Complete Overview on Income Tax Form 15G & 15H

What are Forms 15G and 15H?

These are self-declaration forms submitted by individuals to prevent TDS on interest income and other eligible incomes if their total taxable income is below the basic exemption limit. Form 15G and Form 15H are self-declaration forms used to request non-deduction of TDS (Tax Deducted at Source) on certain incomes (usually interest income) when your total income is below the taxable limit.

• Form 15G: For individuals below 60 years of age, HUFs, and trusts.

• Form 15H: For senior citizens (60+ years).

These are primarily submitted to banks, post offices, or institutions like EPFO when interest income exceeds TDS thresholds.

Differences Between Form 15G and Form 15H

Key Differences in Form 15G vs Form 15H are mentioned here under : 

Feature	Form 15G			Form 15H
Age Requirement	Below 60 years			60 years or older
Applicable to	Individuals, HUFs, Trusts			Senior citizens only
Income Criteria	Taxable income < ₹2.5 lakh (old regime)			Taxable income < ₹3 lakh (₹5 lakh if super senior)
Purpose	Avoid TDS on interest if income is below threshold			Same, but for senior citizens
Tax Liability	Must be NIL			Must be NIL
PAN Required	Yes			Yes
Who can submit?		Resident Individuals below 60 years, HUFs, Trusts	Resident Individuals aged 60 years or more (Senior Citizens)
Purpose		Avoid TDS on interest income or other income	Avoid TDS on interest income or other income
Taxable Income Criteria		Total income should be below basic exemption limit	Total income can exceed the limit, but tax liability should be NIL
Applicable Sections		Mainly for Section 194A, 194DA, 194K, etc.	Same as Form 15G

When Can You Submit Form 15G / 15H?

You can submit it to avoid TDS on:

• Bank Fixed Deposits or Recurring Deposit interest

• Post Office deposits

• Corporate bonds or debentures

• EPF withdrawals (if before 5 years of service and amount > ₹50,000)

• Income from life insurance policies (under 194DA)

• Dividends (under 194K)

In summary we can say taht Where to Submit Form 15G/H : Banks, Post offices, EPFO (for EPF withdrawals), Bond/debenture issuers, or corporate deductors or employers (if applicable)

Eligibility Conditions – Income Tax Form 15G & 15H

Form 15G

• Taxpayers are resident individuals (below 60), HUFs, or trust. In case the taxpayer’s total interest income for the year is below the exemption limit (₹2.5 lakh for FY 2025-26). Tax liability must be zero.

• Applicable to those under 60 years.

• Only Indian residents can use it.

• Total taxable income should be below ₹2.5 lakh (or ₹3 lakh under the new regime).

• Can be submitted to banks, post offices, and EPFO.

• Required to be submitted to all deposit-bearing branches.

• How to Fill Out Form 15G

• • Use your correct PAN and personal details.

  • Mention estimated total income for the year.

  • Sign and submit either physically or online.

🔹 Form 15H

• The taxpayer is a resident senior citizen (60+).  and  Tax liability is zero, regardless of total income.

• Only for Indian residents aged 60 years or more.

• Taxable income must be below the basic exemption limit:

  • ₹3 lakh (age 60–79),

  • ₹5 lakh (80+).

• Still valid if interest exceeds limits but total tax liability is zero.

• Must be submitted where deposits exist.

How to Submit Income Tax Form 15G & 15H

• Online via internet banking (most banks offer this feature).

• Offline by submitting a physical form at the bank or financial institution.

• The taxpayer may need to provide:

• • PAN

  • Estimated total income for the year

  • Details of previous declarations (if any)

  • Declaration that your tax liability is nil

Example Scenarios for filling of Income Tax Form 15G & 15H

Consequences of Misuse or Wrong Declaration

• Misuse or wrong declaration can lead to penalty and prosecution under Section 277 of the Income Tax Act.

