What you should know about Form 15g and Form 15H?

August 20, 2009

Fixed Deposit, Income Tax

In this article I will be writing about the Form 15G and From 15H and purpose of submitting those forms to the bank.  Everyone aware that those forms are used for avoiding the TDS deduction while computing the interest earned during the financial year. This article gives you some important points while submiting the Form 15G and Form 15H. I have seen many people are asking the doubts on how to submit the forms and when to submit the forms. This post will answer some of the queries posted by our readers. If you have any doubts please post it in the comments section. If you like this post please subscribe to our future articles here.

Form 15H

  • You must be above 65 years of age to submit the Form 15H
  • Estimated tax for the previous assessment year should be nil. That means he did not pay any tax for the previous year because his income is not coming under the taxable limit.
  • This form should be submited to all the branches where you have the deposit. For example you have deposit in three SBI bank branchaes Rs.100000 each. You must submit the Form 15H to each branch.
  • Submit this form before the first payment of your interest. It is not mandatory but it will avoid the TDS deduction. In case of the delay, the bank may deduct the TDS and issue TDS certificate at the end of year. You have to file the IT returns and claim the refund from the Income Tax. To avoid these proces, good idea to submit the forms at the beginning of the assessment year.
  • If the total income from the interest is above Rs.10000 incase of deposied in the banks or Rs.5000 incase of deposited in the companies like Tata Motors, Mahindra Finance,etc. Note that for the banks the total interest is calculated in each branch separetly.  If you have deposit in the many different branches, it will not be accumulated for the tax purpose. But, you will have to submit the details in the IT returns.
  • TDS will be deducted at the rate of 10% p.a. up to 10 lacs.
  • A fresh Form 15H needs to be furnished for each deposit that is placed with the Bank. For example you have many fixed deposit accounts in the same branch, you will have to submit for the each deposit.
  • A consolidated TDS Certificate in Form 16A, for TDS deducted during a financial year will be issued in the month of April of the following financial year.
  • Deposits held by minors are also subject to TDS. The credit for the TDS can be claimed by the person in whose hands the minor’s income is included.

Form 15G

  • The above points are applicable to the Form 15G aswell, except the Form 15H is only for the senior citizen. Form 15G is for everyone whose income is below the taxable limit.
  • You cannot submit the Form 15G if you are already the tax payer.
Download Sample Form 15G and Form 15H

Summary

I hope this article clears the most of the doubts about the form 15h and form 15g. I would like to hear from you about this content and if you have any un cleared doubts please post it in the comments section. I will be answering all your questions. Thank you for reading this article. If you like the article please subscribe our future articles here.

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184 Responses to “What you should know about Form 15g and Form 15H?”

  1. manish Says:

    can u give me address where i autofill the form 15G.

    Reply

  2. Deepak Agarwal Says:

    My question about Form 15G is that if a person has given loan to an individual or to a proprietorship firm and is earning interest from it is he is eligible to submit the said form,if yes how & what is the last date.
    Note:Person may or may not be the tax payer.

    Reply

  3. Premraj.C Says:

    I am aged 63 years now. As per current Income Tax rules, I am a senior citizen ( aged 60 and above). Therefore I presume, I need submit only FORM 15H ( and not Form 15 G)to my Bank for non deduction of income tax -. This provision is applicable from the Assessment Year 2012-13 wqhere the new Senior Citizen norm is mad applicable to persons of 60 years and above. However the caption form 15H shows that it is applicable for those aged 65 and above only. My bank insists that I need submit Form 15 G and not form 15 H as I am below 65 years of age.

    As far as I could understand after the Assessment year 2012-13, there is no special significance under Income Tax rules for 65 years of age as far as Senior Citizen status is concerned. The confusion arises because the Department has not revised the caption in form 15 H.

    What is the opinion of tax experts.
    Does a Senior citizen of 60 years or above can submit Form 15H now instead of 15G which such people were required to submit earlier.

    Reply

    • Ch.Bikramjit Singh Says:

      The problem of submitting form 15H for a person whose age is 60 and above but below 65 years is also facing by me whereas the caption of form 15H still shows 65 and above whenever i have down loaded. Nobody in the income tax dept or bank bothers my complaint about TDS on FDs of what finanacial act says for the financial year 2011-12( assesment year 2012-13).I also need a prompt reply from a tax expert.

      Reply

  4. dr hemant sant Says:

    Sir Thanks for your simplifying on line web guidance.If we have 5 lacs of a doctors academic association who have a PAN Card but no income above I tax level..what is that level for a Professional non profit academic group like our baroda surgeons association?? if our income falls below 2 lacs then can we fill in the form 15 G..please guide me by email as am a busy doctor running the organisation for greater good this year who has to plan its deposits..income transferred from an old account by senior surgeon for benefit of the organisation 4.5 lacs..in two cheques..pl guide.which deposits better bank or else.if you send me email i will send you a health letter how to avoid disease and doctors!

    Reply

  5. sonu Says:

    i have submitted form 15g. but bank has not given any acknowledge receipt for it. how can i know that my 15g form is submitted

    Reply

  6. bharath Says:

    Nice information
    thanks for posting.

    Reply

  7. VIJI SHREE Says:

    what does G & H stands for in the forms.

    Reply

  8. thyyth Says:

    [...]你应该了解的表格15克和表格15H [...]
    什么是长者储蓄计划,2004年(国家福利理事会) – 9月17日
    [...]没有从源头税扣除豁免。设施提供了申报表格第15H(根据所得税规则,1962年规定)是提供给一个人(收款人)居住在印度[...]
    阅读此连结»你应该了解的表格15克和表格15H – 2010年01月9日,
    [...]你应该了解的表格15克和表格15H [...]
    表格16和表格16A是什么? – 六月8,2010
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    Reply

  9. Smita Kadam Says:

    If we have submitted 15H/G form at the start of FY for our existing deposits with any bank/branch, is it necessary for submitting the same again on renewed deposits if any in the same FY or any fresh deposit we are keeping with the same bank/branch?

    Reply

  10. anup Says:

    hello sir i want to knw my mom get pension 5.5k and some amt from LIC policy

    total 6.5k / month and total amt in bank is 2.6 lac so i need to fill 15H for my mom or not suggest me what i do

    Reply

  11. kamlesh shende Says:

    thanx

    Reply

  12. Gayatri Says:

    Hello,

    I have FDs in a nationalized bank on which the total interest goes above Rs.10000. Last year 20% TDS was deducted from it.i came to know when the bank notified me after deductions. Unfortunately, my PAN was not with bank and I was unaware about all these deduction rules.After then , I submitted 15G form also as per their instructions and also my PAN. BI asked for form 16a which they were not able to generate as PAN was not there when deduction was made. So, is it possible to get back that deduction .
    This year I have the same FDs renewed.Whether I have to submit form 15G again. Also , I read in newspaper that FD holders have to submit Form16 four times a year. Please explain..
    I will be grateful to get a reply.

    Reply

  13. M M Gupta Says:

    I have submitted form 15H in the year beginning. If i take up employment in the latter part of the year, i will have taxable income. Can i revoke form 15H. will a face any problem.

    Reply

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