Regarding 15g/ 15h
This query is : Resolved
03 April 2014
Plz guide me , can individual ( Under Tax audit) can accept form 15g/15h to whom interest paid more than 5000.00, and deposit in income tax.
Rupesh Jain
(Expert)
03 April 2014
yes he can accept the form 15g/15H and up to 7th april 2014 deposit with income tax office
03 April 2014
but somebody says this is applicable on banks only, there is any supporting case or anything, plz send me
20 July 2025
Regarding acceptance of Form 15G/15H by individuals under tax audit for interest payments exceeding Rs. 5,000:
Key Points:
Who can file Form 15G/15H?
Form 15G is for individuals below 60 years and Hindu Undivided Families (HUFs), provided their total income is below the taxable limit.
Form 15H is for senior citizens (age 60 and above) with income below taxable limit.
Applicability for Individuals under Tax Audit
The Income Tax Act does not bar an individual under tax audit from submitting Form 15G/15H.
However, the key condition is that the total income (including interest) should be below the taxable limit, so no tax liability arises.
Being under tax audit generally implies the person has business income; but if the overall income is below taxable threshold or no tax is payable on interest, 15G/15H can be submitted.
Is acceptance limited only to banks?
No. Form 15G/15H can be submitted to any payer of interest (banks, post office, companies, etc.).
The payer is responsible for deducting TDS unless 15G/15H is submitted and found valid.
Supporting references:
CBDT Circular No. 718 dated 23.4.1992 clarifies the procedure for submission of Form 15G/15H.
The Income Tax Act (Section 197A) provides the legal basis for exemption from TDS upon submission of these forms.
Judicial decisions have not restricted 15G/15H to banks only; it applies to any deductor of TDS on interest income.
Summary
An individual under tax audit can accept Form 15G/15H provided the income conditions are met.
Form 15G/15H is not restricted to banks only; it applies to any deductor paying interest.
The payer must verify the validity of Form 15G/15H and if valid, no TDS should be deducted.
Key Points:
Who can file Form 15G/15H?
Form 15G is for individuals below 60 years and Hindu Undivided Families (HUFs), provided their total income is below the taxable limit.
Form 15H is for senior citizens (age 60 and above) with income below taxable limit.
Applicability for Individuals under Tax Audit
The Income Tax Act does not bar an individual under tax audit from submitting Form 15G/15H.
However, the key condition is that the total income (including interest) should be below the taxable limit, so no tax liability arises.
Being under tax audit generally implies the person has business income; but if the overall income is below taxable threshold or no tax is payable on interest, 15G/15H can be submitted.
Is acceptance limited only to banks?
No. Form 15G/15H can be submitted to any payer of interest (banks, post office, companies, etc.).
The payer is responsible for deducting TDS unless 15G/15H is submitted and found valid.
Supporting references:
CBDT Circular No. 718 dated 23.4.1992 clarifies the procedure for submission of Form 15G/15H.
The Income Tax Act (Section 197A) provides the legal basis for exemption from TDS upon submission of these forms.
Judicial decisions have not restricted 15G/15H to banks only; it applies to any deductor of TDS on interest income.
Summary
An individual under tax audit can accept Form 15G/15H provided the income conditions are met.
Form 15G/15H is not restricted to banks only; it applies to any deductor paying interest.
The payer must verify the validity of Form 15G/15H and if valid, no TDS should be deducted.
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