Buy a Life Insurance Plan in a few clicks
Insurance and Investment in one plan.
Protect your family's financial future.
Kotak Guaranteed Fortune Builder
A plan that offers guaranteed income for your future goals.
A plan that works like a term plan, and Earns like ULIP Plan.
A plan that offer guaranteed returns and financial protection for your family.
A plan that offers immediate or deferred stream of income
Retirement years are the golden years of life.
A plan that offers long term savings and life cover.
Thank you
Our representative will get in touch with you at the earliest.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999
Forms 15G and 15H let you bypass upfront TDS deductions if your total income is below the exemption limit. You can also choose Form 15H for senior citizens, which serves the same purpose.
Forms 15G and 15H are important documents in income tax used to avoid tax deduction at source (TDS) on interest income. They are self-declaration forms submitted to the bank or other payer requesting them not to deduct TDS on your interest earnings.
If you are an eligible Indian citizen and your total taxable income for the current financial year is below the basic exemption limit, you can claim exemption from TDS deduction on your interest income. This is where Forms 15G and 15H come into play.
Imagine a scenario where you earn interest on your Fixed Deposit (FD) with a bank. Traditionally, the bank would deduct tax on this interest income before crediting it to your account. This is TDS in action – a process to collect tax at the source of income. It applies to various income streams like salaries, FD interest, dividends, and even rent. Form 15G AND 15H are two important forms that help save tax deduced on the source.
Form 15G allows claiming exemption from TDS (tax deducted at source) on your passive income, like interest from term deposits or rental income. Like Form 15G, Form 15H helps you declare your income is below the limit and request non-deduction of TDS on interest income. Form 15H is for senior citizens aged 60 and above.
Forms 15G and 15H offer several benefits:
Both forms are self-declarations submitted to a bank or payer to request them not to deduct tax at source (TDS) on your interest income. This is beneficial if your total annual income falls below the basic exemption limit (currently ₹2.5 lakhs).
Without a TDS deduction, you receive the full interest amount upfront, enhancing your cash flow and liquidity. This can help manage expenses, investments, or other financial needs.
Filing these forms eliminates the need to claim a refund later if TDS was deducted. This saves you time and paperwork associated with filing an income tax return for the only purpose of claiming a refund.
You can easily download and fill out Form 15G, available on the websites of most major Indian banks. The official website of the Income Tax Department offers Form 15H for seniors (above 60).
Follow these simple steps to fill out the forms:
Submitting Form 15G with false information to avoid tax deductions at source (TDS) on your fixed deposit interest income is a serious offense with potentially harsh consequences. Section 277 of the Income Tax Act of 1961 clearly states that making a false declaration on Form 15G to evade TDS is punishable by fine and imprisonment. Penalties include:
By understanding and prudently utilizing Forms 15G and 15H, you can seamlessly claim exemption from TDS and maximize your returns on your fixed deposits. Remember, responsible financial management starts with accurate information and compliance. Do not miss out on this opportunity to simplify your taxes and boost your financial well-being.
Pay 10,000/month for 10 years, Get 1,65,805/Year* for next 15 years.
ARN. No. KLI/23-24/E-BB/1201
Features
Ref. No. KLI/22-23/E-BB/999