Everything You Need To Know About Form 15G & Form 15H (English)

Many people do not have enough income and so they do not have to pay Income Taxes. However, they have FDs and many such deposits from which they get interest, and TDS (Tax Deducted at Source) is also deducted on them. To get the TDS amount back, one has to wait till the end of the year and once the return is filed, the TDS can be refunded. There are two forms 15G &15H to get rid of this problem. To know the correct usage of these forms, one has to know these two forms in detail. This article is all about it.

If a resident individual has a PAN card and doesn’t want TDS to be deducted from a source where he is earning interest income, he has to submit either 15G or 15H. For persons above 60 years, form 15H is to be used and 15G for persons below 60 years.

If someone wants to download the 15G or 15H form, you may click the link below.

Who All Can Fill Up A 15G Form?

  1. Any individual or HUF or Trust
  2. Any Indian resident
  3. Age should be below 60 years
  4. Total Taxable Income should be NIL
  5. Total Interest Income should be below the exemption limit on Interest income in a year

Who All Can Fill Up A 15H Form? 

  1. Any individual or HUF or Trust
  2. Any Indian resident
  3. Age should be above 60 years
  4. Total Taxable Income should be NIL

Can These Forms Be Filled Up Online?

If the bank or the company from which the interest is being received has the facility of filling up forms online, then it can be done online. SBI and ICICIC  banks have the facility of filling up the forms online. Those who have accounts with these banks can avail online form filling facility. 

If you need guidance regarding online form fill-up, you may click on the video link below –

SBI INB: Generating Form 15G/15H Online

If you need guidance regarding offline form fill-up, you may click on the blog post link below

How to Fill 15G and 15H Form

If you want to learn by watching a video, click on the link below

How To Fill Form 15G? [Hindi]

How To Fill Form 15H? [Hindi]

Where Else Are These Forms Needed?

Post Office Deposit

Apart from banks, these forms are applicable on the interest of various Post Office deposits. 

Corporate Bond

These forms are to be submitted while depositing in various corporate bonds for interest.

Employee Provident Fund

If an employee wishes to withdraw Rs. 50,0000 or more from his Employee Provident Fund account before completing 5 years of service, he/she has to submit these forms.

Rental Income

If a person’s income is more than 2.4 lacs per annum and if he doesn’t submit any of these forms then TDS will be deducted.

Insurance Commission

If the interest received as commission, has been more than 15,000 then these forms have to be submitted, or else TDS will be deducted.

Frequently Asked Questions

Q. Is the 15H and 15G forms the same for all banks?

A: No, these forms may sometimes vary from bank to bank. It is best to download the form from Income Tax Portal.

Q: Do I have to submit this form at all banks or all branches wherever there is an investment?

A: Yes, you have to submit the form at that particular branch where you are getting interest from your deposit.

Q: Does filling Form 15G or Form 15H means my income is not taxable?

A: This form is a declaration that even if you are getting interest from your income, the taxable income is nil. Interest received from Fixed Income, Recurring Deposits or Corporate Bonds are always taxable.

Q: What would happen if someone forgets to submit these forms?

A: If someone fails to submit the forms at the right time, the bank is going to deduct TDS. However, after applying for a return, the TDS amount can be refunded.

Q: What is the difference between Form 15H and Form 15G?

A: 15G is for persons below the age of 60 years while 15H is for persons above the age of 60 years.

Q: I have submitted Form 15G and Form 15H but I have taxable income. What is to be done?

A: You need to inform your bank that your taxable income is not nil, The bank will start deducting TDS.

Q: Is there any time limit for submitting these forms?

A: This form is usually submitted to the bank at the beginning of the financial year in April.

If you have any questions, you may post them as comments in the comment section. Your feedback is valuable to us.

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