Income Tax

How to e-file Form 15G and Form 15H on the e-filing portal?

How to e-file Form 15G and Form 15H on the e-filing portal

It can be seen through various observations that the given two forms in the e-filing of 15G and 15 H provided under the Income Tax Act, 1961 are very helpful for customers whose income is less than the prescribed limit, or it can also be observed that the Tax won’t be deducted from the source as in the form of TDS. It is to be considered that the E-filing of From-15 G and H will only be valid for 1 year, which is counted as the fiscal year. It can also be observed that the individual cannot be prevented from filing these two forms if he forgets to fill them in the meantime. Try to use the following procedures involved in forms 15 g and H, respectively.

The line of difference between online submissions of Form 15G and Form 15H under the Income Tax Act

  1. One of the key differences based on the eligibility criteria for e-filing of 15G and 15H forms for any citizen of India who is below Sixty years of age for Form 15G, whereas an Indian citizen who is above Sixty years of age or sixty years can be made eligible for the filing of Form 15H.
  2. One of the key differences is based on the amount of income tax exemption instructed by the Government for the e-filing of 15G and 15H forms when the total of the taxable income does not increase the amount of 2.5 Lakh INR or if the interest on this particular amount for the whole of the fiscal year can be only the income in total and if it below the amount of 2.5 Lakh INR for From 15G, whereas the total income that is taxable ranges below the 3 Lakh INR or 5 Lakh INR for the senior citizens or the interest of the income received, is the only source of income for the whole of the fiscal year and if it s below the amount of 3 Lakh INR.
  3. One of the differences is based on the reason for the submission of 15G and 15H forms to the e-filing system. It is applicable for individuals to save their Tax Deducted at the Source (TDS) on their income on the interest for Form 15G, whereas the same is applicable to the individuals who are submitting under the From-15H of the Income Tax Act.
  4. One of the key differences is based upon the place where it has to be submitted to e-filing of 15G and 15H forms. It can be submitted at the Bank posts, EPFO, post offices, and bond issuers for Form 15G, whereas it can be submitted at the banks, bond issuers, post issuers, as well as the EPFO for Form-15H.
  5. One of the key differences is based upon the legal validity of the e-filing of 15G and 15H forms; its validity is only for one financial year and must be submitted accordingly for Form 15G, whereas the validity to submit is also for one financial year and submitted accordingly for From-15H.
  6. One of the key differences is based upon the availability or place of action of the forms for e-filing of 15G and 15H forms. It is to be available on the website of the income tax insurance companies and also the post offices for Form-15G.
  7. One of the key differences is based upon the necessary paperwork inclusive of the requirement for the e-filing of 15G and 15H forms; it is to be required to submit the PAN (Permanent Account Number) mandatorily for Form-15G, whereas it is required to submit the PAN mandatorily for From-15H. 

Some of the Key features of e-filing of 15G and 15H forms

  1. Form-15G mandatorily be submitted prior to the interest payable being made by the bank in which it has been submitted, whereas Form-15H is submitted when your taxable income does not exceed the exemption limit prescribed; the individual can still get the option to fill the Form with nil income option available.
  2. Form-15G has to be submitted by the individual who must be below the age of sixty years to fill out this declaration form, whereas Form-15H has to be submitted by the individual who has attained the age of sixty years or above as a senior citizen.
  3. Both Form-15G & 15H have to be initiated physically from the branch, and they must be submitted to all the branches where you have the respective deposits.
  4. Form-15G can make eligible those whose total taxable income is less than 2.5 Lakh INR within the tax exemption limit, whereas those who are eligible under Form-15H must submit while opening an account, which will help the individual to get rid of the long period of the filing of the ITR for getting the refund.
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Eligibility Criteria for e-filing of 15G and 15H forms

There is a list of the eligibility criteria to make the customers eligible to e-filing 15G and 15H forms below:

  1. The individual must have a total taxable income not exceeding the amount of 2.5 lakh INR for Form-15G, and the declarant must be a citizen of India for Form-15H
  2. The age criteria for Form-15G are for individuals less than 60 years old, whereas for Form-15H, they must be 60 years old or above.
  3. The individual for both the forms can have their no nay tax liability or nil for that particular financial year.

