TDS is deducted on interest earned from fixed deposits, recurring deposits, or other term deposits when the interest exceeds ₹40,000 in a financial year (₹50,000 for senior citizens). This means that even if your total annual income is below the taxable limit, you might still face TDS cuts if you don’t submit the right forms in time.
Form 15G is a self-declaration form that can be submitted by individuals below 60 years of age or Hindu Undivided Families (HUFs) to request banks or other institutions not to deduct TDS on interest income .
If all the above conditions are met, you can fill out Form 15G online or offline and submit it.
Form 15H is similar to Form 15G but is meant for senior citizens. It is used to declare that their income is below the taxable limit and hence TDS should not be deducted.
Criteria | Form 15G | Form 15H |
---|---|---|
Age Group | Below 60 years | 60 years and above |
Who Can Submit | Individuals & HUFs | Only Individuals (senior citizens) |
Income Condition | Taxable income must be below exemption limit | Same, but more lenient due to higher exemption limit for seniors |
TDS Limit on Interest | ₹40,000 (banks) | ₹50,000 (banks) |
If you’re wondering how to fill Form 15G or how to fill Form 15H, here’s a quick guide:
You can fill out the 15G form online through most bank net banking portals or submit it manually at a bank branch.
While banks are the most common place to submit these forms, you can also give them to:
Make sure to submit them at the start of the financial year to avoid unwanted deductions.
Filing errors may result in delayed refunds or TDS being deducted despite submission.
In such cases, you can claim the deducted TDS while filing your income tax return .
These forms are beneficial for retirees, students, homemakers, and others with no taxable income.