Want to save TDS on Interest Income ? Submit Form 15 G / Form 15 H

Want to save TDS on Interest Income ? Submit Form 15 G / Form 15 H

What is form 15 G?

Form 15 G is a declaration form to be filled by assessee having bank accounts (Individual & HUF) who are below 60 years of age to ensure that no TDS is deducted from their Interest Income earned during the year.

As per Income Tax Act, it is mandatory for banks to deduct TDS @ 10 % on Interest income if it exceeds Rs 40,000 (In case of Senior Citizen limit is Rs. 50,000). Prior to Budget 2019, the limit of TDS on interest income was Rs. 10,000.

For details TDS charts – refer our TDS Rate Chart Block

What is Form 15 H?

Form 15 H is a declaration form to be filled by assessee having bank accounts (only individuals) who are above 60 years of age to ensure that no TDS deducted from their Interest Income earned during the year.

Form 15 G and Form 15 H

What type of bank account interest covered here ?

Here bank account interest includes all fixed deposits and Recurring deposits etc.

Where we can get Form 15 G and Form 15H?

Form 15 G and Form 15 H are easily available on various bank websites, EPFO portals and also on Income Tax website.

Difference between Form 15G / Form 15 H

Table Created by Taxofile Expert will help you to understand the difference between - Form 15 G and Form 15 H


Form 15 G

Form 15 H
   
Who can apply    
   
Individual & HUF   
   
Only Individual   
   
Age    
   
Below 60 years   
   
Above 60 years   
   
Residential Status   
   
Only Resident Indian   
   
Only Resident Indian   
   
Total Income during FY   
   
Less than Basic   Exemption Limit   
   
It may or may not be   less than Basic Exemption Limit   
   
Tax Liability on Total   Income    
   
Tax Liability on Total   Income has to be zero    
   
Tax Liability on Total   Income has to be Zero   

How to fill Form 15G or Form 15H?

Once you’ve met the required conditions for furnishing Forms 15G and 15H, you can start filling them. Here’s are the steps you need to take:

  • Fill in the different fields in Form 15G and Form 15H
  • Attach your PAN copy with the declaration
  • Submit the Forms to your financier.

For those looking to avoid long queues and arduous processes, you can consider filing these forms online.

Do we need to file Form 15G/ Form 15 H every year ?

Both Forms 15G and 15H are valid for 1 year, and should be submitted to your financier at the start of the year. You must ensure that your financier does not deduct the tax, before you furnish the forms, because the bank may not be able to refund it. To get your money back, you may need to file your ITR and claim a refund of your TDS amount.

You can download Form 15 G/ Form 15 H using below links :

Form 15 G:-  https://www.incometaxindia.gov.in/forms/income-tax rules/103120000000007845.pdf

Form 15 H: -  https://www.incometaxindia.gov.in/forms/income-tax rules/103120000000007846.pdf

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