Form 15 G and Form 15 H
Form 15 G or 15 H is filed for claiming certain incomes without deduction of tax at source, as per Section 197 A (1) or 197 A (1 A) of the IT Act, 1961. Form 15 G is for Indian residents below 60 years of age, Hindu undivided families and trusts. Form 15 H is for those above 60.
To become eligible to submit Form 15 G, two conditions need to be satisfied. First, tax on total income should be nil and the aggregate of income for which Form 15 G can be submitted should not exceed the basic exemption limit of Rs 2.50 lakh.
For submitting Form 15 H, only one condition has to be satisfied: the tax liability on total income should be nil. However, earlier, Form 15 G or 15 H was being filled without checking the feasibility of the application. Many were filing the application even when income was liable to tax in their hands and deferred their tax payments to the later date, which was causing loss to the IT department.
Therefore, the format of Forms 15 G and 15 H has been revised to apparently take care of such loopholes. Now in the revised Forms 15 G and 15 H, the IT department has called for information such as details of Form 15 G or 15 H filed earlier, i.e., number of declarations filed earlier and the aggregate amount of such declarations. Also, the tax cutters are required to keep in place the machinery to look after the possible filing of incorrect application. For example, if the tax payer has already furnished two declarations for Rs 2 lakh, then the proposed declaration that the tax payer is about to file should not exceed Rs 50000 (assuming the basic exemption slab applicable to the tax payer is Rs 2.50 lakh).
Since valid permanent account number is to be provided while submitting these forms, the assessing officer having jurisdiction will have access to all the details of the forms submitted to various tax cutters and, thus, will be in a position to find out any incorrect information submitted.
In case of any false statement, there is a provision for imprisonment for a minimum period of three months for such misstatement.
Hence, you need to be careful while filing Form 15 G or 15 H so as to avoid filing of incorrect declarations and inviting trouble.
Hope this article helps to circle members. more
To become eligible to submit Form 15 G, two conditions need to be satisfied. First, tax on total income should be nil and the aggregate of income for which Form 15 G can be submitted should not exceed the basic exemption limit of Rs 2.50 lakh.
For submitting Form 15 H, only one condition has to be satisfied: the tax liability on total income should be nil. However, earlier, Form 15 G or 15 H was being filled without checking the feasibility of the application. Many were filing the application even when income was liable to tax in their hands and deferred their tax payments to the later date, which was causing loss to the IT department.
Therefore, the format of Forms 15 G and 15 H has been revised to apparently take care of such loopholes. Now in the revised Forms 15 G and 15 H, the IT department has called for information such as details of Form 15 G or 15 H filed earlier, i.e., number of declarations filed earlier and the aggregate amount of such declarations. Also, the tax cutters are required to keep in place the machinery to look after the possible filing of incorrect application. For example, if the tax payer has already furnished two declarations for Rs 2 lakh, then the proposed declaration that the tax payer is about to file should not exceed Rs 50000 (assuming the basic exemption slab applicable to the tax payer is Rs 2.50 lakh).
Since valid permanent account number is to be provided while submitting these forms, the assessing officer having jurisdiction will have access to all the details of the forms submitted to various tax cutters and, thus, will be in a position to find out any incorrect information submitted.
In case of any false statement, there is a provision for imprisonment for a minimum period of three months for such misstatement.
Hence, you need to be careful while filing Form 15 G or 15 H so as to avoid filing of incorrect declarations and inviting trouble.
Hope this article helps to circle members. more
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Mr. Jaitley is more worried about advocates then Good Governance. This may be a genuine oversight. more
Apr 16
Mr. G SIVA RAMA VARMA, there are a lot of grey area's in IT act. May be done on pupose, so that the tax lawyers and ITO's can have more income, it was more true while there was no system of online submission. TDS is advance TAX whether they agree or not. They do not agree because they have no answer or logic to provide. Are you aware of what kind of people draft amendments to the act? The babus, making it as complicated as possible in the name of making it simplified. After online submission was introduced most of the local AO's have almost no work to do. Do you know who does the assessment at CPC Bangaluru? Below a certain value of gross income, it is outsourced to private parties who employ people with no better qualification than call centre employees. The designated Asst. Commissioners only signs it. The only way to resolve the issue of whether TDS is afvance tax or not is going to court. Who has the time or money for that, unless it is done collectively. Then there is a quota of tax collection whether rightly or wrongly just like a quota is given to traffic police to collect fine before year end or big state celebrations. The system is corrupt no individual can fight it. more
Apr 15
I agree with Mr. Ranabir Ghosh, but the tax dept. does't agree the fact that TDS is a type of advanced tax. I raised this point on CPGRAMS, but got no positive reply. more
Apr 15
Some banks don't ask for the number of declarations filed earlier and the aggregate amount. Also they are not allotting the unique ID for each declaration. more
Apr 13
