Regarding Form 15G/H
This query is : Resolved
21 October 2010
Dear Expert,
Please let me know the applicability or validiyt of Form 15G/H.
we are a manufacturing company, we have taken some deposits from our customers (formers) on which we need to pay interest.
but as per 194A, when interest exceeds rs.5000/- then tds should be deducted.
but instead of deducting the tds, they have submitted Form 15G/H,
but my auditor is telling that those forms are outdated and the tax department is not accepting those forms in present days.
hence please tell me whether the contention of auditor is correct or not?
if he is not correct? under what context and section?
your quick reply is highly helpful to me.
Please let me know the applicability or validiyt of Form 15G/H.
we are a manufacturing company, we have taken some deposits from our customers (formers) on which we need to pay interest.
but as per 194A, when interest exceeds rs.5000/- then tds should be deducted.
but instead of deducting the tds, they have submitted Form 15G/H,
but my auditor is telling that those forms are outdated and the tax department is not accepting those forms in present days.
hence please tell me whether the contention of auditor is correct or not?
if he is not correct? under what context and section?
your quick reply is highly helpful to me.
21 October 2010
New forms 15G/H has been substituted for the old ones by IT (8th amdt)Rules 2003 w.e.f 9/6/2003. Try to obtain in new forms. They are available in www.incometaxindia.gov.in
21 October 2010
Dear Mr. Chakrapani, thank you very much for quick reply.
And can you tell me the due date for submitting those forms to the Income Tax Department?
And can you tell me the due date for submitting those forms to the Income Tax Department?
20 July 2025
Regarding your query on Form 15G/15H:
1. Applicability & Validity of Form 15G/H:
Form 15G is for individuals (other than senior citizens) and HUFs to declare that their income is below taxable limit, so TDS should not be deducted.
Form 15H is specifically for senior citizens (age 60+), similar declaration.
These forms are valid and accepted if submitted correctly and fully filled.
2. Auditor’s Comment:
The auditor might be referring to the old version of Form 15G/H.
Since June 9, 2003, the Income Tax Department has revised Forms 15G and 15H as per the Income Tax (8th Amendment) Rules, 2003.
The new forms must be used, and older versions are not acceptable now.
So, if you have the old forms, reject them and ask customers for the latest format of Form 15G/15H.
3. Due Date for Submission:
Form 15G/15H should be submitted before the deduction of TDS.
Practically, submit these forms at the beginning of the financial year or before any interest payment is made.
Banks and companies typically ask for these forms every financial year.
If the forms are submitted after TDS is deducted, refund has to be claimed through filing of income tax return.
Summary:
Your auditor is correct in saying old forms are outdated.
You must obtain the latest version of Form 15G/H.
Ensure these are collected before payment of interest for TDS to be exempted.
1. Applicability & Validity of Form 15G/H:
Form 15G is for individuals (other than senior citizens) and HUFs to declare that their income is below taxable limit, so TDS should not be deducted.
Form 15H is specifically for senior citizens (age 60+), similar declaration.
These forms are valid and accepted if submitted correctly and fully filled.
2. Auditor’s Comment:
The auditor might be referring to the old version of Form 15G/H.
Since June 9, 2003, the Income Tax Department has revised Forms 15G and 15H as per the Income Tax (8th Amendment) Rules, 2003.
The new forms must be used, and older versions are not acceptable now.
So, if you have the old forms, reject them and ask customers for the latest format of Form 15G/15H.
3. Due Date for Submission:
Form 15G/15H should be submitted before the deduction of TDS.
Practically, submit these forms at the beginning of the financial year or before any interest payment is made.
Banks and companies typically ask for these forms every financial year.
If the forms are submitted after TDS is deducted, refund has to be claimed through filing of income tax return.
Summary:
Your auditor is correct in saying old forms are outdated.
You must obtain the latest version of Form 15G/H.
Ensure these are collected before payment of interest for TDS to be exempted.
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