Everyone is aware that Form 15G and form 15H are used for avoiding the TDS deduction while computing the interest earned during the financial year. In this article we are discussing important points to remember while submitting the Form 15G and Form 15H to the deductor. We have also included frequently asked questions and answers on Form 15G and Form 15H. Reader can download the latest Form 15G and Form 15H in Excel, Word and PDF format from the links given at the bottom of the article.
Page Contents
A. Form 15H
Form 15H :- Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty-five years or more (Sixty Years from 1st July, 2012) claiming certain receipts without deduction of tax.
- Form 15H can be submitted only by Individual above the age of 65 years. (Age limit reduced to 60 Years from from 1st July, 2012)
- Tax calculated on total income should be NiL. The assessee can submit 15H, even if the interest income exceed basic exemption limit, provided the tax paid on total income for the relevant previous year is NIL.
- This form should be submitted to all the deductors to whom you advanced a loan. For example you have deposit in three SBI bank branches 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 need to submit form 15H to banks if interest from one branch of a bank exceeds 10000/- in a year (Rs 50,000 from A.y 2019-20)
- You need to submit for 15H If interest on loan ,advance, debentures , bonds or say Interest income other then interest on bank exceeds 5000/-.
B. Form 15G
Form 15G:- Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax.
- Form 15G can be submitted by Individual below the age of 65 years (Age limit reduced to 60 Years from from 1st July, 2012)) and Hindu Undivided family.
- Bank F.D. Interest income should not exceed basic exemption limit (i.e Rs 2,50,000). Otherwise the bank will deduct TDS though you have submitted 15G.
- The above points are applicable to the Form 15G as well, except that the Form 15H is only for the senior citizen.
- Form 15G should be submitted before the first payment of interest on fixed deposit.
C. Difference between form 15G and 15H:-
- Form 15G can be submitted by individual below the Age of 60Years while form 15H can be submitted by senior citizens i.e. individual’s above the age of 65 years. (60 Years from 1st July 2012).
- Form 15G can be submitted by Hindu undivided families but form 15H can be submitted only by Individual above the age of 65 years. ( 60 Years from 1st July 2012).
- 15G CAN NOT BE filed by any person whose income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax.
In nutshell we can say that anybody whose tax on estimated income is not NIL and having income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax cannot file DECLARATION u/s 15G . This is clear from the Declaration in Part-I for the form.
Declaration/Verification (Form 15H)
*I/We……………………………………………………… do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. *I/We declare that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/We further declare that the tax *on my/our estimated total income including *income/incomes referred to in column 16 *and aggregate amount of *income/incomes referred to in column 18 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on ………………………… relevant to the assessment year ………………………… will be nil. *I/We also declare that *my/our *income/incomes referred to in column 16 *and the aggregate amount of *income/incomes referred to in column 18 for the previous year ending on ………………………… relevant to the assessment year ………………………… will not exceed the maximum amount which is not chargeable to income-tax.
However, if you are eligible and also fulfill the condition, the payer can not deduct the tax even if it is above 10,000.
Senior Citizens who are eligible to file Declaration in Form 15H has no such conditions. They can submit form 15H even if there total Income from interest on securities/interest other than “interest on securities”/units/amounts referred to in clause (a) of sub-section (2) of section 80CCA exceeds maximum amount not chargeable to tax if tax payable by them is NIL. This is clear from the Declaration in Part-I for the form.
Declaration/Verification (Form 15G)
*I/We………………………………………………. do hereby declare that to the best of *my/our knowledge and belief what is stated above is correct, complete and is truly stated. *I/We declare that the incomes referred to in this form are not includible in the total income of any other person under sections 60 to 64 of the Income-tax Act, 1961. *I/We further declare that the tax *on my/our estimated total income including *income/incomes referred to in column 16 *and aggregate amount of *income/incomes referred to in column 18 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on……….. relevant to the assessment year………………… will be nil. *I/We also declare that *my/our *income/incomes referred to in column 16 *and the aggregate amount of *income/incomes referred to in column 18 for the previous year ending on ………………… relevant to the assessment year……………… will not exceed the maximum amount which is not charge‑able to income-tax.
