What is the Difference between Form 15G and 15H? Know and Save TDS in Banks

Did Bank deduct TDS on your deposits? Are you planning to submit 15G and 15H Form in Bank. So, first let’s understand the difference between 15G and 15H Forms. Both forms are used in India to avoid Tax Deducted at Source (TDS) on interest income, but they apply to different individuals. The main difference between Form 15G and Form 15H lies in who can submit them and the age criteria.

What is Form 15G?

• Who can submit?
  Indian resident individuals, HUFs, or trusts (not companies or firms)
• Age:
  Below 60 years (non-senior citizens)
• Conditions to be eligible:
  1. The person is a resident of India.
  2. The total income (including interest) should be below the taxable limit.
  3. No tax is payable on the total income for the financial year.

What is Form 15H?

• Who can submit?
  Indian resident senior citizens
• Age:
  60 years or above
• Conditions to be eligible:
  1. The person is a resident of India.
  2. The tax liability on total income is nil

Key Differences between Form 15G and Form 15H:

Feature	Form 15G	Form 15H
Age Criteria	Below 60 years	60 years or above
Applicable To	Individuals, HUFs, Trusts	Only Individuals (Senior Citizens)
Taxable Income Limit	Must be below basic exemption	Can be above, but tax must be nil
Purpose	Avoid TDS on interest income	Same – Avoid TDS on interest income

Submission: These forms should be submitted at the beginning of the financial year to each deductor (e.g., banks) where interest income is earned.

Validity: The forms are valid for one financial year and need to be submitted annually.

PAN Requirement: Quoting the Permanent Account Number (PAN) is mandatory; failure to do so may result in TDS being deducted at a higher rate.

Where are these forms submitted?

They are submitted to banks or financial institutions to prevent TDS on:

• Fixed Deposits (FDs)
• Recurring Deposits
• Other interest income (if applicable)

How to submit Form 15G and 15H in Banks?

To submit the form 15G and 15H, you need to visit your nearest bank branch and submit the form to the bank staff. Alternatively, some banks in India also provide online facility to submit Form 15G and 15H. You can submit form online via the official website of your bank.