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As per the Indian income tax laws, any interest earned above a certain threshold is liable for a TDS deduction. For non-senior citizens, the limit is ₹40,000, whereas for senior citizens it is ₹50,000. 


Banks generally deduct a 10% TDS on interest income if it exceeds these limits. However, if your total income in a financial year does not exceed the basic tax limit, you need to submit Form 15G or 15H. 


These forms are self-declarations that request the bank/NBFC not to deduct TDS on the interest earned on your fixed deposit income. Read on to understand the difference between these forms and more.

Difference Between Form 15G and 15H

Although Form 15G and 15H are fundamentally similar, the key difference lies in who can fill them. Check out some primary differences between them. 


Form 15G

Form 15H


Resident individuals below 60 years, a member of Hindu Undivided Family, or a trust with an FD

Resident individuals who are aged 60 years or above (senior citizens) and have an FD

Interest limit during the year

TDS deduction is applicable if the interest earned during the year exceeds ₹40,000

TDS deduction is applicable if the interest earned during the year exceeds ₹50,000

Condition for form submission

You can submit only if the interest income is below the basic exemption limit

You can submit even if your income from interest exceeds the basic tax exemption limit


What is Form 15G?

Form 15G is a declaration submitted by non-senior citizen taxpayers requesting financial institutions to not deduct TDS from the interest earned. You must submit the form only if your total income is below the minimum exemption limit.

Features of Form 15G 

The following are the notable features of Form 15G:

  • Any individual taxpayer below 60 years of age, a Trust, or a member of the HUF (Hindu Undivided Family) can submit this form

  • You can file Form 15G before the interest is payable by the financial institution

  • You can file this form only if your total income in a financial year is below the basic taxable limit of ₹2.5 Lakhs

  • Only Indian residents can file this form


15G 15H

What is Form 15H?

The function of Form 15H is identical to what Form 15G does. You can file this form to avail a waiver on TDS on the interest income. However, you file this form only if you are a senior citizen, i.e., have reached 60 years of age. 

Features of Form 15H 

Here are some of the features of Form 15H:

  • You can only file Form 15H if you are a senior citizen

  • To file this form, your total taxable income must be less than the minimum taxable income, i.e., ₹3 Lakhs (₹5 Lakhs for those older than 80 years)

  • You need to submit this form to every branch where you have deposits

  • Filing this form at the time of the deposit allows you to avoid deductions at the time of maturity of your FD

When Should You Submit Form 15G/15H for FD?

If your bank deducts TDS from your FD interest, you will have to request a refund while filing ITR. To avoid this, you need to file Form 15G/H, whichever is applicable, before the financial year begins.


For instance, if you are below 60 years of age, you will need to file Form 15G on or before April 1, 2023. Similarly, if you are above 60 years of age, you will need to file Form 15H.  


This will help ensure that the bank or other liable financial institution does not deduct TDS on your fixed deposit interest payments for the financial year 2023-24. 


If you submit these forms late, the financial institution may have already deducted tax on any previous interest payments made during the year. You can then claim a refund for those TDS amounts alone when you file your tax returns.

Where Can You Submit Form 15G or Form 15H Apart from Banks?

You can submit Form 15G and 15H to avoid TDS deduction on interest income. There are various sources other than banks where you will need to submit these forms. 


Here is a closer look at the other instances of TDS for which you can submit these forms, apart from TDS on FD interest deducted by banks. 

1. TDS on EPF Withdrawal

In case you withdraw from your Employees’ Provident Fund (EPF) account before the 5-year period, the interest earned will be liable for TDS. If you decide to withdraw over ₹50,000 from the balance in your EPF account, you will need to file Form 15G or 15H to avoid TDS.

2. TDS on Life Insurance Receipts

Typically, the sum you receive from your life insurance policy as death benefits or maturity payouts is exempt from tax. This comes u/s 10(10D) of the Income Tax Act. 


However, if you receive any sum exceeding ₹1 Lakh from your policy, this is not tax-free u/s 10(10D). Instead, it will be subject to TDS. You can submit Form 15G and 15H in these cases to avoid tax deductions if your total income is below the exemption limit.

3. TDS on Income from Corporate Bonds

Corporate bonds are fixed-income instruments that offer guaranteed returns. Note that TDS will be deducted if the returns you earn from these bonds exceed ₹5,000 during a financial year. In order to avoid this, you will need to submit Form 15G/H to the issuer of your bonds.

4. TDS on Insurance Commission

If you are an insurance agent, the insurance commission is undoubtedly your primary source of income. However, if the insurance commission you earn during a financial year exceeds ₹15,000, the tax will be deducted from the income. 


To avoid tax deductions, you need to submit 15G and 15H to the insurance corporation if your total income is below the taxable limit.

5. TDS on Post Office Deposits 

Just like bank fixed deposits, post office fixed deposits also pay out interest on a regular basis. So, if the amount of interest earned on your POFD exceeds a certain limit, it will be liable for TDS. 


To get a waiver on TDS, you need to submit Form 15G/15H to the Post Office branch where you have an FD account.   

6. TDS on Rent 

If you are earning more than ₹2.4 Lakhs annually on rent, this income will be liable for taxation. However, if your total income remains below the basic tax exemption limit, you can get a TDS waiver.


For this purpose, you will have to submit Form 15G or 15H to request the tenant not to deduct TDS. This will act as a request to the tenant to refrain from deducting tax at source from your rental income.

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Example to Understand Who Can Submit Form 15G And Form 15H

Here is an example to better understand who can submit Form 15G and Form 15H. The table below shows the income particulars for 4 different income tax assesses.  










