What is Form 15G and 15H?
If you possess a fixed deposit in the bank, you will get the interest from the bank, if the interest income exceeds ₹ 10000, the bank will deduct TDS @ 10%, if the PAN details are not deposited the TDS @20% will be deducted.
But if you have a PAN card and your total income is below the taxable limit, you can submit form 15G and 15H to the bank requesting them not to deduct any TDS on your interest.
Form 15H for Indian resident Senior citizen above 60 years of age
Form 15G for Indian resident below 60 years of age.
Conditions for Form 15G and 15H
- He/She must be Individual or HUF
- Resident of India
- Interest income received from the banks during the financial year is should not be exceed the slab of 2.5 lac in FY 2017-18
- Tax calculated on Total income is Nil
- For 15G he must be below 60 years age
- Form 15H he must be above 60 years of age
When should you submit Form 15G Form 15H
It is recommended to submit the form in the starting of the financial year so that the bank will not deduct your TDS from your interest income. If it was submitted after deducting of TDS in the bank, the only way to refund your TDS is by filing the income tax return.
If you are a deductor, you can file Statement Form 15G and 15H on the Income tax department website.
- Register your TAN as Tax Deductor & Collector on the Income Tax Department website
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