What is the difference between Form 15G and the Form 15H?
Declaration in the Form 15G/H can be made by an individual or a person (not being a company or firm). Hence, a company or firm cannot submit a declaration in the Form 15G or in the Form 15H.
Form 15G is meant for resident individuals who are below 60 years of age while Form 15H is meant for senior citizen i.e. individuals who are of 60 years of age or more during the financial year.
Eligibility for Form 15G: The total income during the financial year should not exceed the basic exemption limit as per income tax i.e. ₹ 2,50,000/. If the total income during the financial year exceeds or is likely to exceed ₹ 2,50,000/- then the individual cannot submit Form 15G.
Eligibility for Form 15H: If the individual is 60 years but less than 80 years of age, then the total income during the financial year should not exceed the basic exemption limit as per income tax i.e. ₹ 2,50,000/-
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Is it not enough to furnish the Form only once at the time of placing the deposit?
No, Form 15G/H will have to be submitted at the beginning of each financial year covering all the existing deposits. If new deposits are to be made during the year, then a new Form 15G/H will have to be submitted. Also, if there are any changes in ...
What is Form 15G and Form 15H and where do I get it from?
Form 15G/15H is a self-declaration by the investor which can be obtained from Mahindra Finance or can also be downloaded from the company website. https://fixeddeposit.mahindrafinance.com/WA_FD_EP_PRELOGIN_5/Form15_Verification.aspx It is a self- ...
Is there a prescribed form for making a deposit?
The entire process of application for fixed deposit is online. The advisor needs to fill in the basic details such as investment amount, tenure, scheme type (cumulative or non-cumulative), interest pay-out frequency and CKYC number to initiate the ...
Will a certificate be generated even if no tax has been deducted?
Yes, a TDS certificate will be generated even for those cases where no tax has been deducted if the investor has submitted the Form 15G/H or submitted an Income Tax Exemption Certificate
What is the difference between a non-cumulative deposit and a cumulative deposit?
In a 'non-cumulative scheme' the interest is payable at a particular frequency (monthly, quarterly, half-yearly or yearly). This scheme is convenient for pensioners who require a periodical interest payment. In the ‘cumulative deposit scheme', the ...