Normally, when interest amount goes to near about TDS Deducted amount, then the Depositor Deduct TDS on Depositee Amount. But on the request of Depositee the depositor did not deduct TDS on the Interest or Commission amount and in place of TDS issuing the Depositee submit Form 15G or 15H. It is high time to give form 15G and 15H of income tax to the deductor of TDS on your deposit. Form 15G and 15H are the declaration to the deductor that his/her income falls below the income tax taxable limit. Income tax has various acts in which tax is deducted even the assessee has income below the taxable limit. Section 197A of income tax act gives some relief as present various forms to avoid deducting TDS.
The Income Tax department has been modified the Form No. 15G & 15G as per amended notification No. 11/2013 [F.NO.142/31/2012-SO(TPL)]/SO 410(E) Dated 19.02.13 for the assessment year 2013-14. The New Form No. 15G & 15H is applicable to all Taxpayee who do not want TDS Deduction on their Income or other under section 203 of the Income-tax Act, 1961.
FORM NO. 15G is used to Declaration under section 197A(1) and section 197A(1A) of the Income-tax Act, 1961 to be made by an individual or a person (not being a company or firm claiming certain receipts without deduction of tax.
FORM NO. 15H is applicable to Declaration under section 197A(1C) of the Income-tax Act, 1961 to be made by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.
