and 15H.  

                Unique Identification No. UIN Number is important in this utility and the same will be uploaded while submitting TDS return for the quarter concerned. 

“Unique Identification No” field should be of a valid UIN format. A valid UIN format should have “First Character should be "G" followed by 9 digits, next Financial year (eg: 201516) and TAN (First 4 alphabets, then 5 numeric and last alphabet)”.

Example of UIN Number  :- 

          Quarter                  =   Q4

          F.Y.                        =  2015-2016

          TAN NUMBER    =  ABCD12345E

          UIN NUMBER MAY BE LIKE THIS           

                                 FOR 15G       G000000001201516ABCD12345E

                                 FOR 15H       H000000001201516ABCD12345E

                                              

Download Notification No. 76/2015

Download 15G utility 

Download 15H utility

Instructions for filing Form 15G Basic Details

Instructions for filling Form 15G Basic Details

Option 1 – “Import CSV“

• Download the template from the link (“Template”) provided.
• Click on the template; provide a file name to save the file.
• Update the data as per the headings provided in the template.
• Ensure that the filled template is saved in .CSV format. The same can be done through  Go to File  Save As  Provide File name to save the Template -> Select Save as type as “CSV (Comma delimited) (*.csv)” -> Save.
• Import the updated CSV file by Clicking on “Import CSV with basic details”.

Option 2 – “Add Details“

• Select “Add Row” and enter all the required details. Click on “Save” to save the added details in the table. To copy/edit/delete rows select the row which is to be copied/edited/deleted and then click on respective buttons available.
  To add income details for the respective row of “Basic details”, select the row, click on “Add Income details” and fill the required data and save it.

Note:

1. On deletion of any row in “Basic details” tab, the corresponding income details row shall get deleted.
2. The new data added shall always be appended to the existing one. It shall not overwrite.

Guidance for importing the data

In “CSV Template”, the data provided should comply with the below requirements:

• “Unique Identification No” field should be of a valid UIN format.
  A valid UIN format should have “First Character should be "G" followed by 9 digits, next Financial year (eg: 201516) and TAN (First 4 alphabets, then 5 numeric and last alphabet)”.
• “PAN of the Assesse” field should be of valid PAN format.
  A valid PAN format should be “First 5 alphabets, next 4 numeric digits and then 1 alphabet”.
• The drop down values of “Status” should be given as the simplified codes mentioned below:

                                    Individual                          1

                                    HUF                                   2   

                                    AOP/BOI                           3

                                    AOP(trust)                         4

                                    Local Authority                 5

                                    Artificial Juridical Person  6

                                    Co-operative Society         7

                                    Co-operative Bank             8

                                    Private Discretionary Trust 9

Instructions for filing Form 15G Basic Details 

• The drop down values of “Residential Status” should be given as the simplified codes mentioned below:
                                                    Resident                                              RES
                                                    Non Resident                                      NRI
                                                    Resident but not Ordinarily resident   NOR
• “Previous year (P.Y) (for which declaration is being made)” field should be of valid YYYY format. (eg: if P.Y is 2014-15, it should be mentioned as 2014).
• The drop down values of “State” should be given as the simplified codes mentioned below:

• The drop down values of “Whether assessed to tax under the Income-tax act,1961” should be given as the simplified codes mentioned below:
                                       YES    Y
                                        NO     N
• “If yes, last assessment year for which assessed” field should be of valid in YYYY format. (eg: if A.Y is 2014-15, it should be mentioned as 2014).
• “Estimated income for which this declaration is made” field should be “Numeric, Non- negative, Non- decimal and not exceeding 14 digits”.
• “Estimated total income of the P.Y. in which Estimated income for which this declaration is made to be included” field should be “Numeric, Non- decimal and not exceeding 14 digits”.
• “Total No. of Form No. 15G filed” field should be “Numeric, Non-negative, Non- decimal and not exceeding 4 digits”.
• “Aggregate amount of income for which Form No.15G filed” field should be “Numeric, Non-negative, Non - decimal and not exceeding 14 digits”.
• “Date on which Declaration is received (DD/MM/YYYY)” field should be of valid DD/MM/YYYY format.
• “Amount of income paid” field should be “Numeric, Non-negative, Non - decimal and not exceeding 14 digits”.
• “Date on which the income has been paid/credited (DD/MM/YYYY)” field should be of valid DD/MM/YYYY format.

The above information may be helpful for understanding of new concept of Form 15G or 15H which is applicable w.e.f. 1st October, 2015. 

FORM 15G OR 15H FOR THE FINANCIAL YEAR 2016-17

Friends,   It is proper time to handle Income Tax Form 15G or 15H which is required for non deduction of Income Tax from any Payment such as Interest to Unsecured Loan or Bank Interest on your Deposit in the shape of Term Deposit / Fixed Deposit etc. 

                  In case you have any deposit in bank or you are eligible to submit Form 15G or 15H to the bankers or any other financial institutes.  Banks are going to credit your Interest on your  Deposit on 31.03.2016 and also  will deduct TDS on it u/s 94A if it goes more than 10,000 (Ten Thousand).  

                  Now,  if you are eligible than form 15G or 15H can be submitted for the financial year 2015-16 and financial year 2016-17. 

Who can use Form 15G or who can use Form 15H

1. A person whose age is less than 60 years and his income is less than taxable income after availing all Deductions like 80 C etc. CAN USE FORM 15G.
2. A person whose is SENIOR CITIZEN or age  equal to or greater  than 60 years and his income is less than taxable income after availing all Deductions like 80 C etc. CAN USE FORM 15H.

Download your required / editable Form 15G / 15H (Click Here)

Income Tax :- editable Form 15G or 15H for Non Deduction of TDS in certain cases.