• IfTaxpayer actual tax liability turns out to be non-zero, interest and penalty may apply.

When Should You Submit Form 15G/15H?

• At the beginning of the financial year (ideally in April). Preferably at the beginning of the financial year to ensure no TDS is deducted.

• Before the first interest credit to avoid TDS. Valid for one financial year only—needs to be submitted every year afresh.

• Can still be submitted mid-year to prevent future TDS deductions.

• Tracking Submission: Normally Banks will issue a unique acknowledgement number. And the taxpayer can check if TDS was avoided by verifying Form 26AS on the Income Tax portal.

What If You Forget to Submit?

1. Submit Immediately: To avoid further TDS.

2. File ITR: Claim refund of TDS deducted by banks (visible in Form 26AS).

3. Next Quarter Submission: Forms can be accepted in the next quarter.

Structure of Form 15G

Part I (to be filled by the declarant):

• Name, PAN, status (individual/HUF), income details

• Declaration of total estimated income

Part II (for the institution):

• Acknowledgement and verification by the deductor (bank/post office/etc.)

Structure of Form 15H

Very similar to Form 15G, with the addition of:

• Declaration of senior citizen status

• Relevant exemption limits for 60+ and 80+ categories

Important point to Remember in relation to Income Tax Form 15G & 15H

• PAN is mandatory. If not provided, TDS will be deducted at 20%.

• Must submit separately to each branch/institution where you earn interest.

• Form is valid for one financial year only.

• Interest limit for TDS deduction:

  • ₹40,000 (₹50,000 for senior citizens) from banks.

  • ₹5,000 for corporate bond interest.

FAQs on Income Tax Form 15G & 15H? 

Q1. What happens if I file Form 15G/H but my income exceeds the exemption limit?
A: You may face penalties for furnishing incorrect declarations under Section 277.

Q2. Can NRIs file Form 15G or 15H?
A: No, only resident Indians are eligible.

Q3. Do I need to file the form every year?
A: Yes. Valid only for one financial year.

Q4. Is Form 15G/H applicable on FD in co-operative banks or NBFCs?
A: Yes, if they deduct TDS and your income is below the limit.

Q5. Can I submit Form 15G/H for interest from NSC or tax-free bonds?
A: No. These are already exempt or interest is cumulative without annual payouts.

Q6. What is the difference between Form 15G and Form 15H?

A: Form 15G is meant for individuals below 60 years of age, Hindu Undivided Families (HUFs), and certain trusts.

Form 15H is applicable only to senior citizens, i.e., individuals who are 60 years or older.

Q7. What happens if I submit Form 15G/Form 15H but have taxable income?

A: If your total taxable income exceeds the basic exemption limit and you submit either form incorrectly, the declaration becomes invalid. You will be liable to pay tax, including on any interest income that may have otherwise been exempted from TDS.

Q8. What is Form 15G used for?

A: Form 15G is a self-declaration form under Section 197A of the Income Tax Act, used to prevent the deduction of TDS on interest income (from FDs, RDs, EPF, etc.) if your total income is below the taxable limit.

Q9. Do I need to submit Form 15G/Form 15H at all bank branches?

A: Yes. You must submit the respective form at each bank or post office branch where you hold interest-bearing deposits, to ensure TDS is not deducted from any of them.

Q10. Will my interest income become tax-free if I submit Form 15G/Form 15H?

A: No. These forms only prevent TDS if your total income is within the exemption limit. TDS is applicable if annual interest income exceeds ₹40,000 (₹50,000 for senior citizens). However, if your total income is below ₹2.5 lakh (or ₹3 lakh/₹5 lakh for senior citizens), submission of these forms helps avoid unnecessary TDS.

Q11. If I am an NRI, should I submit Form 15G or Form 15H?

A: No. NRIs are not eligible to submit either Form 15G or Form 15H. These declarations are meant for resident individuals only. If you are an NRI, TDS is mandatory on your interest income, regardless of your income level.

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