Form 15G and Form 15H: Differences and What to Use When Filing ITR

Updated on: 27 Sep 2024

Under section 194A of the Income Tax Act, financial institutions deduct TDS on interest if it exceeds ₹40,000 in a year. This limit for senior citizens is ₹50,000. If you rely on this income to manage these expenses, then you should definitely know about 15G and 15H forms.

This is a self-declaration form submitted at the bank to avoid TDS. This is beneficial for individuals without taxable or formal income. To learn about the uses of this form, eligibility to declare it, how to file it and more, read on.

What are 15G And 15H Forms?

15G is the form you can use if you are a taxpayer under the age of 60 years. Similarly, Form 15H is for senior citizens for non-deduction of TDS on passive income. They are used to avoid TDS from earnings from recurring deposits, fixed deposits and rental incomes.

What is the Difference between 15G and 15H Form?

Here is a quick overview of how both differ from one another.

Type of Form	15G	15H
Type of Taxpayer	Individuals less than 60 years old and a part of a Hindu Undivided Family	Individuals over 60 years old or senior citizens
Condition	Net interest income for the year is less than the basic exemption limit of ₹2.5 lakhs as per the old and ₹3 lakhs as per the new regime	Net interest income for the year is less than the basic exemption limit of ₹3 lakhs as per the new regime
Tax liability	Zero tax liability for the present economic year	Annual taxable income for the present fiscal year should be nil

Eligibility Criteria

Here are general criteria all depositors must adhere to in order to enjoy the benefits of these forms.

You must have income less than the basic exemption limit
You must be an Indian citizen
HUFs having ₹2.5 lakh annual income
Senior citizens without any taxable income

Also Read: Check TDS With Pan Card

Example of Who Can Submit These Forms

Here is an illustration of who can opt for tax deductions.

Age	23 Years	55 Years	67 Years	71 Years
Salary	—	₹1,80,000	—	—
Pension	—	—	₹1,00,000	—
FD Interest Income	₹2,60,000	₹85,000	₹1,80,000	₹3,30,000
Total income before Section 80 deductions	₹2,60,000	₹2,65,000	₹2,80,000	₹3,30,000
Deductions under Section 80	₹30,000	₹45,000	₹10,000	₹55,000
Taxable income	₹2,30,000	₹2,20,000	₹2,70,000	₹2,75,000
Basic Exemption Limit	₹2,30,000	₹2,50,000	₹2,70,000	₹3,00,000
Age	Less than 60	Less than 60	More than 60	More than 60
Tax on total income is Nil	Yes	Yes	Yes	Yes
Interest income is less than the basic exemption limit	No	Yes	N.A.	N.A.
Eligible to submit Form 15G/15H	Cannot Submit	Yes, submit form 15G	Yes, submit form 15H	Yes, submit form 15H

Time of Submission

From the start of the new fiscal year, i.e. in April, you can file this form at any time of the year.

Things to Remember While Filing 15G and 15H

Here are some additional details important for submitting Forms 15G and 15H:

If you are liable for taxable income, do not submit this form
If there’s any fraudulent submission, the asses assessee will be penalized under section 277 of the IT Act, 1961
This form is not a substitute for an Income Tax return form
If you experience a TDS deduction after submitting the form, you can claim a refund
NRIs or Non-resident Indians are not eligible for it

Also Read: How to Claim Income Tax Refund on TDS

Sections of Form 15G and 15H

Here are the details you have to provide when filing these forms.

Sections of 15G form

Name
Address
Contact details
PAN
Estimated annual income
Financial year details
The total number of Form 15G for the applicable FY
Aggregate Income
Place, date, signature of applicant/HUF

Sections of 15H form

Name
Address
Contact details of the assessee
Valid PAN or Aadhaar number
Date of Birth
Declaration if you have been assessed to tax
Approximate income for which assessment is being made
Approximate income for the fiscal year
Details of Form 15H submitted in the previous year
Total number of Form 15H submitted till date
Income for which 15H is filled: nature of income, the ID number of investment/account

Part 2 of 15H Form

Name, address and contact details of the deductor (person/institution responsible for paying)
Unique identification number
PAN or Aadhaar number
TAN of deductor
Amount of income paid for the applicable fiscal
The date on which the declaration is received
The date on which income has been paid out

While these forms can help you avoid reducing your interest earnings, there may be times you need additional funds. During these times, consider the Fibe Instant Cash Loan and get up to ₹5 lakhs instantly with minimal documentation. To get started, you can download the Personal Loan App or register on our website.

FAQs on 15G And 15H Forms

What is the limit of 15G and 15H exemption?

For 15G, the exemption is ₹2.5 lakhs, and for 15H, it is ₹3 lakhs. Yet, for people above 80 years old (super senior citizens), it is ₹5 lakhs. This is the basic difference between forms 15G and 15H.

How many times do we need to submit Form 15G?

You need to file the form once a year.

Is Form 15G required for PF withdrawal if you have been employed for less than 5 years?

Yes, it applies if you have less than 5 years of service record and you plan to make a withdrawal of your EPF balance. Note that you can only use this if your balance is more than ₹50,000.