What Is Form 15G & 15H? A Simple Guide for Taxpayers

When you earn income from sources like fixed deposits or interest and your bank deducts TDS, it can sometimes feel confusing and frustrating — especially if your total income is below the taxable limit. This is where Form 15G and Form 15H help. These forms are simple declarations that tell banks not to deduct TDS when you’re eligible for exemption.

Let’s break them down in an easy way.

What Is Form 15G?

Form 15G is a self-declaration form for individuals below 60 years and Hindu Undivided Families (HUFs).

• You can submit this form to your bank or financial institution if:
• Your total income is below the basic exemption limit
• You want to avoid unnecessary TDS deductions on interest income

By submitting Form 15G, you confirm that your tax liability for the year is zero, so the bank does not need to deduct TDS.

What Is Form 15H?

Form 15H was created for senior citizens and is comparable to Form 15G.

Form 15H is helpful in avoiding TDS deduction when a senior citizen's taxable income falls below the limit because they frequently have higher interest income from FDs.

Eligibility:

• Age 60 or above
• Total income below taxable limit
• Interest income likely to exceed TDS threshold

When Should You Submit Form 15G/15H?

Ideally, you should submit the form at the beginning of the financial year (April).

This ensures your bank does not deduct TDS unnecessarily throughout the year.

You can submit it to:

• Banks
• Post office (for deposit schemes)
• EPFO (for PF withdrawals under specific rules)
• Corporate deposit institutions

Why Are These Forms Important?

Here’s how Form 15G/H helps you:

• Avoids tax deduction when you’re not liable to pay tax
• Improves cash flow, as no refund wait
• Reduces paperwork during ITR filing
• Prevents TDS mismatch in Form 26AS

Conclusion

Form 15G and Form 15H are simple tools that help you avoid unnecessary TDS deductions if your income is below the taxable limit. They ensure better cash flow and save you from waiting for refunds. If you qualify, submit these forms early in the financial year to stay stress-free and avoid extra tax headaches.