Do’s for the individual who forgets to e-filing 15G and 15H forms

The individual who has forgotten to submit the e-filing of 15G and 15H forms in its annual activity. Because of this reason, the TDS has been deducted from the individual’s bank, so there are the following precautions below to be taken from the individual:

  1. Try to submit the forms immediately- The immediate steps have to be taken by the individuals to submit the forms to avoid other deductions as such for future consequences. In addition to that, a period of 90 days has been allowed days for the declarant to submit the Form for the upcoming fiscal year, so if it is forgotten to submit the forms, you can submit it the next quarter.
  2. The filing of the following IT returns will provide you with an estimate of your taxable income and will also facilitate your claim of the tax refund amount, which can mentioned in Form 26AS about the TDS for the last years. It can also be included in the TDS amount by the banks of the Amount of money received by your respective bank. The amount that has been deducted needs to be adjusted with your tax liability. If you are eligible to fill out the forms of 15G and 15H, the deducted amount so far can be either adjusted or rearranged with your tax eligibility to get the refund amount.

Procedures laid down for online submission of e-filing of 15G and 15H forms on the website of the Income TaxAct, 1961:

It is mandatory for the declarant to submit Form-15G and 15H, which can be collected every quarter on the e-filing website of the Income Tax Act. The declarant has mentioned the number that has been sequenced in the Tax Deducted at Source (TDS) statement even for the reason no deduction has taken place.

There are following steps laid down for e-filing of 15G and 15H forms online from the official website of the Income-tax department mentioned below:

  1. Search on the portal of the Income tax department or the website for e-filing
  2. Then, you have to find the bar of the e-file section, and then you only have to click on prepare and submit the Form on the website.
  3. Try to transform in the format of the XML zip file by selecting the respective Forms that can be in consolidated Form.
  4. To file both Forms on the website, the Digital Signature Certificate has to be created.
  5. Now, you can click on the e-file section again and submit Form-15G or H.
  6. The name of the Form, the financial year for that particular period, and the type of filings can be chosen by the declarant.
  7. Then, it only has to be clicked on the Validate as verified from the website with a ZIP file of the digital signature and utilities.
  8. To make it final, it is to be further noted that it is mandatory to download the digital signature management utility and then only click on the upload to get the success notification that will be flashed on the screen after the successful upload of the file.
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Content of e-filing of 15G and 15H forms, respectively

If one part of Part-1 of Form-15G that can be available in PDF form on the website of the Income Tax Act, 1961 can be seen. Multiple blanks have to be filled out neatly by the declarant to avoid the tax deduction.

There are the following fields below to be filled by the declarant of Form-15G:

  1. Assessee’s name (Declarant name)
  2. PAN (Permanent Account Number) details
  3. The mobile number of the declarant
  4. Email Address
  5. Residential Address
  6. The residential status of the declarant
  7. The aggregate income amount of the declarant
  8. Date of declaration
  9. Signature of the declarant

There are the following fields below filled by the declarant as mentioned in Part 2 of the Form-15G:

  1. TAN Number details
  2. The amount which has been paid
  3. Complete the address of the declarant
  4. Date of the Declaration
  5. UIN (Unique Identification number)
  6. E-mail address as well as the telephone number

It can be observed that the From-15H is familiar with the From-15G as in the party; this Form has also been divided into two parts, i.e., Part-1 and Part-2. 

The very first prerequisite to fill the Par-1 of Form-15H is that the applicant must attain the age of 60 years or above 60 years as a senior citizen and claim the amount that has been taxed in the Form of TDS under the taxable limit prescribed under the tax slab of that particular year.

There are the following fields of Pat-1 of Form-15G required to be by the declarant:

  1. Name and other contact details of the declarant.
  2. Estimate income in the prior year
  3. In total, the number of 15 G forms which has been submitted
  4. PAN or AADHAR Mandatory
  5. Total estimated income of the declarant

For this same Form, Part 2 also has to be filled by the declarant:

  1. Name and other details of the individual who has to pay the amount of Tax
  2. UIN (Unique Identification Number)
  3. PAN or AADHAR number
  4. Tax paid for that particular fiscal year.

