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Where Can I Submit Form 15G and 15H

Introduction

Forms 15G and 15H are self-declaration forms that individuals submit to avoid tax deductions on their income. These forms are for people with income below the basic exemption limit who want to prevent TDS on interest or rental income. 

Form 15G is for individuals who are below the age of 60, while Form 15H is for individuals aged 60 years or above to avoid TDS deductions.

In this article, we will discuss where and how to submit Form 15G/15H, ensuring you can derive maximum benefit from these tax-saving provisions.

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Where to Submit Form 15G/15H?

1. Banks and Financial Institutions:

To submit Form 15G/15H, the typical practice is to do so at banks or financial institutions where you have investments like fixed deposits or recurring deposits. You can submit the form during the account opening process or afterward when your account is active.

2. Post Office:

If you have investments or savings schemes in a post office, such as the Post Office Time Deposit (POTD) or Public Provident Fund (PPF), you can submit Form 15G/15H at the respective post office. The post office will acknowledge the form and update their records to ensure that TDS is not deducted from your income.

3. Online Portals:

Several banks and financial institutions offer online banking services, which include the option to submit Form 15G/15H electronically. Contact your bank to inquire about this feature and learn the procedure for uploading the form through their online portal.

4. Tax Consultant or Chartered Accountant:

If you have a tax consultant or a chartered accountant, they can help you submit Form 15G/15H. They can even help you with filling out the form and handle the submission to the authorities on your behalf.

5. Other Institutions:

Apart from banks, financial institutions, and post offices, certain other entities may accept Form 15G/15H submissions. For example:

  • Insurance companies: If you have an insurance policy and meet the eligibility criteria, you can submit the form to the respective insurance company's branch or office.
  • Non-banking financial companies: Individuals with investments or deposits in NBFCs can submit Form 15G/15H at the NBFC's office or branch.
  • Provident Fund Office: Employees who contribute to a recognised provident fund can submit the form to their employer's provident fund office.
  • 15G/15H for rental income: Form 15G/15H can also be submitted to the tenant to avoid TDS on rental income subject to the fulfilment of income conditions.

Some Important Considerations:

1. Eligibility Criteria:

Check eligibility before submitting Form 15G/15H. You may refer to the guidelines on Income Tax Website "www.incometaxindia.gov.in" or a tax professional can help determine if you qualify based on age and income.

2. Validity Period:

Form 15G/15H is valid for one financial year. Therefore, it is essential to submit a fresh form for each financial year if you wish to avoid TDS on your income. Keep track of the due date and ensure timely renewal to avoid unnecessary tax deductions.

3. Correct and Accurate Information:

Provide accurate and complete information on Form 15G/15H to avoid complications or rejection of tax benefits.

Conclusion:

It can be very beneficial for individuals, especially senior citizens, who fall under the lower income bracket to submit Form 15G/15H. They can get the full amount of their income without any deduction and they can be saved from the hassles of filing an Income Tax Return later to claim the refund. Ensure to renew Form 15G/15H every year to continue availing the benefits of TDS exemption. The filing process is quick and easy. All you have to do is to provide accurate information and file the forms timely and you will be relieved of any tax deduction worries.

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