Download Form 15G & 15H – Save TDS on Interest Income

Form 15G and Form 15H are most popular forms used by individuals to avoid TDS on the interest income. Suppose you have taken a fixed deposit from the bank and interest income from the fixed deposit is exceeding allowed limit Rs.10000 (section 80TTA) in a financial year, the bank is likely to deduct TDS. However, if your income is below the taxable limit you can submit Form 15G or Form 15H at a bank in order to avoid this deduction.

download form 15g form 15h

Purpose for which Form 15G & 15H can be submitted

Apart from fixed deposit these forms are also applicable for following purposes –

TDS on Post Office Deposits – Post offices also accept these forms against interest earned on post office deposits.

TDS on rent – TDS is deducted on rent if total rental payment exceeds 1.8 Lakh per year. If your taxable income is NIL you can submit Form 15G/Form 15H to tenant to avoid TDS deduction.

TDS on Insurance Commission – TDS is also applicable on insurance commission if it is exceeding Rs.15000 per year. You need to submit 15G or 15H to avoid TDS.

TDS on Senior Citizen Saving Scheme – TDS is also applicable on interest earned via Senior Citizen Saving Scheme. You can submit these forms if you meet the conditions applicable for submission.

When can you submit Form 15G or 15H?

Form 15G and Form 15H are valid only for a particular financial year. This means submission of Form 15G or 15H is required every year based on applicability. It is highly recommended to submit this form at the starting of a financial year.

Eligibility Conditions to submit Form 15G –

  • Individual or HUF can submit form 15G.
  • In order to submit this form, you should be a resident of India holding valid PAN.
  • Your age should be less than 60 years.
  • Tax calculated on your total income should be NIL.
  • Total interest income for the year should not exceed minimum tax exemption limit.

Eligibility Conditions to submit Form 15H –

  • An individual with age more than or equal to 60 years can file Form 15H.
  • In order to submit this form, you should be a resident of India holding valid PAN.
  • Tax calculated on your total income should be NIL.
  • Total interest income for the year should not exceed minimum tax exemption limit.

Download Form 15G & Form 15H

Before downloading and submitting Form 15G or Form 15H please note that New Form 15G and 15H are applicable from AY 2013-14 and old forms are not valid. In new form Income tax department has added additional fields like e-mail ID, Mobile Number, Profession, AO Code / War and Circle. Second major change is additional information is asked about total estimated income from all sources, including income for which exemption from TDS is requested.

You need to submit this form at the starting of financial year. If you failed to submit this form bank may deduct tax from your interest income. In case bank has already deducted TDS you have to file income tax return and claim refund for the deducted amount.

Make sure to mention correct PAN number while submitting this form. In case you have not mentioned PAN number bank may end up deducting TDS @ 20%. 

Download Form 15G  pdf form

Download Form 15H pdf form

How to submit Form 15G or Form 15H Online?

You need to submit Form 15G or Form 15H at bank physically. However, some banks like SBI, HDFC, and ICICI allows the facility to submit this form online via bank website. Let’s try to understand facility provided by SBI for online submission of 15G or 15H Form.

  • In order to file Form 15G or Form 15H online on SBI website login using on SBI site using username and password.
  • Click on e-fixed deposit provided at the top of navigation menu.
  • On left side tab, you will find Generate 15G/H link.
  • Click on Generate 15G/H link and enter branch code. Click Get branch name button.
  • If you are not aware about branch code, click on branch locator tool to identify details.
  • Fill up the form and click on submit button to complete the process.

I hope information given above will be helpful to you for submission of Form 15G and Form 15H. In case you have any query please feel free to post it in the comment section given below.

Article by Shitanshu

Hi, I am Shitanshu. By Profession I am Engineer and working in the IT field. I am crazy about money matters and finance and love to research the same. I have written number of article on this blog. If you like my efforts kindly subscribe to this blog and also let your friends know about this website by sharing.

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