Filing status e-filing of 15G and 15H forms

  1. To eyeshot the file that has been uploaded to the website, you should try to navigate to my Account to view forms 15G and 15H.
  2. If the status of the uploaded file is showing Uploaded,
  3. The file which has been uploaded must be validated once.
  4. After the process of validation, you have been showing either Accepted or Rejected, which will be reflected within 24 hours of uploading the file.
  5. Further, it will be sent to the Central Processing Cell of the Tax Deducted at the Source (CDC-TDS) for further validation.
  6. If the status shown is rejected, then the reason for the rejection shall be given by the proper reason stating why it has been rejected, and the correct statement has to be uploaded.

Insights to remember e-filing of 15G and 15H forms

There are the following things below that have to be kept in mind while e-filing 15G and 15H forms:

  1. If the resident senior citizen is claiming the refund amount of TDS, it does not matter if his taxable income exceeds the prescribed limit for taxation, which has to be done under the From-15H of the Income Tax Act.
  2. If at any stage it is observed that the submission of the Form has been fraudulent, then the declarant can be penalized under Section 277 of the Income Tax Act, 1961.
  3. As per the new rule, the NRIs are not eligible to submit Form-15H and Form-15G.
  4. It should be noted that there is no replacement for the filing of Income Tax Returns.
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Conclusion

It is important to note that the e-filing process of the From-15G and Form-15H has played a very crucial role for taxpayers in saving their precious time and also managing their TDs efficiently. The approach to making this whole process option for digital filing of Forms not only saved taxpayers time but also increased the accuracy of filing the forms through the Income Tax Department Portal. As mentioned above about the Eligibility criteria. Necessary paper is required, and there is a difference between the filing procedure of the two mentioned forms for its successful submission. This process of E-filing will give superiority to the individuals to keep track of their taxable liabilities from their net owned income. Technology is also evolving day by day. The e-filing procedure of these Forms and Income Tax Return flings can also become very accurate and smooth for taxpayers in the financial arena with the advancement of technology.

FAQs

  1. What are the qualifications for online submission of e-filing of 15G and 15H forms?

    These forms are in the Form of Self-declaration that shall be submitted by the person who is eligible for the non-deduction of taxes on the specific persons given under Income Tax, which can filled out online on the portal.

  2. What is the key difference between the e-filing of 15G and 15H forms, respectively?

    First and foremost, there is a difference in the age of the individual applying for these forms. The age bar for the individual applying for From-15G should be less than 60 years, whereas the age bar for Form-15H should be above 60 years or more.

  3. Where can the individual submit an online e-filing of 15G and 15H forms apart from the banks?

    Other institutions also accept these Forms, like post offices and certain other institutions.

  4. Is it possible to submit e-filing of 15G and 15H forms in any branch?

    Yes, you have to submit a copy of Form-15G at every bank branch wherever the interest payments can be received. Also, the Form-15H has to be deposited at every branch where the interest has been received.

  5. Is the PAN card mandatory for the e-filing of 15G and 15H forms?

    Yes, the PAN card is the necessary paper to be submitted for e-file Form 15G and Form 15H.

  6. Are NRIs eligible to e-filing of 15G and 15H forms?

    No, as per the new rules, the NRIs are not eligible to e-file Form 15G and Form 15H, and these forms are only applicable to the residents of India.

  7. Can the e-filing of 15G and 15H forms be submitted online?

    Yes, it is possible to submit e-filing 15G, and 15H forms can be submitted online at your convenience places.

  8. Is it mandatory to submit e-filing of 15G and 15H forms every year?

    As it is not mandatory to e-file Form 15G and Form 15H every year. But it would be better if these forms were submitted every year.

  9. What are the due dates for e-filing of 15G and 15H forms?

    The due dates lie in every quarter ending the whole of the financial year.

  10. Which authority is regulating the e-filing of 15G and 15H forms?

    The regulatory body to file e-filing Form 15G and Form 15H is the Income Tax Department. The individuals have to abide by the rules laid out in these forms as given under Income Tax Department Rules, 1962.

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