D. Frequently Asked Question Answers On Form 15G And Form 15H
Question:- I am 70 years old. I invested a sum of Rs 6,00,000 in January 2014, in GOI 8 per cent savings bonds (taxable), via a leading private bank. The bonds issued were on a cumulative basis with a maturity period of six years. The total interest payable at the time of maturity is Rs 3,50,500. I have declared the income from the bonds on an accrual basis y-o-y, and have been filing tax returns since A/Y 2006/07. But the bank is not accepting Form 15H stating that the total interest payable on maturity is more than the threshold limit for senior citizens – Rs 3,00,000, and is insisting on my submitting Certificate u/s 197 from the IT office. What do I do?
Answer:- The bank should have deducted tax at source. It seems the bank has not provided for the accrued interest and is therefore not accepting Form 15H. You can prove that the tax on your total income of the previous year in which the interest is to be received shall be nil, even after including the cumulative interest the bank should not resort to tax deduction at source. You can submit Form 15H for deduction of tax at source for A.Y. 2019-20.
Question :- I am a senior citizen having income liable for tax deduction at source in respect of my deposits with State Bank of India. They asked me whether I would be filing declaration in Form 15G or 15H in the first week of March in respect of payments made during the year so that I am in a position to judge whether I have taxable income for the year or not and file declaration in Form 15H, if I have no taxable income. On the other hand, State Bank of India and, I understand, some other banks require form at the time of deposit itself. It may not be proper for the bank to act on such declaration made in one year for another year or for that matter act on a declaration which had become stale filed in earlier part of the year for payment towards the end of the year. What is the correct position of law?
Answer:- The doubt raised by the reader is a valid one. The law itself does not provide for any date on which the declaration is required to be filed as long as it relates to the income of the year and filed during the year. Since the deduction of tax at source has to be decided on the date of each credit or payment, deduction has to be made for each such credit or payment. Where an investor is not able to file the declaration in earlier part of the year in view of the uncertainty as to the prospect of his income crossing the exemption limit, he can probably inform the bank that deduction could be deferred till the end of the year. But then, the bank would like to have the declaration at the time of payment so that the declaration may have necessarily to be filed before the first quarterly payment, if the interest is payable quarterly. The difficulty for the investor in ascertaining the income in advance in such cases cannot be avoided. Tax may have to be deducted and refund applied in due course in such cases.
Question:- It is stated that 15H form is concessional for individuals aged 60 or more as this form, unlike 15G form, does not carry the restrictive declaration to the effect that the aggregate of eligible incomes will not exceed the maximum amount which is chargeable to income tax
- Can it be interpreted, that there is no ceiling on the aggregate incomes/ amounts liable for tax deduction for senior citizens of the age of 60 or more?
- It should be “not exceeding the maximum exemption limit” and not “not exceeding the minimum exemption limit”.
- Form No. 15H in circulation at present states that the particulars of the amounts are as per the in serial No.18. But there is no such schedule at all. The one and only schedule is about “investments”. In Form 15G carries this detail is given under serial no. 19.
As regards the first point, the limit for tax deduction for others is inapplicable for senior citizens, but the limit for statutory deduction under Sec. 80-C, for example, is applicable.
The second point made by him is correct.
As for the third point, the details of all the investments should be mentioned in the respective table under serial no. 18/19 as applicable for 15H and 15G respectively.
Question: What should I do if I am not liable to pay tax and TDS is not required to be deducted?
Answer:- To avail the benefit of deduction of tax at source at Nil/lower rate, you may submit any of the following documentation :
- Certificate from the Indian tax authorities : Certificate under section 197 of the Act issued by the Assessing Officer for nil / concessional rate of TDS can be submitted by any bondholder including companies and firms. The certificate should be submitted by the deductee to the deductor.
- Form 15G:If you are a resident person (other than a company, Co-operative society or a firm), you can submit Form 15G in duplicate to deductor. As per the provisions of section 197A of the Act, Form 15G can be submitted provided the tax on your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL ) and the interest paid or payable to you does not exceed the maximum amount which is not chargeable to tax.
