Wednesday, April 3, 2013

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. 

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