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Is there any time limit for submitting Form 15G/H?
There is no time limit or due date for submitting Form 15G/15H to the bank. However, it is advisable to submit it at the beginning of the financial year (i.e. Apr 01) or as and when the new deposit is created. However, owing to current COVID-19 scenario, customer is advised to submit immediately on or after Jul 01, 2020.
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What are Forms 15G/15H?
Forms 15G/15H are forms which a customer can submit to ensure that the Tax Deducted at Source (TDS) is not deducted on the interest income if s/he meets the applicable conditions. Also, the customer must have a Permanent Account Number (PAN) before claiming a tax deduction through Form 15G/15H. ICICI Bank allows these forms to be submitted online through Internet Banking and iMobile application. Log on to www.icicibank.com for submitting to know more please click here.
What does ‘Estimated Total Income’ mean while submitting Form 15G/15H through Internet Banking?
Calculate your total income from all the sources that you have or will earn during the year. This includes your interest income shown in the ‘Estimated income’ for which this declaration is given.
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Customer has submitted Form 15G/15H during FY 2020 and no new deposits have been opened, in such case is the customer required to submit Form 15G/15H?
The benefit of valid Form 15G/15H exemption marking as on Mar 31, 2020, has been extended till Jun 30, 2020. Thus, customer is required to submit fresh Form 15G/15H on or after Jul 01, 2020 for avoidance of any tax deduction on interest income.
What is the applicability of Form 15G/H?
The applicability of Form 15G/H is based on the age and status of the customer, which is illustrated in the table below:
| Type of Customer | Remarks | Age | Form Type | Basic Exemption Limit (Rs) |
|---|---|---|---|---|
| Individual | Indian Resident | Below 60 years | 15G | 2,50,000 |
| Senior Citizen (Individual) | Indian Resident | 60 years or above at any time during the year but below the age of 80 years. | 15H | 5,00,000 |
| Super Senior Citizen (Individual) | Indian Resident | 80 years or above at any time during the year. | 15H | 5,00,000 |
| Other than Individual (i.e. Trust, Association, Club, HUF and Society ) | Indian Resident | Not Applicable | 15G | 2,50,000 |
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I hold 3 deposits:1 each of Fixed Deposit,Recurring Deposit,Variable Recurring Deposit VRD(iWish),for which I've already submitted Form 15G/H.Now I opened new VRD account(s) and want to submit Form 15
You can submit Form 15G/H through Internet Banking or by visiting the nearest branch for newly opened VRD account(s).
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Does filing Form 15G/H mean that the interest income is not taxable?
Form 15G/H are only a declaration that no TDS should be deducted on your interest income since the tax on your total income is nil. The interest income from deposits is always taxable.
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Has the tax slab increased from Rs 3 lakh to Rs 5 lakh for senior citizen customers?
Yes. Income Tax Slab has been increased to Rs 5 lakh from Rs 3 lakh, for senior citizen customers.
E.g.: Customer who is 65 years of age wants to submit Form 15H when estimated income comes to Rs 4,50,000. The income tax slab has been increased to Rs 5,00,000 from Rs 3,00,000, thus, s/he is eligible to submit the request and get exemption from tax.
Clarification: Customer here becomes eligible to submit Form 15H, as income is below Basic Exemption Limit of Rs 5,00,000, as applicable to him/her.
What are pre-requisites for submitting Form 15G/H?
The date of birth and PAN should be updated in your account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.
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What does ‘Details of Form 15G/H other than this form filed during the Current Financial Year’ mean, while submitting Form 15G/H through Internet Banking?
If you have already filed Form 15G/15H in any other bank for the current financial year, then mention:
The total number of Form 15G/H submitted. The total number of forms submitted won’t include the form which is being submitted now. For example, if you have submitted four forms from April 01 and you are now submitting the fifth form, then your answer for ‘Number of Forms Submitted’ should be four. In the ‘Aggregate Amount’ field, write the total income for which Form 15G/H has been submitted.
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The date of birth and PAN should be updated in your account(s) in the bank’s records. As per Central Board of Direct Taxes (CBDT) circular number 03/11, in the absence of PAN, Form 15G/H and other exemption certificates submitted will be invalid and penal TDS will be applicable.
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What do Previous Year and Assessment Year mean?
Previous year refers to the current financial year for which you are submitting the form. Assessment year is year subsequent to the current financial year.
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What is the difference between Form 15G and Form 15H?
The main difference between Form 15G and Form 15H is that Form 15G is meant for non-senior citizens (i.e., in case of individuals, they should be below 60 years of age) and non-individuals such as Trusts, Associations, Clubs, Hindu Undivided Family (HUF) and Societies; whereas Form 15H is meant for senior citizens only (60 years and above).
Who all are not eligible for submission of Form 15G/H?
