Form 15H and 15G - Introduction

What is Form No. 15G / Form 15h?

Form 15G and Form 15H are the documents that you can submit to make sure TDS is not deducted from your income. Form 15H is for senior citizens and Form 15G is for everybody else.

Who can submit Form 15G?

• Any Resident Indian who is below 60 years of age and
• If your tax liability for the concerned Financial Year should be ‘NIL’ and
• If total interest income for which Form 15G is being submitted, is less than basic exemption limit (i.e., Rs 2.5 Lakh for FY 2017-18). 

For example : If your salary income is Rs 1 Lakh and interest income is Rs 3 Lakh and your tax deductions u/s 80C is Rs 1.5 Lakh then you can not submit Form 15G. Here, your interest income is Rs 3 Lakh which is above the basic exemption limit.

Who can submit Form 15H?

·       Any Resident Indian who is 60 years old or will be 60 years old during the financial year and

·       If taxable income is less than the basic exemption limit.

When to submit Form 15G / Form 15H?

You can submit Form 15G / 15H to your income provider before the first payment in a year becomes due. It can be at the beginning of the year or during the financial year.

Example 1 : You have booked a cumulative bank Fixed Deposit for 1 year, interest income is payable on maturity date only. You can submit Form 15G/H with your banker at the beginning of the FY or anytime, before the FD matures.

Example 2 : You have booked a bank FD where interest income is payable on a quarterly basis. In this case, you have to submit Form 15G/15H at any time before the end of 1st quarter in which such interest income is payable to you. Kindly note that you need not submit Forms again for the remaining quarters of that FY.