What Are Forms 15G and 15H?

Forms 15G and 15H are self-declaration forms that taxpayers in India can submit to ensure that no tax is deducted at source (TDS) on their income. Form 15G is meant for individuals below the age of 60, while Form 15H is specifically for senior citizens (aged 60 years or above).

Who Can Submit Forms 15G and 15H?

To submit Form 15G, an individual must meet the following criteria:

• The individual must be a resident of India.
• His/her total income should be below the taxable limit.
• His/her interest income for the financial year should be below the basic exemption limit.

For Form 15H, the criteria are:

• The individual must be a resident senior citizen (aged 60 years or above).
• His/her total income should be below the taxable limit.

Platforms to Submit Forms 15G and 15H

Forms 15G and 15H can be submitted through multiple platforms. These include:

• Bank branches where you hold accounts
• Online banking portals
• Post offices for small savings schemes
• Financial institutions where you hold investments

Submission Frequency

It is mandatory to submit Forms 15G and 15H at the beginning of each financial year. However, if your securities renew in the mid-term, you may need to submit the relevant form again to ensure no TDS is deducted. Consistent submission ensures that your interest income remains exempt from TDS throughout the financial year.