15G & 15H Form

Form 15 G and H are forms required to be filled in and submitted to bank authorities to get an exemption from tax deduction at source from the interest income that you earn from the deposits. Form 15 G is for resident individuals below the age of 60 years and Form H is for resident individuals who are above the age of 60 years. Once these forms are filled you need not worry about tax deduction from interest income on FDs and other deposits. These forms are basically needed to be filled in order to declare that your annual income is below the taxable limit of Rs 2,50,000 per annum and hence you are not liable to pay any taxes. Hence no TDS should be deducted from your interest payments.

Form 15H is applicable to senior citizens, (60 years or above); while Form 15G is for others.

You can submit these forms to insure that TDS is not deducted on your income if you meet  certain conditions listed below.

1. Applicable to individual or HUFs only
2. You must be a Resident of India
3. You should be greater than 60 years old (Applicable only for Form 15H)
4. Tax calculated on your Total Income is Zero
5. The total interest income for the year is less than the minimum exemption limit of that year, which is Rs 2,50,000 for financial year 2017-18

A lot of people holding of fixed deposits does not lie in income tax slab, that’s why they submit Form 15G/H as undertaking to the bank and the bank will make the payment without deducting the TDS. Sometimes, if your interest income is calculated above tax exemption slab, then there is no use of submission of Form G&H. https://financialcontrol.in/form-15g-and-15h/