look news india
New Delhi. Tax rules are made by the Income Tax Department. Apart from this, a tax slab has also been created for tax payment. Taxpayers falling in the tax slab have to pay tax on time.
If the taxpayer does not pay the tax before time, he also gets a notice (Income Tax Notice) from the Income Tax Department. TDS is deducted for taxpayers who earn income from rent or interest on bank deposits.
Please note that TDS is deducted on the basis of income tax slab. Rules related to TDS rates have been made in the Income Tax Act 1961.
If the income of the taxpayer does not fall in the tax slab i.e. is not taxable but still his TDS is being deducted then he needs to make corrections as soon as possible. For this the taxpayer will have to fill Form 15G/H.
Which taxpayers should file Form 15G/H?
Form 15G/H is for two different age groups. Form 15H is used by senior citizens i.e. those who are above 60 years of age. At the same time, 15G can be used by people below 60 years of age. Form 15G/H is filled by taxpayers who are not eligible to pay tax and have their TDS deducted.
Form 15G/H is a kind of self-declaration form. This form is designed only for TDS deduction. Through this form, taxpayers can avail deduction of Rs 2.5 lakh under TDS. Whereas senior citizen taxpayers can avail tax exemption of up to Rs 3 lakh.
If a taxpayer included in the new tax system fills this form and his income is less than Rs 7 lakh, then he is not required to pay tax.
About Form 15G/H
This form is divided into two parts. The taxpayer should fill all the information correctly in this form. One special thing that the taxpayer should pay attention to is that the name and date of birth should be filled correctly in this form.
The taxpayer will also have to provide information about the source of income in the form. If the taxpayer has 4 bank accounts then he will have to give information about them also.
