Form 15G/15H can also be filed for TDS on rent under section 194I from financial year 2016-17. 15H are introduced under section 197A and Rule 29C.įorm 15G or 15H can also be filed for TDS on EPF withdrawal, income form corporate bonds, post office deposits and insurance commission under section 194D. In order to relieve assesses who are not liable to income tax as their taxable income doesn’t exceed the basic exemption limit, form no. 10,000 in a financial year. The bank includes deposits held in all its branches to calculate this limit. Therefore, banks are also required to deduct TDS on interest payable on deposits if the interest amount exceeds Rs. If PAN is not submitted then tax is to be deducted 20%. TDS is required to be deducted under section 194A at the rate of 10% on interest other than interest on securities.
Difference between Form 15G and Form 15H.