FD interest





Total income before deductions u/s 80C





Deductions u/s 80C





Taxable income





Basic exemption limit





Is the tax on total taxable income nil





Is the interest income less than the basic exemption limit





Is the assessee eligible to submit Form 15G/H

Form 15H

Form 15H

Form 15G

Cannot Submit

Reason for eligibility/ ineligibility

Taxable income is below the basic exemption limit

Taxable income is below the basic exemption limit

Taxable income is below the basic exemption limit 

Interest income exceeds the basic exemption limit

Why Should You Submit For 15G and 15H?

These forms allow you to request banks and other financial institutions not to deduct TDS from your income and avoid the hassle of claiming a refund. As such, you should submit Form 15G/H to a bank or any other interest-paying entity.

It also helps you earn your total income without any deductions whatsoever. For instance, say you earn a total interest income of ₹2.4 Lakhs from your fixed deposit during a financial year with no other income. 


Now, if you do not submit Form 15G or 15H, the bank will deduct a TDS of 10% from your income. This means the TDS amount will come up to ₹24,000, leaving you with just ₹2.16 Lakhs as your income during the year. 


You can only get this TDS amount back by claiming a refund when you file your tax returns.  However, if you simply submit Form 15G or 15H, you can avoid this roundabout process. This way you can get your interest income paid out in its entirety. 

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How to Fill Form 15G and Form 15H?

There are several entries and details you need to fill in Form 15G and 15H. Refer to the points mentioned below to understand how to complete these forms. 


Carefully fill in all these entries for successful online or offline submission of your Form 15G or 15H.

  • Declarant/Assessee Name

Enter your name as per your PAN card and tax records.

  • Status 

Mention whether you are an HUF entity or an individual.

  • Previous Year

Enter the year for which you are submitting the form.

  • Residential Status

These forms are available only to Indians residing in the country. So, fill in your residential status here.

  • Address

Mention your complete address here. This includes your PIN code, phone number, and email ID.

  • Whether Assessed to Tax Under the Income Tax Act 1961

Mention if your income exceeded the taxable limit in the last six financial years.

  • If Yes, Latest Assessment Year for Which the Tax was Assessed

Fill in the last financial year for which you paid income tax.

  • Estimated Income for Which Declaration is Made

Mention the total of all your income from various sources on which you are claiming exemption from TDS.

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Eligibility Criteria for Submission of Form 15G and 15H

To be eligible for submitting Form 15G and 15H, you need to meet the following criteria: 

  • Below 60 years (for Form 15G)

  • Above 60 years (for Form 15H)

  • Indian resident

  • Have taxable income below the basic exemption limit

  • Have interest income below the basic exemption limit (for Form 15G)

Details Required for Submission of Form 15G and 15H

Since these are merely self-declaration forms, you typically need not submit any accompanying documents. However, ensure you provide your PAN details when you open an FD with a bank. 


This is because if you do not submit your PAN details, the bank will deduct tax at 20% instead of the regular 10%. In addition to your PAN, you may also need to submit other details, such as the following:

  • Telephone number

  • Email ID

  • Occupation 

  • Complete addresses 

  • Details of income from other sources

Required Number of Copies

You need to submit Form 15G or Form 15H at each bank branch with which you have a fixed deposit that pays you interest. The number of copies required can vary from one bank to another. Typically, you may have to submit 3 copies, which are distributed as follows: 

  • One copy remains with the bank

  • One copy is submitted to the income tax department

  • One copy is sealed, stamped and returned to you as an acknowledgement copy

Claims for Tax Refunds After Submitting Forms 15G and 15H

If you submit Form 15G/15H, it essentially means that the bank or the payer does not need to deduct tax from your interest income. It implies that you do not have to claim any tax refunds since no tax is deducted in the first place. 


That said, if the bank or the paying entity has already deducted taxes, you may have to file your ITR and claim the tax refund. 

What If You Missed Submitting Form 15H and 15G?

If you forget to fill and submit Form 15G/H as applicable, the financial institution will deduct TDS from your interest. In that case, here is what you need to do. 

  • Submit Form 15G/15H Immediately

The last date for submitting Form 15G and Form 15H is before the financial year ends. So, you can still submit your form and ensure that the institutions do not deduct further tax.

  • File your ITR and Claim a Refund

Another option is to file your income tax return within the due date and claim a refund for the tax deducted. Remember that the due date for return filing varies depending on whether you are an individual or other entity. 


To claim a refund, filing your returns one time is crucial. This sums up the primary details of Form 15G and 15H. If you satisfy the conditions required to submit either of these forms, make sure you submit the document on time to avoid tax deduction at source. 


This way, you can earn the entire income without any tax cuts. 

FAQs on Form 15G and 15H

In case you forget to fill out Form 15G or 15H, the institution will deduct TDS from your interest earnings. However, if your total income is below the taxable limit, you will now have to file a refund with your Income Tax Return.

No, you can fill out these forms only if you are a resident of India.

No. It means that interest income will not be subject to TDS if the net income from all sources is below the basic exemption limit.

No. You only need to submit it to the branch in which you have an FD. For convenience, it is best to submit Form 15G online.

If you earn income above the minimum threshold, the interest income will be subject to TDS deduction. This applies even after you submit these self-declaration forms.

You need to submit Form 15G before the financial year begins.

Yes, you can download these forms from the Income Tax website.

You can complete and submit Form 15G for EPF withdrawal online. Alternatively, you can also download Form 15G, fill it out and submit it as a physical copy at the EPFO office.

Yes, if you are eligible to submit these forms, you get a waiver on your TDS deduction. This makes your interest income tax-free. 

You need not to submit the forms directly to the Income Tax Department. You just need to submit them to the deductor (or the person/entity paying the interest income).

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