Provisions Regarding 15G/15H


Form 15G/15H are issued with regard to non-deduction of TDS. There are separate provisions in context to both ordinary and senior citizen.

TDS shall not be deducted from the payment.

Provision regarding Ordinary Citizen: If the income of any individual before deduction is less than Rs. 1.90 lakhs (Rs 2.00 lakhs for assessment year 2013-14) then the exemption from deduction of TDS can be availed if such person submits form 15G to the deducter of TDS.

Provisions regarding Senior Citizen: There are different provisions regarding non deduction of TDS in the case of senior citizen. If the total income after all decution is less then taxable income then form 15H shall be issued for non deduction of TDS. According to these provisions if the income of senior citizen is less than Rs. 2.50 lakhs then deduction of TDS is not required. (in case super senior citizens it is Rs. 5 lakhs).

PAN is mandatory: Form 15G/15H issued after 1st. October 2010 will be accepted only when PAN is mentioned on it. These forms cannot be issued if PAN is not mentioned on it

Form 15G/15H should be submitted:

If any body for non-deduction of TDS has issued form 15G or 15H then the receiver of these forms is liable to deposit the same by seventh day of the month next to the month in which TDS was to be deducted. These forms should be submitted in the office of Commissioner instead of Assessing Officer. Forms received in the month of March should necessarily be submitted by 7th April.

If Form 15G/15H is not submitted timely then penalty of Rs. 100/- per day is imposed u/s. 271A (2) which shall not exceed the deductible tax.