Forms 15G and 15H serve as crucial instruments for individuals aiming to avoid Tax Deduction at Source (TDS) on interest earnings. Geared for distinct age brackets, Form 15G is meant for those under 60 and Hindu Undivided Families (HUFs), whereas Form 15H targets senior citizens aged 60 and above. Timely form submission helps protect interest income from TDS, provided certain conditions are met.

Understanding TDS Limits with Forms 15G and 15H

Banks must deduct TDS on interest earnings over Rs. 40,000 for individuals and Rs. 50,000 for senior citizens annually. Submission of either Form 15G or 15H allows individuals to escape TDS if their interest income stays within specified thresholds.

Form 15G for EPF Withdrawals: A Broader Scope

Beyond fixed deposit withdrawal, Form 15G can be pivotal in avoiding TDS on Employees’ Provident Fund (EPF) withdrawals. TDS applies to EPF withdrawals exceeding Rs. 50,000 for individuals with under 5 years of service. Submitting Form 15G, along with PAN Card details, helps circumvent TDS effectively.

Form 15G Submission Process for EPF Withdrawals

1. EPFO UAN Unified Portal: Log in to the EPFO UAN Unified Portal for members.
2. Online Services: Select the ONLINE SERVICES option.
3. Claim (Form 31, 19, 10C): Pick Claim (Form 31, 19, 10C).
4. Bank Account Verification: Confirm bank account details.
5. Upload Form 15G: Upload Form 15G.

Essential Details in Form 15G

Completing Form 15G accurately is crucial, covering fields like:

• Name of the declarant (assessee)
• PAN of the assessee
• Status
• Previous year
• Residential status
• Address, email, phone number
• Tax assessment details
• Estimated income
• Total estimated income
• Previous Form 15G filings
• Income details for the declaration

Accurate completion is essential to avoid penalties and legal issues.

Expert Guidance for TDS Savings

Forms 15G and 15H offer a strategic route to reduce TDS on interest income and EPF withdrawals. Adhering to submission protocols and accurate form completion helps individuals protect their earnings. Consulting tax professionals or financial advisors is advisable for tailored guidance on using these forms effectively. Make informed decisions, unlock tax savings, and secure your financial future with Forms 15G and 15H.