October 1, 2015

Video Tutor-How to fill new Form 15G & Form 15H?

Yesterday (30th September, 2015) CBDT issued a notification regarding the new format, procedure and simplification of a process for new Form 15G & Form 15H. This will come into effect from 1st October, 2015. Let see the changes.

New 15G & 15H

What are the changes in a new Form 15G & Form 15H?

PART I

  • In the new form, third field is status, where you have to mention as an individual or a person (other than a company or a firm). In old form, the third field was Assessment Year, which is currently replacing with Previous Year in current form field 4th. There was a huge misunderstanding for common people to differentiate between what is Assessment Year and Previous Year. For example, for Financial Year or Previous Year 2014-15, Assessment Year will be 2015-16. To avoid confusion, AY was removed and Previous Year is inserted. You have to mention the current year while submitting the form. That’s it.
  • You no need to mention the AO and Ward details. Many individuals find it difficult to identify their respective Assessment Officer or Ward to which they belong. Hence, this time there is no such headache.
  • Next change is the 15th field where you have to mention the last assessment year if assessed in out of six assessment years preceding the year in which the declaration is filed. This condition is newly introduced.
  • Earlier there we separate fields to mention the estimated income for which you are filling the form like dividend or interest income. To avoid the confusion, such classification is removed and you just have to mention the amount of such estimated income for which you are filling the form in the field of 16th in a new form. 
  • Earlier you no need to fill the number of Form 15 submitted in a year. Now it is mandatory to show all the details of such Form 15G or Form 15H you submitted in the 18th and 19th field of PART I.

That’s it!! NO MORE SCHEDULES LIKE SCHEDULE I TO SCHEDULE V.

PART II is as usual meant for deductor. Therefore, you no need to worry about that.

What is the new procedure to submit new Form 15G & Form 15H?

  • The biggest advantage is now you can submit Form 15G and Form 15H ONLINE. Both facilities are provided. Hence, according to your comfort, you can submit either online or offline format.
  • The deductor (for example Bank) will not deduct the tax on it.
  • The deductor will issue the UIN (Unique Identification Number).
  • The rest of all procedures are meant for deductor only like, deductor furnish the declaration forms and UIN in the quarterly TDS statement and deductor will retain such Form 15G and Form 15H for the seven years.

Therefore, in my view the biggest relief is ONLINE SUBMISSION, removal of unnecessary complications in forms like filling your AO and Ward details and getting UIN for further reference.

In the below video, I explained about how to fill the new Form 15G and Form 15H.

Hope this video and above-mentioned points will ease your life in filling this form 🙂

Read more about TDS from our earlier posts-

33 Comments

  1. I have worked in a company from 2013 to 2015. In form 15G there’s a column which says last assessment year in which assessed. What will it be?

    Reply
  2. sir,gas subsidies money also include in income,and in my pan not have surname but it in f.d.did any wrong.

    Reply
    • Rahul-Gas subsidy is not an income. Correct your name with Bank.

      Reply
  3. dear sir can add saving bank interest+annual income in form 15 g

    Reply
  4. what should be done for return on SIP, as 15G form ask for total income

    Reply
      • total interest at the end of year

        Reply
        • sys-You mean interest from mutual fund? Please elaborate. I am unable to understand your doubt.

          Reply
          • yes interest from mutual fund at end of year. Is that included into Total income,

            Reply
              • for knowledge sake can you please tell me what we get from mutual fund

                Reply
                • Sys-There are two types of returns, one is dividend or the growth. Dividend you get it as and when funds declare. Growth you book it only when you sell the funds.

                  Reply
                  • Is This Dividend yearly or monthly. Should it be added in total income in 15G form

                    Reply
                    • Sys-It depends on fund declaration. How can I say that? Dividend income in the hand of investors is tax free in India.

  5. When both 1yr FD + interest on it is renewed to 2nd year. is interest of 1st year is to beadded total income in 15g form

    Reply
      • To calculate total income in box no. 17 of 15G form, should interest on PPF is to be added in total income

        Reply
        • pls reply to my question as it is very important

          Reply
            • thanks sir for your reply. You know i daily visit your site as it is really helpful

              Reply
  6. Dear Sir,
    I have fixed deposits in SBI, Axis and Indian Bank. I have to submit Form 15G separately in each bank. My income is below taxable limit. I wish to clear doubt in new form 15G, column no. 18, total no. of form no. 15 G filed. Is it total no. of form no. 15 G filed in same Bank/other Bank? If I submit one 15G form in each above banks separetely. Then column 18 is 1 for all branch or column 18 is 1, 2, 3 gradually in above banks. Which is right?

    Reply
  7. I would like to become a certified financial planner like you what should I do whom should I approach please help me in this regard.

    Reply
    • Jaypal-First go through FPSB India portal. Check all available details. Then find the education provider or tutor of your area if you feel it is tough for you to do on your own.

      Reply
  8. Hi, my question is whether I can fill form 15H. I am a senior citizen having estimated GTI of Rs 464000 and estimated total income of Rs 314000 after claiming deduction u/s 80C. So I am eligible for a tax rebate u/s 87A for Rs 1400. My ultimate tax liability will thus be NIL. Can I submit the form?

    Another query is – My wife is also a senior citizen and she has already submitted form 15H showing interest income of Rs 230000 in Schedule III for Bank FD which will be maturing in Jan 2016 end. The estimated total income was submitted as Rs 280000 taking into account the interest for Feb & Mar months upon renewal of FD. This FD will be renewed in Feb and the interest for two months will be Rs 50000. Does she require to file the form again for remaining income of Rs 50000 as it was not included in Schedule III of form filed earlier? If yes, whether reference to previously filed form 15H needs to be given in point no. 17 of new form?

    Reply
    • GK-Yes, you can submit the Form 15H. No need to submit the fresh From 15H from your wife, as she just showed the estimated income.

      Reply
  9. Your video really helps a lot in filling this form. I have a few doubts.

    1) I have left my previous company during June 2014. But, I’m closing it this year only. So, what would be my A.Y and P.Y? What should I fill in the Section 4 and the assessment year in the declaration part?

    2) The previous company is asking me to fill the Form 15g even though the total income will exceed 2,50,000. In that case shall I put the actual taxable total income in the Section 17?

    3) I haven’t filled any form 15g forms earlier. So, can I leave Section 18 and 19 blank?

    Thank you so much for sharing your video. Hope you will answer my queries.

    Awaiting your replies.

    Reply
    • Gomathi-1) FY should be 2015-16 and AY 2016-17.
      2) Show them the rule book. Many of those who are asking Form 15G or 15H without knowing the rules are actually dumb.
      3) Yes.

      Reply
      • Thanks for your response. Yes, my previous company is also forcing me to submit those forms. They are not processing the withdrawal procedure without that. So, is it fine if I mention the actual total taxable income itself in the Section 17? If so, what about the declaration part where I declare the taxable income as nil?

        Reply
        • Gomathi-First show them the rules of submitting the Form 15G. Otherwise, you may be in trouble.

          Reply

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