Submission of form-15g & 15h
Querist : Anonymous
I would like to be clear Who should submit Form -15G and Form -15H & why it is submitted .
Sudhir Saha
2. 15 H, for a person more than 60 years of age, for no deduction of income tax.
3, Other conditions-
+ Person's status for income tax purpose should be 'resident in India'
+ Income tax on his estimated total income should be Nil.
Querist : Anonymous
I am a senior citizen having gross total income of Rs. 3,95,000 /- and after rebate u/s 80 C my taxable income stands at (3,95000 - 1,50,000 = ) Rs. 2,45000 /- . Can I submit Form 15 H ? Is it punishable if Form-15 H is submitted ?
Sudhir Saha
* **Form 15G** is for individuals **below 60 years** of age who want to avoid TDS (Tax Deducted at Source) on interest income when their total income is below the taxable limit.
* **Form 15H** is for **senior citizens (60 years or above)** to avoid TDS if their income is below the taxable limit.
**Conditions to submit:**
* You must be a resident Indian.
* Your total estimated income should be **below the taxable limit** (meaning your tax liability is zero).
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Now, about your question on submitting Form 15H with a taxable income of ₹2,45,000:
* The basic exemption limit for senior citizens is ₹3,00,000, so if your taxable income after deductions is below ₹3 lakh, you **can** submit Form 15H.
* It is **not punishable** to submit Form 15H if your income is below the taxable limit and the form is filled truthfully.
* But if you submit Form 15H **wrongly** (i.e., when you actually owe tax), the income tax department may impose penalties.
So, in your case, since your taxable income (₹2.45 lakh) is below the exemption limit, submitting Form 15H is allowed.
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