Friends,    It is perfect time to submit Form 15G or 15H in banks or financial institution  for non deduction of TDS on interest etc.  With the help of these forms, investor can stop deduction of TDS for the Financial Year 2014-2015 (Assessment Year 2015-2016).

Who can submit form 15G or 15H

                 The person who have taxable income in particular financial year Less than Taxable limit can available benefit of these forms.  Senior citizen (Age => 60 years) will use Form H to avail benefit of non-deduction of TDS. 

Download form 15G or 15H (Word Format)

To know AO area code, type , ward etc which is required in Form 15G or 15H (Click here)

                   A investor or a person who have any deposit in Bank should also submit these forms to avoid further deduction of TDS in the Financial Year 2015-16 or Assessment Year 2016-17.

Form 15G / 15H Auto Generation in State Bank of India

Friends,  State Bank of India has recently provided an excellent utility in the name of Generate 15G / H.  Maximum fields like Name, Address, Mobile No, Pan , Deposit details with the banks generate automatically.   Some fields like A.O. Codes and nature of business were asked to enter manually. 

Requirement for generation of Form 15G / 15H

• SBI login user id and password.
• Any deposit in the shape of FDR with any branch of State Bank of India.
• Path for Generation of Form 15G or 15H. is given in below picture. 

The above generation is helpful for depositor & too much easy in generation of Form 15G and 15H.  This utility  also control in selection of  form  15G or 15H which depends on Date of Birth / corporation available with the bank.

Income Tax :- Latest Form No 15G or Form No. 15H or Form No. 15H-format-2

Friends,  Form 15G and Form 15H are important forms for non-deduction of TDS on income.   In case you have any interest income from any financial institutions or others, you may submit Form 15G or Form 15H as required with some conditions mentioned in notes in the forms.   Mainly an assessee who have income more than threshold limit can not submit these forms.  Income Tax Department has released new format of Form 15G, Form 15H or Form 15H-format -2 vide Notification No. 11/2013 [F.NO.142/31/2012-SO(TPL)]/SO 410(E) Dated 19.02.13 which is applicable w.e.f. financial year 2012-13 or assessment year 2013-14.

FORM NO. 15G is generally used as declaration under section 197A(1) and section 197A(1A) of the Income Tax Act,1961 by an individual or a person (not being a company or firm claiming certain receipts without deduction of tax.

FORM NO. 15H is used as declaration under section 197A(1C) of  the Income Tax Act,1961 by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax. 

Form 15G and Form 15H with auto fill facility in Excel

Excel based form 15G and 15H is available for download.  User can enter data of form 15G upto 500 assessees and print  form 15G through changing certificate numbers.  The below screen shows the required data to be filled before printing any form. 

• Company Name.
• Address of the Company.
• Name of Owner
• Designation
• Financial Year 
• Serial Number. (as Certificate Number in form 15G)
• Pan Number 
• Name
• Father Name
• Address 
• Amount of such Loan
• Date on which Amount was given on Loan.
• Date of Credit of Interest.
• Rate of Interest.

As end of the year is near and to avoid from income tax form 15G and 15H is required for everyone.   These forms are generally useful for everyone. 

Certificate Number is circled in below picture. If user change it from 1 to 2, data of Serial Number available in Data Sheet will be auto captured.  However 15G and 15H excel based forms can be as per required of users. 

Download (Click Here)

Who can submit Form 15G/15H

Friends, 

       Form No. 15G/15H as a self declaration by a particular person U/S 197A(I), (IA) AND (IB). 

A person, other than a company or firm may furnish a declaration in writing in duplicate in new Form No. 15G to the payer to the effect that there is no tax payable on his Total Income.  In this case, the payer shall not deduct any tax at source.  The payer of the income is required to deliver to the commissioner one copy of declaration given under new Form 15G on or before the 7th day of the month next following the month in which the declaration is furnished to him. 

       However, w.e.f. 01-06-2002 as per the amendment made by the Finance Act, 2002 the assessee cannot furnish the declaration under this clause if the aggregate during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax; 

1. Interest on Securities
2. Dividend
3. Interest other than interest on securities. 
4. Payment in respect of deposit under National Saving scheme.
5. Income in respect of units. 

      Notwithstanding anything contained in section 197A(IB), above, no deduction of tax shall be made from the above incomes in the case of an individual resident in India who is of the age of 60 year (w.e.f. 01.04.2011 and onwards) or more at any time during the previous year,  if such individual furnishes to the payer, a declaration in writing in duplicate in Form No. 15H to the effect that the tax on his estimated total income of the previous year in which the above income is to be included in computing has total income will be Nil. 

     In the case of such senior citizen, the income from the above sources can be more than the maximum amount which is not chargable to tax but the tax on the estimated total income, inclusive of such incomes, should be Nil. 

       As per section 206AA(2), declaration under Form No. 15G or 15H shall not be valid if it does not contain the permanent account number of the declarant.  In case any declaration becomes invalid, the deductor shall deduct the tax @ 20%. 

7th April Last Date for 15G/15H

Friends

               To avoid deduction of income tax (TDS)  from any deposit in bank or other Financial Institution relating to any Financial Year , there is a important form 15G or 15H  which can be submitted  before 7th April of the year .   If  it is submitted in time, TDS will not be deducted from interest earning etc.  15G form is used for Non Citizen  or 15H form is used for Senior Citizen.

Age of Senior Citizen is 65 years up to 31.03.2011 As Per Income Tax Act.  For example if your age is  63 years, you will have to use 15G form.

In the Budget 2011, Age of Senior Citizen has been reduced to 60 years.  W.e.f. 01.04.2011, person having age 63 in above example will be treated as Senior Citizen.

for Download Form 15G and 15H Excel Format  (Click Here),

Other Important Calculators (Click Here)