|
|
 |
|
|
 |
|
|
|
|
| |
|
|
|
|
|
|
|
| « Here is how to file Income Tax Returns for AY 2020-21: Step... | Good news of Income Tax money saving opportunity! Now, make... » |
How SBI savings account holders can submit Form 15G, Form 15H online |
|
|
| June, 05th 2020 |
Step-by-step guide on submitting Form 15G/Form 15G by a State Bank of India (SBI) savings bank account holder through the Net banking route.
In April, the Central Board of Direct Taxes (CBDT) stated that it will allow the Form 15G/Form 15H submitted by taxpayers for FY 2019-20 to remain valid till June 30, 2020 for FY 2020-21. What this means is that those who are required to submit these forms for lower or nil deduction of tax from their income can submit it by the first week of July 2020, as well for FY 2020-21.If you are a State Bank of India (SBI) savings bank account holder, you can submit your Form 15 G/Form 15H either by visiting the branch or through the Net banking route.
However, while submitting the form online, do make sure that the information mentioned (such as PAN, financial year etc.) is correct.
New Delhi-based Chartered Accountant, Sachin Vasudeva explains why: "Once the Form-15G/Form-15H is submitted by the eligible assessee to the bank, the bank has to further upload the same on the Government portal. If the PAN mentioned in the form is wrong, an error would crop up at the time of uploading the TDS return by the bank or at the time of uploading the declarations received from the assessees by the bank. This may also lead to the deduction of tax by the bank at a rate of 20 per cent assuming that the tax payer does not have a valid PAN. Similarly, if the wrong year is mentioned on the form, the bank would reject the form and deduct tax accordingly."
Read on to find how SBI customers can submit Form 15G/15H online. Before we get to that, here is a look at the eligibility criteria for submitting these forms.
According to income tax laws, here are the eligibility conditions for submitting Form-15G:
(a) Can be submitted by resident individual aged below 60 years;
(b) The income for which form is being submitted should be below the basic exemption limit, i.e., Rs 2.5 lakh in a financial year;
(c) The estimated tax liability of the individual for the financial year should be zero.
Here are the eligibility conditions for submitting Form-15G:(a) Can be submitted by resident individual aged 60 years and above;(b) The estimated tax liability of the individual for the financial year should be zero.
According to tax experts, for the financial year 2020-21 in both the income tax regimes (old and new), there is no tax liability for individuals with net taxable income up to Rs 5 lakh. Therefore, if your estimated net taxable income does not exceed Rs 5 lakh for the financial year 2020-21, then you can submit the Form-15G/Form15H for the financial year 2020-21.
|
|
|
|
|
|
|
|
|
|
Copyright 2024 CAinINDIA All Right Reserved. Designed and Developed by Ritz Consulting
|
|
|
|
|
|
