With most banks starting from the State Bank of India (SBI) to ICICI Bank account holders can submit Form 15G and Form 15H online using internet banking or mobile banking facility. Form 15G is for taxpayers below the age of 60 years, while those above the age of 60 years can use Form 15H.
Amidst the COVID-19 lockdown, to benefit taxpayers, the Central Board of Direct Taxes (CBDT) had allowed the submission of Form 15G or Form 15H for FY 2019-20 till 30 June 2020. Therefore, if you don’t want your bank to deduct TDS on income, then you must submit these forms to your bank today.
Bank customers can also submit Form 15G or Form 15H online from the convenience of their home. You can submit Form 15G or Form 15H either through the Internet Banking of the bank or through the mobile app of the bank.
To make sure TDS is not deducted on income from interest, customers submit Form 15G and Form 15H to their bank, given that they meet the applicable conditions. PAN is mandatory for the account holders in order to avail of tax deduction by submitting Form 15G or Form 15H. With most banks starting from the State Bank of India (SBI) to ICICI Bank account holders can submit Form 15G and Form 15H online using internet banking or mobile banking facility. Form 15G is for taxpayers below the age of 60 years, while those above the age of 60 years can use Form 15H.
Here is how SBI customers can submit Form 15G/15H online:
- Visit the SBI website and login with your user name and password
- Click on ‘e-services’ tab
- From the options, select ‘Form-15G/Form-15H’
- Then click on ‘Submit’ after selecting the CIF number
- Next, select the branch code from where you want to submit the form and click on ‘Submit’
- Next, in the Part-1 of Form, some information will already be filled – fill up the remaining information, and proceed
- Under the option ‘Whether assessed was taxed/ is to be taxed under Income Tax Act 1961’ – If you file income tax return, select ‘yes’, if you don’t’ then choose, no.
- Once you click on ‘submit’, a new tab will open where all the details can be reviewed – check all your details before confirming.
- Next, you will receive an OTP on your registered mobile number, enter the OTP and click on ‘confirm’
- Once you submit the form successfully, the UIN number will be generated.
Here is how ICICI Bank customers can submit Form 15G/15H through iMobile app;
- Log in to iMobile app
- Click on ‘Accounts Services’ under ‘Services’ option
- Select Form 15G or Form 15H
- Fill in the necessary details and click on ‘submit’
Here is how ICICI Bank customers can submit Form 15G/15H through Internet Banking;
- Log in to ICICI Bank Internet Banking
- Select ‘Tax Centre’ under ‘Payments and Transfer’
- Click on ‘update’ under Form 15G/H
- Next fill in your account number
- Under the status option, do not enter anything in the case of an Individual customer, otherwise, select the application status from the dropdown menu.
- Under the option ‘Whether assessed was taxed/ is to be taxed under Income Tax Act 1961’, click on yes if you have never filed income tax returns or your income was not above the taxable limit or has never been assessed to tax in the last 6 years preceding the current year, or else select ‘no’
- Under the ‘Latest assessment year for which assessed’ select the latest assessment year in which you have filed your income tax returns
- Under ‘Estimated total income including the estimated income earned on deposit(s)’ enter the total income from all the sources that you have or will earn during the financial year including the interest income
- Under ‘Details of Form 15G/H other than this form filed during the current financial year’ if you have submitted Form 15G/H during the current financial year, then mention the number of forms filed, and the aggregate amount for which previous Form 15G/H has been submitted.
- Then click on ‘Submit’
- Recheck your details on the ‘Request Confirmation’ page and proceed
- After that, you can view the list of deposit accounts for which the form is generated and then click on ‘Submit Form’ to finish the process
- Next, you can download the ‘Acknowledgement’