Financial Year is ending and time has started to file your returns but also take care to submit 15 G and 15 H to banks to avoid taxes on your fixed deposits in the month of April.
What is 15 G and 15 H
This is declaration that you are earning below tax exemption limit i.e. Rs. 2,50,000 in case of men and women below age of 60 years and that means you are noticing bank not to deduct tax on fixed deposits.
Following are the limits or rules regarding 15 H & 15 G
1. Below age of 60 years for both men and women - Submit 15 G who earns below Rs. 2,50,000
2. From 60 Upto 80 Years - Submit 15 H who earns Upto Rs. 3,00,000
3. 80 Years and above - Submit 15 H who earns upto Rs. 5,00,000
If you are earning beyond limits mentioned above please do not submit these tax exemption forms other wise you can be in serious trouble and may even face jail sentence depending upon rules of tax authorities which you have broken.
What is 15 G and 15 H
This is declaration that you are earning below tax exemption limit i.e. Rs. 2,50,000 in case of men and women below age of 60 years and that means you are noticing bank not to deduct tax on fixed deposits.
Following are the limits or rules regarding 15 H & 15 G
1. Below age of 60 years for both men and women - Submit 15 G who earns below Rs. 2,50,000
2. From 60 Upto 80 Years - Submit 15 H who earns Upto Rs. 3,00,000
3. 80 Years and above - Submit 15 H who earns upto Rs. 5,00,000
If you are earning beyond limits mentioned above please do not submit these tax exemption forms other wise you can be in serious trouble and may even face jail sentence depending upon rules of tax authorities which you have broken.
