How to E-File Forms 15G & 15H on the E-Filing Portal
Online Filing of Forms 15g and 15h
In this post, we’ll learn how to e-file Form 15G & Form 15H on ITR portal, Including its other aspects. Let’s go through each section in detail:
What is Form 15G and Form 15H ?
Form 15G or Form 15H are self declarations made by the assessee that they are not liable for tax and that no TDS should be deducted from any payments made to them. The payer must accept the form created electronically or manually.
The payer is then required to confirm the declarant’s information, and it is his duty to prove the declarant’s authenticity in any legal issue.
Cases where you can submit Form 15G/H apart from bank
While these documents are used at banks to ensure that TDS is not deducted on interest earned on the deposits, there are a few other locations where they can be filed.
TDS on EPF withdrawal
If the EPF amount is withdrawn before 5 years of continuous service and the amount is more than Rs 50,000, then TDS is deducted. In such cases, you can use Form 15G or Form 15H to ensure no TDS deduction. However, you must meet the requirements for the declaration that your total annual income is less than Rs 2.5Lakh.
TDS on income from corporate bonds
In the case of corporate bonds, TDS is deducted if your income from them exceeds Rs 5,000. Requesting non-deduction of TDS can be done by submitting Form 15G or Form 15H to the issuer.
LIC premium receipts
After October 2014, the insurer shall deduct 2% TDS later increased to 5%, from maturity proceeds that exceed Rs 1 lakh. If PAN is not provided then 20% would be deducted.
You can use Form 15G/Form 15H to request that no TDS be deducted because the tax on your total income is zero.
TDS on post office deposits
The post offices also deduct TDS and accept Form 15G or Form 15H, if you meet the requirements.
TDS on Rent
TDS is charged on rents that exceed Rs 2.4 lakh per year. If the tax on your total income is zero, you can request that the renter not deduct TDS using Form 15G or Form 15H. (applicable from 1 April 2019).
TDS on Insurance Commission
If the insurance commission exceeds Rs 15000 in a financial year, TDS is deducted. However, insurance agents can file Form 15G/Form 15H for non-deduction of TDS if the tax on their total income is zero
How to e-file Form 15G & Form 15H on ITR online portal?
If you are a deductor, you can file Statement Forms 15G and 15H on the income tax department’s website.
To start the process, the deductor must have a valid TAN and register on the income tax e-filing website as a Tax Deductor & Collector. After registration, the deductor can proceed to file Form 15G/15H quarterly.
Preparation Process
- The tax deductor assigns a Unique Identification Number, or UIN, to each person who submits a Form 15G or Form 15H to them. UIN is mandatory to be provided for both Form 15G/15H filing as well as eTDS return filing.
- These forms are retained for a minimum of seven years by the deductor.
- The UIN has three fields: the sequence number, the financial year, and the payer/TAN. Deductor’s.
- The payer must digitise the paper declaration (if received any), which must have the same sequence number of UIN as that of the electronically submitted.
Filing Process
- Forms are uploaded quarterly and are to be uploaded to the income tax E-filing website.
- Even if no TDS has been deducted, the payer should include the sequence number (Field ‘a’ of UIN) in their quarterly TDS statement.
- Go to https://eportal.incometax.gov.in/ and login to the portal using TAN.
- Click ‘e-file‘ and then ‘File Income Tax Forms‘.
- Here click on ‘Person not dependent on any source of income’ and the ‘Tax Deduction at Source – Form 15G/H’. Next click on ‘File Now’.
- Next select the ‘Financial Year and Quarter’ and select ‘Online’ as Submission mode. Click on ‘Continue’ and ‘Lets Get Started’.
- Now click on ‘Basic and Income Details’
- In the next screen, Download the CSV template for both Basic and Income details.
- Fill the details in both the CSV files and save them.
Note: Read the instructions to fill the CSV template before entry
- Now back in the portal, attach the saved CSV file of both basic details and income details.
- If any error are shown, rectify and re-attach the same
- Save and Preview.
- Next, click on ‘Proceed to E-verify’
- Confirm and Continue to e-verify using DSC
- To digitally sign, download the emsigner utility and install the system
- Once the emsigner is in running status, confirm the same in the portal and continue.
- Now, select the DSC provider name and certificate. Enter the Certificate Password.
- Click on Sign.
- On confirmation of submission, the file will be submitted and the acknowledgment will be displayed.
- You can download the acknowledgement for future reference.
We have reached the conclusion of this post on how to e-file Form 15G & Form 15H on ITR online portal. Feel free to share your views and opinions with us in the comment section below.