Click here to Download Form 15G in word format
- Form 15H:If you are a senior citizen, i.e. if you are of the age of 65 years and above (Sixty Years from 1st July, 2012) at any point of time during the financial year, you can submit Form 15H even if your income exceeds Rs.250,000 p.a. for the purposes of non-deduction of tax at source if your estimated total income for the financial year computed in accordance with the provisions of the Act is NIL.
- Entities exempt from tax as per CBDT Circular:Certain specified entities whose income is unconditionally exempt under section 10 of the Act and who are statutorily not required to file return of income as per section 139 of the Act, CBDT has vide Circular no.4/2002 dated July 16, 2002, granted blanket TDS exemption. Some examples of the specified entities are provident funds, gratuity funds, local authority, hospitals exempt under section 10(23C)(iiiac), educational institutions or university exempt under section 10(23C)(iiiab).
Exemption for insurance companies: Certain entities such as Life Insurance Corporation of India, General insurance Corporation of India along with its four subsidiaries or any other insurer are eligible to receive interest on securities without deduction of tax at source, if such securities are owned by them or it has full beneficial interest in the same.
Question:- I am an account holder in a nationalised bank and I filed Form 15H. The bank authorities refused to give acknowledgement for the same, though I have given it in duplicate. What is more is that they have deducted tax though I have no taxable income. What is the remedy for the amount already deducted and to avoid such deduction in future?
Answer:- Where tax has already been deducted and deposited by the bank, the only recourse for the assessee is to file a refund claim along with the return with the assessing officer and await the refund. It is possible for an assessee to seek remedy for deficiency of service in a consumer forum or to file a complaint with the Ombudsman asking for compensation for the trouble to which the reader has been put to. But then, the reader had failed to press for an acknowledgement. He should have complained about denial of acknowledgement at that stage to the concerned superior officers or should have sent it by registered post acknowledgement due for purposes of evidence for his case. In fact, it is not open to the bank official to refuse acceptance of any document sought to be served on the bank or refuse acknowledgement, where demanded.
Some reader has complained about the inordinate delay in getting TDS certificate to enable claim of refund in time. Such complaints received from time to time indicate the inordinate delay on the part of even banks and large corporate as regards this statutory duty to issue such certificates promptly. In the case of banks, this is again a matter on which complaint should be made to senior officers of banks in writing and on failure of response to the Ombudsman. A complaint to the TDS section of the Income-tax Department, which is expected to enforce law regarding issue of TDS certificate promptly, should be the most effective remedy, if only the TDS cell activates itself to enforce the law and the rules on those responsible for tax deduction at source for the benefit of the taxpayers.
DOWNLOAD FORM 15G AND FORM 15H APPLICABLE WEF 01.10.2015 -vide Notification No. 76/2015, Dated : September 29, 2015
Click here for Revised Format of Form 15G and Form 15H
Download Form 15G and Form 15H Applicable WEF A.Y. 2013-14 OR FY 2012-13 till 30.09.2015 -vide notification No. 11/2013 [F.NO.142/31/2012-SO(TPL)]/SO 410(E) Dated 19.02.2013
| Download Form 15G in word Format | Download Form 15G in Excel Format | Download Form 15G in PDF Format |
| Download Form 15H in word Format | Download Form 15H in Excel Format | Download Form 15H in PDF Format |
DOWNLOAD FORM 15G AND FORM 15H APPLICABLE UP TO A.Y. 2012-13
| Download Form 15G in word Format | Download Form 15G in Excel Format | Download Form 15G in PDF Format |
| Download Form 15H in word Format | Download Form 15H in Excel Format | Download Form 15H in PDF Format |
Please Note that from 1st July 2012 Age limit for senior citizen is reduced to 60 years from earlier 65 years. So from 1st July Form 15H can be filed by an individual who is of the age of sixty years or more claiming certain receipts without deduction of tax.
