How to submit Form 15G/15H?

Banks and other financial organizations must deduct TDS from accountholder interest. TDS deduction threshold is Rs 40,000 for non-seniors and Rs 50,000 for seniors. Learn more on forms, applicability, and submission.

Guide on Statement of Financial Transaction

This document covers

What are Form 15G and 15H?
Persons required to submit Form 15G/15H
Where to submit Form 15G/15H?
Details required for Form 15G/15H
Validity of Form 15G/15H
Can I file Form 15G/15H to banks if my overall income exceeds 2.5 lakhs and my interest income is less?

1. What are Form 15G and 15H?

Form 15G and 15H are self-declaration forms that a Resident individuals submit to the bank or financial institutions for non-deduction of TDS.
Form 15G and 15H are required to be submitted only if the resident individual’s income is less than basic exemption limit.

2. Persons required to submit Form 15G/15H

Form 15G is required to be submitted by the Resident individuals whose age is less than 60 years.
Form 15H is required to be submitted by the Resident individuals whose age is 60 years or more than 60 years i.e., Senior Citizens

Note: Non-Residents are not eligible to submit Form 15G/15H even if their income is less than threshold.

3. Where to submit Form 15G/15H?

Form 15G/15H is required to submitted at the following places.

Banks
Employee Provident Fund Organisation (EPFO) at the time of premature withdrawal of PF
Post office
Insurance Companies
Bonds or debentures issuing companies.

4. Details required for Form 15G/15H

The following details are required in Form 15G/15H

Name of the Applicant
PAN and status of the Applicant
Address, Email id and Mobile No of the Applicant
Residential Status
Estimated income for which the declaration is made
Estimated total income of the financial year in which above income is included
Details of income for which declaration is made like nature of income, Amount of income, section under which TDS is deducted
Whether assessed to tax or not