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.
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.
- 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
5. Validity of Form 15G/15H
Form 15G/15H Submitted to the banks or financial institutions will be valid for 1 year
6. Can I file Form 15G/15H to banks if my overall income exceeds 2.5 lakhs and my interest income is less?
No, you cannot submit Form 15G/15H if your total income is more than 2.5 lakhs irrespective of the interest income.