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Sunday, February 23, 2014

New format of form 15G and 15H with auto fill facility in excel

Income tax department changed the format of form 15g and 15h. These forms are the declaration as their income is less than threshold limit and hence no TDS is deducted on the income earned.  Section 197A of income tax act says that in this case assessee can give form 15G OR 15H to the deductor.

To whom these forms should be given
The point is simple. The person or the company to whom you have given the loan like if you have given a loan and getting interest to ABC company or you have some fixed deposits in the banks, you need to issue form 15G and 15H to the respective company or bank.

Interest amount limit
The interest earned for fixed deposited in banks has the limit of 10000. It means if your interest income is less than 10000 rupees in a financial year, you needn’t to give them form 15G an 15H. In the case of loan advance, interest on loan, bonds, debenture and interest income other than bank the limit is 5000 rupees.


Difference between form 15G and 15H
Form 15G:- Form 15G are to the person who is not a senior citizen, whose age is less than 65 years( the senior citizen age is reduced to 60 from the analysis year 2012-13) and Hindu Undivided Family(HUF)
Form 15H is to be filled by senior citizen.

Auto fill 15G and 15H in excel
As per high demand, auto-fill is back with the new format of form 15G and 15H. In this excel based utility one can prepare forms 15G and 15H within seconds. One need to fill simple details like name, father's name, address, PAN number etc. and form is ready with filled. One can prepare almost 50 forms in a minutes and take print-out.

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2 comments:

  1. FORM 16 NEW FORM COME into force well b4, but only on june you intro auto fill facility in new format,why this late?

    ReplyDelete
  2. Excel sheet is protected.Cannot edit without password.Please give the password also to edit as per ones requirement.

    ReplyDelete