State Bank of India (SBI) recently allowed internet banking 15G and 15H to be deposited online
Both forms are filed by taxpayers to avoid taxation, which is not subject to tax
State Bank of India (SBI) has recently allowed online banking 15G and 15H to be deposited online. The Central Board of Direct Taxes (CBDT) has extended the validity of Form 15G / Form 15H till June 30, 2020. Failure to submit this form by June 30 will result in deduction of TDS (Tax Deducted at Source) on interest earned on your FD (Fixed Deposit) or Savings Account. Both of these forms are filed by taxpayers to avoid taxation, which is not covered by the tax.
This is how you can fill the online form.
SBI account holders will have to login to their account online
The e-service can then submit the form
After logging in, select the 15G / H option of E-services
Now select Form 15G or 15H Form
Then click on Customer Information File (CIF) Number and submit.
After doing so a new interface will open in front of you where other information will be sought.
Submit this information after filling it out.
Now a new tab will open where you have to fill in the new information once again and click on 'Confirm'
Your registered mobile number will be OTP (One Time Password). Enter the OTP and click 'Confirm'
Once the form is successfully submitted, a UIN number will be generated. A hyperlink will appear on the computer screen to download the form.
Why Form 15G or Form 15H is required
Form 15G or Form 15H is a self-declaration form. In it you have to state that your income is out of tax limits. Anyone who fills out this form gets tax relief. Those who do not pay come under the tax and the required tax is deducted from the interest income. Form 15G or Form 15H is for one year. However, TDS will be deducted if the form is not filled.
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What is TDS?
If a person has any income, if the remaining amount is given to the person after deducting tax from that income, then the amount deducted as tax is called TDS. The government collects taxes through TDS. TDS is deducted on different types of sources of income, such as salary, interest on any investment or commission, etc. Any organization (which falls within the scope of TDS) that pays, a certain amount is deducted as TDS.
