If you hold a term or fixed deposit (FD) with State Bank of India (SBI) or plan to invest in one you need to submit Form 15G or Form 15H at least once every financial year. This was said by SBI, India's largest bank, on microblogging site Twitter. This is applicable to individuals who don't come under the income tax bracket for a financial year. By submitting Forms 15G and Form 15H against a fixed deposit, individuals save tax deducted at source (TDS) on interest income, according to SBI. Form 15G/H - which means either of the forms 15G or 15H, whichever applicable - needs to be submitted every financial year. Form 15G or Form 15H also needs to be submitted while making a new term or fixed deposit or before closure/premature closure of a term deposit, according to SBI.
What are forms 15G and 15H? Who needs to fill Form 15G/H?
Form 15G and Form 15H are meant for avoiding deduction of TDS on interest income. While Form 15G is meant for individuals less than 60 years in age, Form 15H is for senior citizens - those at least 60 years old and above. These forms can be used only if the tax calculated on the individual's total income is nil for the financial year. Both forms - Form 15G and Form 15H - have a validity of one financial year. That is why either of them is required to be submitted at least once every financial year.
If you hold a term or fixed deposit (FD) with State Bank of India (SBI) or plan to invest in one you need to submit Form 15G or Form 15H at least once every financial year. This was said by SBI, India's largest bank, on microblogging site Twitter. This is applicable to individuals who don't come under the income tax bracket for a financial year. By submitting Forms 15G and Form 15H against a fixed deposit, individuals save tax deducted at source (TDS) on interest income, according to SBI. Form 15G/H - which means either of the forms 15G or 15H, whichever applicable - needs to be submitted every financial year. Form 15G or Form 15H also needs to be submitted while making a new term or fixed deposit or before closure/premature closure of a term deposit, according to SBI.
What are forms 15G and 15H? Who needs to fill Form 15G/H?
Form 15G and Form 15H are meant for avoiding deduction of TDS on interest income. While Form 15G is meant for individuals less than 60 years in age, Form 15H is for senior citizens - those at least 60 years old and above. These forms can be used only if the tax calculated on the individual's total income is nil for the financial year. Both forms - Form 15G and Form 15H - have a validity of one financial year. That is why either of them is required to be submitted at least once every financial year.
If you hold a term or fixed deposit (FD) with State Bank of India (SBI) or plan to invest in one you need to submit Form 15G or Form 15H at least once every financial year. This was said by SBI, India's largest bank, on microblogging site Twitter. This is applicable to individuals who don't come under the income tax bracket for a financial year. By submitting Forms 15G and Form 15H against a fixed deposit, individuals save tax deducted at source (TDS) on interest income, according to SBI. Form 15G/H - which means either of the forms 15G or 15H, whichever applicable - needs to be submitted every financial year. Form 15G or Form 15H also needs to be submitted while making a new term or fixed deposit or before closure/premature closure of a term deposit, according to SBI.
What are forms 15G and 15H? Who needs to fill Form 15G/H?
Form 15G and Form 15H are meant for avoiding deduction of TDS on interest income. While Form 15G is meant for individuals less than 60 years in age, Form 15H is for senior citizens - those at least 60 years old and above. These forms can be used only if the tax calculated on the individual's total income is nil for the financial year. Both forms - Form 15G and Form 15H - have a validity of one financial year. That is why either of them is required to be submitted at least once every financial year.
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