F Purvi:
Frequently Asked Questions
Regarding 15G / 15H submission for the Financial year 2018-19
1) What are the slabs for 15G and 15H ?
Ans : 15G = Rs. 2,50,000/-
15H = Rs. 3,50,000/- to 5 lakhs
2) What are the limits for Column number 16 and 17 in 15G/H ?
Ans : 15G = Rs. 2,50,000/-
15H = Rs. 3,50,000/- to 5 lakhs
3) What is the slab for super senior citizen (80+ yrs ) ?
Ans : Rs. 5 Lakhs.
4) PAN is there on 15G/H but still TDS deduction is taking place ?
Ans : Check if PAN is there in CIF. Check by TDS > Tds details menu > CIF level that Interest Threshold is exceeded or not. I mean over 3 lakhs interest.
5) PAN was there previously but now 20% deduction is happening ?
Ans : PAN removed due to de-duplication or kyc updation and not inserted back. Please insert PAN in CIF
6) TDS is being deducted in 2nd holder's PAN and not 1st Holder's ?
Ans : Wrong PAN is inserted in 1st holder's CIF. Amend CIF of first holder and insert correct PAN.
7) 15G/H is inserted but TDS is being deducted ?
Ans : 15G/H is being inserted in bulk and each is not checked whether UIN ( unique identification number ) is generated or not. UIN checking screen is TDS > Tds Details > Cif enter and choose option 4 ( tds details ). Check for UIN number on right side.
8) Since one Mumbai TAN governs all the Branches ,customers maintaining FD accounts in various branches need to submit in one branch only ?
Ans : Yes. One branch entry of 15G/H will automatically feed in other branches of Sbi too.
9) For each subsequent FD , the customer needs to give 15G /H latter during the year ?
Ans : Yes , 15G/H needs to be given afresh for that FD only.
10) Do i need to mention each and every fixed deposit account number in 15G/H ?
Ans : If all the accounts are in same 1st CIF then only one entry will suffice for all the accounts.
11) In spite of submission of 15G/H , TDS is being deducted ?
Ans : 15G/H has to be submitted by only 1st holder and not second holder.
12) Apart from Individuals , are Clubs , Trusts , Educational institutes , companies , firms ,nri allowed to submit 15G/H ?
Ans : No. 15G/H is only for Indian Nationals having taxable income as NIL.
13) is 15G/H an alternative for non Deduction of TDS by Bank and submission of advance or self assessment tax by customer ?
Ans: No. TDS will be deducted if Interest income is more than Rs. 10,000/-. No other alternative apart from exemption certificate from Commissioner ( TDS ).
14) I have STDR with one time Maturity , do i need to submit 15G/H every year ?
Ans : Yes , depending on your income slab. And also your wish of non deduction of TDS.
15) If any figure.. Interest / TDS appears in Form 26AS , then do i need to file income tax returns ?
Ans : Yes. Non filing of such returns attracts rs. 10,000/- penalty.
16) When do i really need to submit 15G/H , assuming my intetest income is less than 2.5 lakhs ?
Ans : a) Home Branch Change
b) renewal or new fixed deposit
c) change of primary holder
d) premature closure and new FD creation
17) How many times can i submit 15G/H ?
Ans : As many times you wish. Hundreds.
18) Is email mandatory in 15G/H ?
Ans : Yes. Form 16a can be sent here.
19) Do i need to rely on Savings bank interest pay out to calculate TDS figures ?
Ans : No. Separate Form 16A are available from TRS. Statements of Fixed Deposits are also available for proper TDS calculations.
20) Are MODS covered under 15G/H ?
Ans : No. MODS ( multi option deposit schemes ) are created dynamically. Thus 15G/H are not possible in these type of accounts ( especially Silver Plus Salary Packages ). TDS deduction will take place.
20) Can 15H be submitted for SCSS deposits ?
Ans : No. SCSS principal is tax free for that financial year of investment only. However , TDS will be deducted every year. 15H will not be effective for SCSS.
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