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Home / Finance / Taxes / What is form 15G and 15H?
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What is form 15G and 15H?

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0 2022-03-31T18:39:26+00:00

Form 15G and 15H are known as self-declaration forms which you need to fill up when you don't want to deduct TDS on interest income because your income is below the basic exemption limit. For this, you need to visit the bank and submit the form by raising a request. This is what is form 15g and 15h means.

Since I have explained what is 15G 15H form, I like to share who is eligible to submit the form 15g and 15 h.

Age

50 years

21 years

65 years

68 years

Salary

Rs. 1,80,000

Pension

Rs. 1,00,000

FD interest income

Rs. 85,000

Rs. 2,60,000

Rs. 1,80,000

Rs. 3,30,000

Total income before

Section 80 deductions

Rs. 2,65,000

Rs. 2,60,000

Rs. 2,80,000

Rs. 3,30,000

Deductions under

Section 80

Rs. 45,000

Rs. 30,000

Rs. 10,000

Rs. 55,000

Taxable income

Rs. 2,20,000

Rs. 2,30,000

Rs. 2,70,000

Rs. 2,75,000

Minimum exempt

income

Rs. 2,50,000

Rs. 2,50,000

Rs. 3,00,000

Rs. 3,00,000

Age

less than 60 years

less than 60 years

more than 60 year

more than 60 year

Tax on total income is Nil

Yes

Yes

Yes

Yes

Interest income is less than basic exemption limit

Yes

No

N.A.

N.A.

Eligible to submit

Form 15G/15H

Form 15G

Cannot Submit

Form 15H

Form 15H

Some factors you need to remember while submitting 15g and 15h:

  • A non-resident cannot avail of this benefit.

  • If the interest income is more than the basic exemption limit you cannot opt for Form 15G.

  • Even though the interest income is more, a senior citizen can submit 15H so that the bank does not TDS on interest income.

What is the right time to submit Form 15G and Form 15H?

Since you can submit Form 15G and Form 15H only once, you should submit them at the beginning of the financial year so that the bank does deduct TDS on your interest income.

Read more:

What Is Form 15G?

How to fill Form 15G? Is Form 15G mandatory for PF withdrawal? How to download Form 15G for PF withdrawal?
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