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All you need to know about Form 15G & Form 15H

Most of the investors opt for FD as an investment avenue thanks to its fixed interest rates and assured returns. However, this interest earned from your fixed deposit is liable to be taxed. The Tax Deducted at Source or TDS threshold has been increased from Rs. 10,000 to Rs 40,000 as per the current budget for the post office and bank deposits. However, Non-Banking Financial Companies or NBFCs still kept their TDS threshold to Rs. 5000.

What is Form 15G?

While the TDS on fixed deposits remain constant there are several ways to avoid this deduction. On having your form 15G filled and submitted you won't have to face the TDS deduction on your income. However, there are some eligibility criteria that you must meet to fill Form 15G. The following are some criteria you must keep in mind if you want to fill the Form 15G:

  • You must have an Indian nationality

  • You are Hindu Undivided Family (HUF)

  • You must be an individual. The Firm 15G is not meant for any firm or company

  • Your age must be less than 60 years

  • The tax evaluated on your net salary must be zero

  • You must have a total earning less than the basic exemption threshold of that specific year you fill the form

What is Form 15H?

Now, the question arises if any HUF or Indian individual who is more than 60 years old can avail the same benefits or not? If they can, how would they do so? For any individual above 60 years of age, there is the Form 15H that provides the same benefit of no TDS deduction on annual income. To fill Form 15H:

  • You should be an Indian citizen

  • Your age must be minimum of 60 years

  • Your tax evaluation should be zero

Difference between Form 15G and 15H

While both Form 15G and Form 15H are self declaration forms and come with similar perks, there are certain differences between them:

  • Form 15G is meant for any individual less than 60 years of age, whereas Form 15H is meant only for senior citizens (more than 60 years)

  • The interest rates are different for both the forms

  • The yearly income liable to tax of an individual must be up to Rs 2.5 lakh for Form 15G. On the other hand, for Form 15H the annual income subject to the tax must be 3lakhs for 60-80 years individual and 5lakh for 80+ years

  • While the interest income must not be more than the basic exemption limit for Form 15G, this scenario doesn't remain an obligation to Form 15H

How to fill forms 15G and 15H?

There are several individuals who are still unaware of how to fill form 15G and 15H. The following section will help you to understand how to fill form 15G and form 15H:

  • First and foremost, make sure you are eligible to fill the form

  • Read the form thoroughly once you have downloaded it

  • Fill in the fields with required authentic details

  • Attach a copy of your PAN card with the form while you submit the filled forms

You can also fill these forms online to avoid any queues. You can go to the official site of the bank and proceed accordingly.

How to download Form 15G and Form 15H in pdf?

If you are wondering how to download form 15G pdf and form 15H as well, the following section will help you in doing so:

  • Go to the official website of income tax

  • Go to the category" frequently used form"

  • You will find Form 15G or 15H there

  • Tap on the icon of Pdf and download the form as per your requirements

  • Do not forget to photocopies of your form

Now that you have learnt how to download Form 15G pdf and 15H, you can easily print a form online and fill it without any hassle. Fill up the form and submit it to avoid any tax deductions related to fixed deposits. The last date to submit form 15G is within the first quarter of any financial year. Do not wait for the last date to submit form 15G or form 15H. Try to submit it as early as possible to safely avoid tax deductions that could be caused due to fixed deposits. 

FAQs

  • ✔️What is the 15G form?

    The 15G form is a self declaration that allows you no TDS deduction on your income. while you submit it in a bank

  • ✔️Why is Form 15G required?

    Since TDS has become mandatory, the Form 15 G can save you from this compulsion

  • ✔️Who is eligible for Form 15G?

    Any Indian individual or HUF aged below 60 is eligible for form 15G.

  • ✔️What is the 15G form used for?

    The form 15G helps you not pay TDS on income

  • ✔️Can I fill a 15G form online?

    Yes, you can fill a 15G form online by visiting the income tax official website.

  • ✔️What happens if Form 15G is not submitted?

    If Form 15G is not submitted by you, TDS will be deducted from your income as per the norms.

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