Also Read:
Form No.15G and 15H & related procedures
Who can submit Form 15G & 15H & care to be taken in submission
Submitting Form No. 15G & 15H -Points to Remember
TDS and form 15G/ 15H applicability
(Republished with Amendments)
I have a fixed deposit (Autoswipe) account in SBI. I was told to fill form 15G so that tax may not be deducted. I have my salary account(savings account) in Andhra Bank where I have fixed deposits, but was told not to fill it., as later I have to pay the tax myself. I am totally confused. Should I withdraw the Form submitted( in Apr 2012) in SBI. I had done the same last year, though quite late(Dec 2011).
hii, I am 25 years old ,I had submitted 15g into my bank account for last year 2011-12 ,after submitting 15g bank was deducted TDS & informed me that the 15g is for house-wife & not for individual.
on filling form 15g , TDS is not taking place n tax exemption is there for fixed deposit s , but when we file income tax return , that time the income tax will be applicable on same , please clarify
can 15 g submiited by association and society
I will turn 60 in Jan 2013.I have submitted Form 15G in April 2012 for the previous year 2012-2013, Assessment year 2013 -2014.
I recd a call form a bank that I need to resubmit 15H as 15G is not applicable to me since i become 60 during the year.
Please confirm.Will I have to resubmit 15H wherever i submitted 15G in april 2012
Hi,
I have an NRO account with ICICI and they are deduction 30% TDS thought my taxable income in india is less than 1.6lakh. Do I need to file form 15H with ICICI or with Tax officer in india.
Please suggest.
I AM KNOWINGLY GIVING 15 H THOUGH MY INCOME IS ABOVE TAXABLE LIMIT. I SAY THIS IN 15H. MY TAX PAYMENTS ARE UP TO DATE. I JUST WANT TO AVOID THE HAS
LE OF TDS AND WAITING FOR THE REFUND FOR YEARS AS TDS DEDUCTION WILL BE MUCH MORE THAN MY TAX LIABILITY SINCE IT DOES NOT RECKON EXEMPTION LIMIT AND 80C DEPOSITS. ANY COMMENT?
Is it compulsory to have a PAN if you need to file 15H with the banks? Recently they have said that they will need to deduct tax even thoough 15H has been filed with them if I do not give them the PAN. Is it right?
Mohammad Khan – 11th April, 2012 – The reply given for Surojit Dey is also applicable to you.
Surojit Dey – 12th April, 2012: If you want to submit form 15 G in respect of your income for the financial year 1.4.2012 t0 31.3.2013, then you have to write the ‘AY’ as 2013-14 and the ‘previous year ending on’ as 31.3.2013 which is relevant to the AY 2013-14.
Mr. Sawan Jasoliya- 27th March 2012: The bank cannot ask for form 15H before allowing withdrawal from a savings bank a/c. The purpose of form 15 H is different. It is possible that there is some other requirement other than form 15H which your friend has to fulfil before he is allowed to withdraw the balance from his savings bank account. Please check.
Mr. Milind Sawant -8th March 2012: Part II of forms 15 G and 15 H are not to be filled in by you. This part has to be filled in by the Bank to whom you would be submitting the form. Please choose the correct form for submission. You have to submit the applicable form in duplicate to the Bank and not directly to the ITO. The Bank would send one to the ITO mentioned by you on the form and retain one for their record. Hence please take a Xerox copy and get the Bank’s acknowledgement thereon.
I have Fixed deposit of about 25 lacs in one branch. I do not have any other income. Can I submit 15G and then look at my tax liabilities at the end of year?
Thanks in advance
Hi Benny,
Form 15G in your case as 15H is required for people who are 65 years and over
please confirm me what is the previous year and relevent assessment year if i put in my 15 g form in april this year
i will be filling and submitting form 15G for the first time in this month which is April 2012, i can fill up most of the fields/columns in the form but i am confused what dates/years to write in blank fields.
for the previous year ending on_____________ relevant to the assessment year _________to________ will be nil
that my/our income from dividend etc.etc…………………… for the previous year ending on_____________ relevant to the assessment year 20________to 20_______ will not exceed the maximum amount which is not chargeable to income tax.
i need your help in filling the form and will be appreciated.
