BANKING AFFAIRS

Detailed explanation-1: -10, 000 in a given financial year, form 15G for fixed deposit will have to be submitted. When to submit form 15H: In case the total income earned is less than the given limit of Rs. 50, 000 for senior citizens, in a particular financial year, form 15H will have to be submitted.

Detailed explanation-2: -Form 15G and Form 15H are self declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank’s website.

Detailed explanation-3: -What is the difference between Form 15G and Form 15H? Both are self-declaration forms that you have to submit to the bank once you open a fixed deposit. While Form 15G is for those who are below 60 years and come under Hindu Undivided Families (HUF), Form 15H is for everyone who is 60 years and above.

Detailed explanation-4: -Form 15H is a self-declaration form which helps individuals above 60 years of age save Tax Deducted at Source (TDS) on the interest income earned by them on their fixed deposits.

Detailed explanation-5: -What is Form 15H? Form 15H is a self-declaration form that can be submitted by senior citizen aged 60 years or above to avoid TDS liability on interest earned from investments in fixed deposits (FD) and recurring deposits (RD). Form 15H is a part of Section 197A, Subsection 1C of the Income Tax Act, 1961.