A brief discussion about Form 15 G/H to avoid deduction of TDS (Tax Deducted At Source)
Ques : What is Form 15G/H under Income Tax Act,1961 ? Ans : These are the Forms prescribed under Income Tax Act, where Payee being a person other than Company/Partnership Firm/LLP can furnish these forms to the payer of certain nature of incomes. These forms are the Kind of Declaration that tax on the total income will be nil. Ques : What are the Prerequisites of Furnishing these Forms ? Ans : Following are the Prerequisites: · Form to be filled in Duplicate (2 Copies). · It should be Signed and Duly Verified. · Copy PAN of the Payee shall be attached with the Form. · It states that the Tax on the Total Income will be NIL. Ques : Difference b/w Form 15G and 15H ? Ans : 1) Form 15H is Furnished by the Senior Citizen ( means an Individual resident of India who is age of 60 Years or more at any time during Previous Year). Form 15G is Furnished by person other than Senior Citizen. 2) Declaration under : 15G : Tax on