I am 62 years old. Should I fil up 15 G or 15H form to avoid TDS
Pl. also provide answer below the asked Q to benifit others.
FDR : Rs. 3 Lakh, sum deposited: 5th July 2011, Period is 5/07/2011 to 4/07/2012 i.e. overlaping two financial years
My Q is how to fill the G15, would it require two G15, one for 05/07/2011 to 31/03/2012 (to be submitted in bank in July 2011) and second for 01/04/2012 to 04/07/2012 (to be submitted in bank in April 2012) . Would the sum deposited date in both the cases be 05/07/2011 ?
Pl help.
I have 2 FDR of SBI
This FDR made on 1998 with rate of interest 11.5% due date 1) 14-10-2014, 2) 14-10-2016
But the bank has reduced the rate of interest instead of the original rate of interest 11.5% without given information to me, few years ago.
What should I do?
Pl. suggest me
my father is retired from corporation job and they are 60 yrs and they get approximate approximate 18 lakh as retirement benifit. i want to know if they deposit in the bank then interest is approxmite 180000 per year. bur according to rbi tds deduct on more then the interest rs 10000 of interest. and as per income tax income tax exempted upto 2 lac/2.5 lac then please tell me that how much tds deduct by bank or tds can exempted if we deposit required form by bank 15g or 15h
I am pensioner,getting Rs.23000/- per month and also getting interest from FDs which are in Canara Bank. Interest is around 50,000/-. Bank has already deducted tax as per IT guidelines. Bank also issue TDS certificate as I have not submitted 15 H/15G as my income is exceed the limit fixed by IT dept. Eg. Rs.50000/- interest I am receiving from bank and bank have already deducted TDS as per procedure(IT Dept) deducted Rs.10000/- as TDS.
Rs.40000/- interest is getting after deducting TDS. My doubt whether I have to include Rs.40000/- as income for this fin.year 2011.12 along with pen amountRs.276000/-. although bank has deducted TDS for the amount kept in Bank.
Please clarify Sir.
It is very informative to the citizen of India regarding awareness of Income Tax rules.This web site help who has any doubts could be clarified.Pl accept my apprections and thanks including me.
My father has done FD of 450000 year ago in March 2011 with Central Bank for one year. His age is more than 62 years. Central bank has deducted TDS on maturity of FD. My father had not filled 15G or 15 H. Can we get that TDS back ? My father do not have any type of other income he is farmer. Can we get TDS back by filling 15 g or 15 h after maturity of that FD.
Are there any exemptions to submission of Form 15 H by senior citizens in 2012 budget ?
i m grampanchayat servent. how can pay grampanchayat tax amt by online. pls tell me the website address.
My friend’s age is 57. He had 70K in his savings account in an SBI Branch. He withdrawn 19K by cheque. He is now not able to withdraw any amount through Cheque / ATM. Bank is asking to submit 15G and other documents. Should he go ahead?
I’m 36yrs old. My annual income is Rs.2.45lakh. This year I’ve earned extra Rs.20k interest from SECURED NON-CONVERTABLE REDEEMABLE DEBENTURES. The debentures company ask me to submit Form no.15G. Is it right to submit this said form while I’m a tax assesse? Or after submitting this form I’ll seek tax rebate U/S 80C? Kindly advice me.
i am having fdr ac sb ac ppf ac ,investment in mf and shares for the last 10yrs in india now i have become nre in jan 2012 by virtue of my deputation of overseas office of the company. my total income in india is less than 180000 can i submit form 15 g and continue to maintain these accounts as resident accounts
Sir, I opened fixed deposits in a bank, in sept 2011.For F.Y 2011-2012 my interest income is below 10000/- Now my question is , when I fill the 15 g form and what period [ Assement Year]
my dad (65 yrs) has invested in FD with the money which he got after retirement , he does not have any regular income and i support him by giving monthly money. which form 15G or 15 H can he use to save TDS as the income from interest is not more than 1.5 Lac
Plz suggest
i am a bank officer i want to submit the form 15G and 15H to ITO i have a question that what is to be filled up in the PART II of the form against
[FOR USE BY THE PERSON TO WHOM THE DECLARATION IS FURNISHED]
1 Name and address of the person
responsible for paying the income,
mentioned in paragraph 1 of the
declaration :
i.e Customers name and address or Bank’s name and address?