The following are not eligible for submission of Form 15G/H:
- Company (Private and Public)
- Partnership firm
- Non-Resident Indian (NRI)
- A customer whose estimated total income or the aggregate total income exceeds the basic exemption limit given in the table below:
| Type of Customer | Remarks | Age | Form Type | Basic Exemption Limit (Rs) |
|---|---|---|---|---|
| Individual | Indian Resident | Below 60 years | 15G | 2,50,000 |
| Senior Citizen (Individual) | Indian Resident | 60 years or above at any time during the year but below the age of 80 years. | 15H | 5,00,000 |
| Super Senior Citizen (Individual) | Indian Resident | 80 years or above at any time during the year. | 15H | 5,00,000 |
| Other than Individual (i.e. Trust, Association, Club, HUF and Society ) | Indian Resident | Not Applicable | 15G | 2,50,000 |
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Is the threshold of ₹ 40,000/ ₹50,000 (interest income earned) calculated individually or in aggregate across the branches?
The threshold of ?40,000 (interest income earned) is to be calculated in aggregate, i.e., the interest income earned from all the deposits from all the branches across the bank are to be included while calculating the threshold of ?40,000. (For resident senior citizens, the threshold applicable is ?50,000).
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What does ‘Whether assessed to tax under the Income Tax Act 1961 and Latest Assessment Year’ while submitting Form 15G/H through Internet Banking mean?
If your income was above the taxable limit or assessed to tax in any of the past six years preceding the current financial year, answer this question with a ‘Yes’ or a ‘No’. If you click on ‘Yes’, mention the latest assessment year in which your income was above the taxable limit.
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Within how many days will my service request for form submission be completed?
The service request shall be completed on real-time basis through all the modes i.e. Internet Banking, iMobile app, Insta Banking (Kiosk) and at branches. For exceptional cases at branches, the time taken will be 1 day.
What does the extension for Form 15G/15H benefit imply?
It means TDS shall not be deducted on interest income for the customers who had submitted Form 15G/ 15H during FY 2020 and exemption was successfully marked for non-deduction of TDS on interest income from Term Deposits, provided exemption was validly active as on the last day of FY 2020. i.e. Mar 31, 2020.
When is TDS liable to be deducted?
TDS is to be deducted when the interest income earned exceeds ? 40,000 in a financial year for all resident assesses, except for resident senior citizens. In case of resident senior citizens, TDS is to be deducted when the interest income earned exceeds ?50,000 in a financial year. Owing to current COVID-19 scenario, the timeline is extended, however the limit of Rs 40,000 and Rs 50,000 shall be monitored from Apr 01, 2020 to Mar 31, 2021.
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Exemption was marked on deposits during FY 2020, however, later during the same year customer received intimation that "exemption has been revoked".
Where the exemption has been revoked for any reason, then the benefit shall not be given, as exemption was not active as on the last day of FY 2020 i.e. Mar 31, 2020. Thus, customer is required to submit fresh Form 15G/15H.
I have only a VRD (iWish) account and want to submit Form 15G/H. How do I do it?
You can submit Form 15G/H by visiting the nearest branch or through Internet Banking.
Click here to submit your form 15G/H or visit nearest branch.
What is the time limit during which Forms 15G/H are valid?
Forms 15G/15H are valid for one financial year ending on Mar 31 of every year. So, you have to submit these forms every year if you are eligible. Submitting them as soon as the financial year starts will ensure non-deduction of any TDS on the interest income earned. However, owing to current COVID-19 scenario, Form 15G/15H shall be valid till Jun 30, 2020.
to know more please Online through an option available through Internet Banking.
Alternatively, you can click here to download the 'Registration Form' and mail it to our India address:
ICICI Bank Limited,
RPC Mumbai,
5th Floor, A-Wing, Autumn Estates
Chandivali Farm Road, Chandivali
Land Mark:Next to Chandivali Studio, Opp MHADA
Andheri-East,
Mumbai- 400072
INDIA
If you are an NRI in USA, UK, Canada, Australia, Singapore and UAE, you can simply post your documents to the local P.O. Box in your respective countries and save on courier charges.
You can also visit any ICICI Bank branch in India and submit the registration form.To refer to the updated list of our branches please, Click here
For any clarification or more information, please call us on our 24-hour Customer Care or write to us through "Email us" option, at our website click here
What should be done if the customer forgets to submit the form and TDS is deducted?
The only way to seek refund of excess TDS deducted is by filing your income tax return. The TDS that is deducted before the form is submitted will not be refunded by the bank, as the bank would have already deposited it to the income tax department. Income tax department will refund the TDS deducted, after you file an income tax return.
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Should blanket exemption on TDS be given on the basis of Form 15G/H submitted by the customer?
The benefit of TDS exemption can be granted only with respect to deposits which are mentioned in Form 15G/H as the case may be. If subsequent to submission of Form 15G/H by the depositor, a new deposit has been created or a deposit has been renewed by which the Fixed Deposit (FD) number, amount, or any other detail changes, a fresh Form 15G/H is required to be submitted for getting exemption from TDS.
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Is TDS liable to be deducted on interest income earned from Recurring Deposit (RD)?
The provision of TDS has been levied on interest on RD as well. Effective from June 1, 2015, TDS shall be deducted on the interest earned on RD.
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