434
6 min read
Updated on Jan 27, 2024
Form 15G and Form 15H are self-declaration forms that are submitted by individuals who want to avoid TDS being deducted from their interest income. These forms are submitted to banks or any other financial institutions seeking respite from TDS deduction if the individual’s annual income is below the basic exemption limit.
Generally, banks deduct TDS on investments under section 194A of the IT Act if the interest earned by the investor is more than INR 40,000 per financial year. For senior citizens, this limit is INR 50,000. However, if the total annual income of an individual is not taxable, the person can apply to the bank requesting that TDS not be deducted from the interest income earned.
Table of Contents Show
Form 15G is a self-declaration form that individuals holding a fixed deposit (FD) can submit to the bank where they have the FD to make sure that no TDS is deducted from their FD interest income for the particular fiscal year. This form is available for people who are below 60 years of age and for Hindu Undivided Families or HUFs. Form 15G is available u/s 197A of the IT Act, 1961, and it allows taxpayers to request banks not to deduct TDS on their interest income by declaring their annual income.
Like Form 15G, Form 15H is again a self-declaration form. However, this form allows senior citizens of 60 years and above to avoid TDS in the interest of investments, such as submitting form 15G for FD and RD, etc. This form again comes u/s 197A of the IT Act under subsection 1C. By submitting this declaration, senior citizens can avail of their investments in full, including complete interest amount on deposits without any TDS deductions.
Age |
30 Years |
50 Years | 62 Years |
81 years |
Salary |
INR 1,20,000 | INR 1,20,000 | – |
– |
Pension |
– |
– | INR 1,20,000 |
INR 2,00,000 |
FD interest income |
INR 1,05,000 |
INR 2,60,000 | INR 2,80,000 |
INR 3,30,000 |
Total income before deductions u/s 80 |
INR 2,25,000 |
INR 7,10,000 | INR 4,00,000 |
INR 5,30,000 |
Deductions available u/s 80 |
INR 24,000 |
INR 1,30,000 | INR 1,00,000 |
INR 55,000 |
Taxable income |
INR 2,01,000 |
INR 5,80,000 | INR 300,000 |
INR 475,000 |
Minimum exempt available |
INR 2,50,000 |
INR 2,50,000 | INR 300,000 |
INR 500,000 |
Age |
Below 60 |
Below 60 | Above 60 |
Above 60 |
NIL tax on income |
Yes |
No | Yes |
No |
Interest earned is below the basic limit of exemption |
Yes |
No | NA. |
NA. |
Eligible for Form 15H, 15G |
Form 15G |
Not eligible | Form 15H |
Form 15H |
Criteria | Form 15G | Form 15H |
Applicable on | Form 15G can be submitted by any individual resident Indian (not company) | Form 15H can also be submitted only by resident Individuals |
Age Limit | Applies to individuals less than 60 years of age | This applies to senior citizens 60 years and above |
Provision under the Income Tax Act | As per Section 197A (1) and (1A) | As per Section 197A (1C) |
Both 15G and 15H Forms are applicable for one financial year only. Hence, one must submit these forms at the start of every financial year to ensure no TDS is deducted by the bank TDS from your interest income.
Other than banks, you can submit Form 15G and 15H in the following cases:
Here’s how to fill Form 15G with different required details:
If a taxpayer fails to submit Forms 15G and 15H on time, the bank may deduct TDS. In such a case, below are the options you have:
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
Form 15G is for individuals below 60 years old as well as HUFs, while Form 15H is for senior citizens 60 years old and above.
No, NRIs are not eligible for forms 15G and 15H. Only Indian residents can submit the two forms.
Form 15G and 15H are self-declaration forms that support an individual in avoiding TDS deductions on the interest income on investments.
Yes, you must submit copies of the form at each of your bank branches where you have made an investment and you receive an interest income.
Yes, you can visit your bank’s official portal to submit Form 15H online.
PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
The Social Security Pension Management Information System (SSPMIS) Mukhyamantri Vridhjan Pension Yojana is the Bihar Government’s social security scheme. This scheme was initiated to offer.
Filing the ITR within the due date is very important. By doing so, taxpayers can evade penalties and other consequences due to not filing or.
In India, many opt for life insurance as a smart move to protect themselves and their families, given the unpredictable future. It's a practical step,.
Taxpayers can claim tax deductions under section 80DDB of the Income Tax Act, 1961, on the treatment expenses of certain specified diseases. This deduction can.
In most cases, House Rent Allowance (HRA) is a part of employees' salary and they can claim an exemption for HRA. Hence, if an employee.
Taxes are important for the financial well-being and the good governance of a country. Without taxes, the functioning of the country gets disturbed. The tax.
When joining a new organization in the middle of a fiscal year, employees need to fill out Form 12B. This form informs the new employer.
Payment of Income Tax is directly related to the economy of a country. Hence, every taxpayer in India is expected to pay income tax responsibly.
You may already know that a rental income or the money earned from renting a property is subject to TDS or tax deducted at the.
We know that almost every individual owns a savings bank account. We also know that the interest earned on your savings accumulated in a savings.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue