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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.
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There is a list of the eligibility criteria to make the customers eligible to e-filing 15G and 15H forms below:
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:
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:
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:
There are the following fields below filled by the declarant as mentioned in Part 2 of the Form-15G:
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:
For this same Form, Part 2 also has to be filled by the declarant:
There are the following things below that have to be kept in mind while e-filing 15G and 15H forms:
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.
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.
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.
Other institutions also accept these Forms, like post offices and certain other institutions.
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.
Yes, the PAN card is the necessary paper to be submitted for e-file Form 15G and Form 15H.
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.
Yes, it is possible to submit e-filing 15G, and 15H forms can be submitted online at your convenience places.
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.
The due dates lie in every quarter ending the whole of the financial year.
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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