Check out the eligibility criteria modified by Income Tax Department recently. Now the guidelines have been changed for “who can Fill 15G and 15H Form” :
Form 15G: Depositors not being a Company or a Partnership firm {other than Senior Citizens (60 years & above)} can submit Form No.15G in triplicate duly quoting PAN for non deduction of tax at source on interest where interest paid or credited on term deposits exceeds 10,000/- p.a and total income chargeable to tax is below the basic exemption limit i.e., 2.50 lac p.a.
Form 15H: Senior Citizens of 60 years and above have to submit Form No.15H (in triplicate) duly quoting PAN for non-deduction of tax at source on interest on their deposits exceeds 10,000/- p.a and total income chargeable to tax is below the basic exemption limit of 3.00 lac (in case of Senior citizens less than 80 years) or 5.00 lac (in case of Super senior citizens of 80 years and above).
Major differences in revised Form No 15G and 15H Form are as follows:
- Details of Income tax authorities such as Ward, Assessing Officer and Jurisdictional Commissioner of IT are removed.
- Schedule I, II, III, IV and V provided in old Form 15G/ 15H for capturing details of Shares, Securities and Mutual Fund Investments etc has been clubbed in table. Depositor can provide the details of investments / deposits at one place [Sl. No 19 of Form 15G and Sl. NO 18 of Form 15H].
- Quoting PAN in Form No. 15G/15H is compulsory and hence Form No.15G/15H without PAN shall not be accepted.
Income Tax has also made provision to submit the Form 15G and 15H through electronic process in later phase.
| Guidelines | Form 15G | Form 15H |
| Who are eligible to submit ? | Can be submitted by an individual and a person (other than a company or a Partnership firm) | Can be submitted by a resident individual who is of the age of 60 years or more at any time during the previous year |
| Maximum amount of Net Taxable income of declarant (Depositor) [As per Sl. No 19 of Form 15G and Sl. NO 18 of Form 15H] | Rs 2,50,000/- p.a | Rs 3,00,000/- p.a
[Rs 5,00,000/- p.a in case of Super senior Citizens of age 80 yrs & above] |
| Periodicity | Once in every year at the beginning of Financial year
and at the time of New Deposit (either Fixed or Recurring Deposit) Opened/ Renewal of existing Deposit by the customer |
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There is penalty for false filling of 15G and 15H form : read here