Monday, March 9, 2015

Submit Form 15G/H with PAN to avail TAX benefits | Save TDS waiver on deposits

You might receive notification SMS from your bank accounts related to your deposits requesting Form 15G/H submission.

The SMS notification would be like , "Dear Customer, Kindly submit Form 15G/H with PAN before April 2015 to your home branch for availing TDS waiver on deposits for this FY 2015-16"

This SMS is generally notified by banks like HDFC, KVB, ICICI, SCB , KOTAK to notify their customers to avail tax benefits on their interests on deposits they have on their banks.

How to respond to this Form 15G/H notification to avail tax benefits :

  1. Form 15G/H can be obtained online or from your bank branch. You have to self declare that the tax decuction for previous FY was nil so that the bank will not deduce tax on interests on your deposits for the current Financial year.
  2. You have to submit the form within the due date mentioned by the bank to save TDS ( Tax Deduction on source)