Sir, my father’s age is 67. I have done 2 FD of Rs.25000/- with SBI which will matured mid of this year. Should my father has to fill form 15G ? if yes, then when?
what about society
what about society
what about society
Sir, I am 61 year old retired person. I opened three (3) nos fixed deposits in a public sector bank, for a total sum of 12.5 lakhs in a devided manner (2nos , one each for 5 lakhs , and one of 2.5 lakhs). I have been advised by the bank to fill the form 15g , which will be my first time experience. As I have gathered in these forum , that I have to fill the above form (15g) independently for each of the fixed deposites. Now my question is , when I fill the 15 g form for say, against one particular fixed deposit certificate, then where, and how do I mention the reference of the other two (2) fixed deposits in that particular 15 g form. I shall be very much obliged to get this information.
Sir, I have retired from Military service on 31 Jan 2012.Till Jan my income was taxable and tax was deducted at source.Now I am in receipt of pension and does not fall in that category, Now I have made FD in SBI and interest of FD is exceeding 10000/-p.a.Am I eligible to submit form 15-G to avoid TDS..Kindly suggest..
Sir.
My wife is a housewife.She wish to invest in SBI as a MIS but the interest is exceeding 10000pa.Can she get tax exemption by filling up form 15G?Kindly advice.
How to open the form 16 files in TIN Nsdl
how to opne the form 16files in TIN-nsdl
MY INTEREST INCOME FROM BANK FD IS Rs.60,000/- AND OHTER SOURCE OF INCOME IS Rs.90,000/-. BANK IS DEDUCTING TDS ON Rs.60,000/- EVEN I HAVE DEPOSITED FORM 15G SAYING THAT MY INTEREST INCOME FROM BANK FD IS MORE THAN Rs.50,000/-. SO 15G IS NOT APPLICABLE.
IS IT SO, PLEASE CLARIFY WITH NOTIFICATION.
26th January, 2012.
I am a Non-Resident Indian working abroad. I have NRE (Non-Resident External) Account in a Nationalised Bank in India. Recently RBI / Govt of India increased NRE – FD interset rates, at par with domestic FD and is declared non-taxable, to attract inflow of foreign funds into the country. In view of this, recently I made an NRE-FD with State Bank of Hyderabad with 9.5% interest. The bank is asking me to submit Form 15 G. I understand that form 15G is only for residents, for TDS exemption. I do not understand the need for submitting form 15 G, when NRE-FD interest has been already declared non-taxable and whether form 15 G is applicable to Non-residents. I request you to send me a clarification with necessary document support from Income Tax department, which I can show to the bank. Thank you.
Sir I have work job my Annual Salary is 120000 But I save Some Money Monthly in RD Rs-500 .The RD Company was deducted Tds on Interest But My Annual salary not 180000 per year Plz Send This Answer
hi my gross salary 192900 per anna, can plz that should i underfiling Income Tax return & Form 16.
In case a depositor is having 5 deposits with a particular bank branch then how many 15H forms he is required to submit. One 15H can serve the purpose or 5 15H has to be deposited with the branch. Please clarify.
Hi,
I was not aware about TDS on interest of fixed deposites. Now after maturity of FD’s i got the interest after deducting TDS. Is it possible to recover this TDS if i submit form 15G after maturity of fixed deposite??? Pls revert
If the lone source of earning is interest from Fixed Deposits & a person earns 50000 form interests. wll he be taxable
I would like to reply to Mr Suryakant Surve’s query. As per ICICI Bank tax expert, the IT Comissionor has informed them that since the age has not been changed in the section 197A for the AY 2012-13 the form 15H can be submitted only by people of age >65 years.
Tax Guru spcifies it as applicable for people for age >60 years.
Tax guru has to take a call or help get the amendment done by the Government.
if we give 15g and pan number .we paid any tax?