Tax Deduction of Source is not useful if there is no taxable income. In such case, a person can file form 15G (or 15H in case of senior citizen) and request for lower deduction or zero deduction of Tax. Till October 2015 this process was manual. Now after October 2015 the process of filing Form 15G & 15H is made online. Lets have a look at it.
What is Form 15G and form 15H?
Form 15G and Form 15H are for claiming certain income or receipts without deduction of Tax. There can also be case where deduction is requested at lower rates.
That is the similarity of form 15G and 15G. The differences can be highlighted with following table:
Can a Non resident file Form 15G or 15H?
When to submit form 15G or 15H?
Which exemptions can be claimed in Form 15G / 15H?
All the questions are answered in above table.
What is Form 15G and form 15H?
Form 15G and Form 15H are for claiming certain income or receipts without deduction of Tax. There can also be case where deduction is requested at lower rates.
That is the similarity of form 15G and 15G. The differences can be highlighted with following table:
Particulars
|
Individual
|
Senior Citizen
|
Any other person (like Trust,
Society etc)
|
Non Resident
|
Company
|
Firm
|
Form 15G
|
Interest income, Dividend from non-domestic companies, NSS Deposit
maturity, Income from units
|
Cannot file
|
Interest income,
Income from units.
|
Cannot file
|
||
Form 15H
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Cannot file
|
Interest income, Dividend from non-domestic companies, NSS Deposit
maturity, Income from units
|
Cannot file
|
Cannot file
|
||
When the form is to be filed
|
Before receiving the income or credit for it. There is no due date as
was before October 2015.
|
Not applicable
|
||||
Mode of filing
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Through Internet banking or submit to the payee.
|
Not applicable
|
||||
Frequency
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Quarterly (from October 2015)
|
Not applicable
|
||||
Can a Non resident file Form 15G or 15H?
When to submit form 15G or 15H?
Which exemptions can be claimed in Form 15G / 15H?
All the questions are answered in above table.