How to Fill Form No 15G & 15H FOR "NO TDS'

Procedure: How to Fill Form No 15G

1 Who needs to fill form 15g

1. You do not need to pay income tax unless your total income exceeds the taxable income fixed by the government every year. But on certain income sources like interest from bank fixed deposit, company deposit, TDS applies, ie tax is deducted on interest by the bank before it is paid to you.
2. If your income is below taxable limit and you have interest income exceeding Rs 10,000 a year from FD or exceeding Rs 5,000 a year in case of company deposit you can submit form 15g to declare your total income to the bank or company and it will not deduct tax on interest payable to you.

2 When to submit form 15g

1. Form 15g should be submitted at the start of every financial year till the maturity of your deposit because as and when they pay interest (monthly, quarterly, etc) TDS applies.
2. Separate form 15 is to be provided for every branch. If you have 5 deposits in different branch then 5 form 15g have to be furnished if interest is expected to exceed Rs 10,000 in all.

3 How to fill form 15g

1. You can download the new form from our downloads page. Filling it is easy- just a few personal details, assessing officer details and deposit details are required. Before starting remember that all that banks require is your name, PAN, FD details in schedule III and signature. The rest can be skipped but for those who wish to go through the pain, below are the details!
2. In Part I fields 1, 2, 4, 5, 8, 9, 11, 12, 13, 15 and 16 are for personal details like name, PAN and contact information. Assessment year is to be put in field 3. If the interest applies to 2013-14 then assessment year is 2014-15.
3. Status in field 6 is your income tax status which would be Individual. In fields 7 and 10 you need to enter details Income Tax assessment office details of the last time you filed returns. Visit https://incometaxindiaefiling.gov.in/e-Filing/Services/KnowYourJurisdictionLink.html and type your PAN to see your Ward/Circle and AO code. AO code has Area Code, AO Type, Range Code and AO No.
4. In field 14 you can enter the year when you last filed returns. In field 17 and 20 enter present Ward/Circle and AO code. This will be same as in fields 7 and 10 unless you have changed locality. In field 18 enter status as Resident or NRI as applicable.
5. Field 19 can be skipped if not applicable. In field 22 you have to mention the interest amount from your deposit for the relevant previous year. In field 23 enter your total income after deductions allowed.
6. Details of your deposit is to be filled in field 24. Choose Schedule-III (Details of the sums given by the declarant on interest). Enter your customer id and FD number, deposit amount, start date of deposit, term duration of deposit and rate of interest.
7. Finally place your signature. Part II is for the bank/company to fill.

4 Points to remember

1. If you submit your form 15g later on in the year you can still claim back what was deducted by filing tax returns.
2. To qualify for no TDS deduction on interest your total taxable income should fall in the taxable limit and income from deposits should not fall in the taxable limit. 

DOWNLOAD 15G & 15H FORM

 Download Form 15G -https://app.box.com/s/apzqrlokjolkjsb7qukm

 New 15G form :-  https://app.box.com/s/8tw8zytg5jddq0mpqmx9

 Download Form 15H -https://app.box.com/s/zgrnesqe7crxey47lw58