15G - 15H Filling

15G - 15H Filling

Form 15G and Form 15H are essential declarations for individuals to avoid Tax Deducted at Source (TDS) on their income. At LCT, we simplify the process of filing these forms, ensuring compliance and hassle-free tax exemption claims.

What are Form 15G and 15H?

• Form 15G: For individuals below the age of 60 whose total income is below the taxable limit.
• Form 15H: For senior citizens (60 years and above) with no taxable income.

Both forms are submitted to prevent TDS on income such as fixed deposits, recurring deposits, or other interest income when the income is below the exemption limit.

Eligibility for Filing

Form 15G:

• You are a resident individual or HUF.
• Age is below 60 years.
• Your total income (including interest) is below the taxable threshold.

Form 15H:

• You are a senior citizen (60 years or older).
• You are a resident individual.
• Your total tax liability is zero.

Why Submit Form 15G/15H?

• Prevent Unnecessary TDS: Ensure that tax is not deducted at the source if your income is below the taxable limit.
• Simplified Compliance: Avoid filing for a tax refund later.
• Improve Cash Flow: Retain full income without waiting for a refund.

Steps for Filing Form 15G/15H with LCT

Eligibility Check

• Verify that your income and tax liability meet the eligibility criteria.

Gather Necessary Documents

• PAN card, account details, and income details.

Form Filling

• Accurately fill the forms with income, investment, and deduction details.

Submit to Payer/Bank

• Submit the filled forms to the bank or payer of your income (e.g., interest or pension provider).

Digital Filing

• In some cases, forms can also be submitted online via banking portals.

Record Maintenance

• Keep copies of submitted forms for future reference.

Documents Required for Form 15G/15H Filing

1. PAN Card
2. Bank Details (Account Number, IFSC Code, etc.)
3. Proof of Age (for Form 15H).
4. Income Details from all sources.
5. Investment Details (for exempted income).

Who Needs to File?

1. Fixed Deposit Holders: Individuals earning interest income on bank deposits.
2. Recurring Deposit Holders: To avoid TDS deductions.
3. Senior Citizens: Receiving pension or other exempted income.
4. Other Income Earners: Income from EPF withdrawals, post office schemes, etc., below the taxable threshold.

Key Benefits of Filing with LCT

1. Expert Guidance: Ensure accurate form submission and avoid rejection.
2. Hassle-Free Process: Let us handle all the paperwork and submission.
3. Compliance Assurance: Meet all legal requirements and deadlines.
4. Peace of Mind: Avoid TDS deductions and manage your cash flow efficiently.

Why Choose LCT for 15G and 15H Filing?

1. Tailored Assistance: Customized solutions based on your income and investments.
2. Simplified Process: Minimal effort required from your end.
3. Accuracy Guaranteed: We ensure error-free filing to avoid future complications.
4. Timely Submission: File before the deadline to avoid unnecessary TDS.