Summary 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.
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.
In light of the current situation, the Central Board of Direct Taxes (CBDT), has decided to extend the validity of… https://t.co/5zvXMQGnZh— State Bank of India (@TheOfficialSBI) 1587023359000
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.
Eligibility conditions to submit Form-15G/Form-15H
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.
Submission of Form 15G, Form 15H online on SBI website
SBI savings account holder can submit Form 15G/15H via Net banking between 08:00 AM and 8:00 PM. Follow these steps to submit the form online:
Step 1: Visit www.onlinesbi.com and login to your account.
Step 2: Once logged in, select 'Form-15G/Form-15H' option under the 'e-Services' tab.
Step 3: A new tab will open. You will be required to select the 'CIF Number'. Once CIF number is selected, click on submit. The CIF number mentioned on the screen can be cross-checked from the first page of your bank passbook.
Step 4: Select the branch code where the form is required to be submitted and click on submit.
Step 5: Part-1 of the Form-15G/Form 15H, as applicable, will show details such as name, PAN of the assessee, address etc. Check and ensure that the information mentioned on the computer screen, especially PAN and previous year (the year for which the form is being submitted), whether assessed to tax, i.e., if you have ever filed ITR before etc.
Step 6: Once the required details are correctly mentioned in Part-I, then click on submit. A new tab will open where you will have to the details once again. Once the details are checked, click on 'Confirm'.
Step 7: A one-time password (OTP) will be sent to your registered mobile number. Enter the OTP and click on confirm.
Once the form is submitted successfully, UIN number will be generated. The hyperlink will be visible on the computer screen as well to download a copy of the form submitted.
Click here to download ET Online’s guide to everything personal finance in the times of Covid-19