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Form 15G/15H

Is there any time limit for submitting Form 15G/H?

There is no time limit or due date for submitting Form 15G/H to the bank. However, it is advisable to submit it at the beginning of the financial year (i.e., April 01) or as and when the new deposit is created.

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Who all are not eligible for submission of Form 15G/H?

The following are not eligible for submission of Form 15G/H:

  • Company (Private and Public)
  • Partnership firm
  • Foreign National
  • Non-Resident Indian (NRI)
  • A customer whose estimated total income or the aggregate total income exceeds the basic exemption limit given in the table below:

 

 

Type of CustomerRemarksAgeForm TypeBasic Exemption Limit (Rs)
IndividualIndian ResidentBelow 60 years15G2,50,000
Senior Citizen (Individual)Indian Resident60 years or above at any time during the year but below the age of 80 years.15H3,00,00
Super Senior Citizen (Individual)Indian Resident80 years or above at any time during the year.15H5,00,000
Other than Individual (i.e. Trust, Association, Club, HUF and Society )Indian ResidentNot Applicable15G2,50,000

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Does filing Form 15G/H mean that the interest income is not taxable?

Form 15G/H are only a declaration that no TDS should be deducted on your interest income since the tax on your total income is nil. The interest income from deposits is always taxable.

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I hold three deposits — one each of fixed deposit, recurring deposit and VRD (iWish), for which I have already submitted Form 15G/H. Now I have opened new VRD account(s) and want to submit Form 15G/H

You need to visit the branch for submitting Form 15G/H for newly opened VRD account(s).

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What does ‘Estimated Total Income’ mean while submitting Form 15G/15H through Internet Banking?

Calculate your total income from all the sources that you have or will earn during the year. This includes your interest income shown in the ‘Estimated income’ for which this declaration is given.

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What are Form 15G/H?

Form 15G/H are forms which a customer can submit to ensure that the Tax Deducted at Source (TDS) is not deducted on the interest income if s/he meets the applicable conditions. Also, the customer must have a Permanent Account Number (PAN) before claiming a tax deduction through Form 15G/H. ICICI Bank allows these forms to be submitted online through Internet Banking. Log on to www.icicibank.com for submitting

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When is TDS liable to be deducted?

TDS is to be deducted when the interest income earned exceeds ₹10,000 in a financial year for all resident assesses, except for resident senior citizens. In case of resident senior citizens, TDS is to be deducted when the interest income earned exceeds ₹50,000 in a financial year.

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Is the threshold of ₹10,000/ ₹50,000 (interest income earned) calculated individually or in aggregate across the branches?

The threshold of ₹10,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the bank are to be included while calculating the threshold of ₹10,000. (For resident senior citizens, the threshold applicable is ₹50,000).
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What should be done if the customer forgets to submit the form and TDS is deducted?

The only way to seek refund of excess TDS deducted is by filing your income tax return. The TDS that is deducted before the form is submitted will not be refunded by the bank, as the bank would have already deposited it to the income tax department. Income tax department will refund the TDS deducted, after you file an income tax return.

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What do Previous Year and Assessment Year mean?

Previous year refers to the current financial year for which you are submitting the form. Assessment year is year subsequent to the current financial year.

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What is the time limit during which Form 15G/H are valid?

Form 15G/H are valid for one financial year ending on March 31 of every year. So, you have to submit these forms every year if you are eligible. Submitting them as soon as the financial year starts will ensure non-deduction of any TDS on the interest income earned.

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What does ‘Details of Form 15G/H other than this form filed during the Current Financial Year’ mean, while submitting Form 15G/H through Internet Banking?

If you have already filed Form 15G/15H in any other bank for the current financial year, then mention:

The total number of Form 15G/H submitted. The total number of forms submitted won’t include the form which is being submitted now. For example, if you have submitted four forms from April 01 and you are now submitting the fifth form, then your answer for ‘Number of Forms Submitted’ should be four. In the ‘Aggregate Amount’ field, write the total income for which Form 15G/H has been submitted.
 
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Within how many days will my service request for form submission be completed?

The service request for form submission will be completed on real-time basis when the request is submitted through Internet Banking or iMobile app. If the request is submitted through other channels, the time taken will be 1 day.

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What are pre-requisites for submitting Form 15G/H?

The date of birth and PAN should be updated in your account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.

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What is the difference between Form 15G and Form 15H?

The main difference between Form 15G and Form 15H is that Form 15G is meant for non-senior citizens (i.e., in case of individuals, they should be below 60 years of age) and non-individuals such as Trusts, Associations, Clubs, Hindu Undivided Family (HUF) and Societies; whereas Form 15H is meant for senior citizens only (60 years and above).

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What is the applicability of Form 15G/H?

The applicability of Form 15G/H is based on the age and status of the customer, which is illustrated in the table below:

Type of CustomerRemarksAgeForm TypeBasic Exemption Limit (Rs)
IndividualIndian ResidentBelow 60 years15G2,50,000
Senior Citizen (Individual)Indian Resident60 years or above at any time during the year but below the age of 80 years.15H3,00,00
Super Senior Citizen (Individual)Indian Resident80 years or above at any time during the year.15H5,00,000
Other than Individual (i.e. Trust, Association, Club, HUF and Society )Indian ResidentNot Applicable15G2,50,000

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What does ‘Whether assessed to tax under the Income Tax Act 1961 and Latest Assessment Year’ while submitting Form 15G/H through Internet Banking mean?

If your income was above the taxable limit or assessed to tax in any of the past six years preceding the current financial year, answer this question with a ‘Yes’ or a ‘No’. If you click on ‘Yes’, mention the latest assessment year in which your income was above the taxable limit.

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Is TDS liable to be deducted on interest income earned from Recurring Deposit (RD)?

The provision of TDS has been levied on interest on RD as well. Effective from June 1, 2015, TDS shall be deducted on the interest earned on RD.

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Should blanket exemption on TDS be given on the basis of Form 15G/H submitted by the customer?

The benefit of TDS exemption can be granted only with respect to deposits which are mentioned in Form 15G/H as the case may be. If subsequent to submission of Form 15G/H by the depositor, a new deposit has been created or a deposit has been renewed by which the Fixed Deposit (FD) number, amount, or any other detail changes, a fresh Form 15G/H is required to be submitted for getting exemption from TDS.

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I have only a VRD (iWish) account and want to submit Form 15G/H. How do I do it?

You are requested to visit the branch for submission of Form 15G/H.

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