11/01/2024 | 4 Comments

We all look forward to saving taxes in all ways and of course, why shouldn’t you? After all, it is your money and you should have ways to save it the way you want. Whether it is to save taxes on your annual salary or your interest income, you must go for it. Forms 15G and 15H are documents that you can submit to the income tax authorities to declare that your income is below the taxable limit. These forms would help, especially senior citizens and those with lower income, to avoid paying TDS on their interest income from fixed deposits and other similar financial investments. In this brief, we will be understanding Form 15G and Form 15H’s purpose, how you can apply for these tax exemption forms, and what conditions you must fulfil to be eligible for these exemptions.

Purpose of Forms 15G and 15H

The primary purpose of Forms 15G and 15H is basically to provide a way for individuals so that they can declare their total income falls below the taxable limit. Consequently, making themselves exempt from TDS. But what is TDS? TDS, Tax Deducted at Source, is a mechanism where the payer deducts tax at the source before making payments like interest on fixed deposits. These 15G and 15H tax declaration forms are particularly useful for individuals, including senior citizens, who rely on interest income from savings and fixed deposits as a significant part of their earnings.

Form 15G vs Form 15H: How Do They Differ?

Form 15G and Form 15H are both tax declaration forms that are used to avoid TDS (Tax Deducted at Source) on interest income. The major difference is that they serve different groups of people:

Form 15G

Form 15G is for individuals who are below the age of 60. To be eligible, the total income including interest, must be below the taxable limit for the financial year.

Form 15H

On the other hand, Form 15G is designed for senior citizens, basically individuals aged 60 years or above. Similar to Form 15G, the total income should be below the taxable limit. Form 15H provides a simpler way for seniors to avoid TDS on their interest income.

When Should You Submit Form 15G and Form 15H?

You should know when to submit these forms so that you can take their advantages. Here’s when you should submit Form 15G and Form 15H:

Form 15G

You need to submit this form at the beginning of the financial year (in April) if you expect your total income to be below the taxable limit. This is done so that banks or financial institutions do not deduct TDS from your interest income throughout the year.

Form 15H

Like 15G, Form 15H should also be submitted the start of the financial year (in April) for the same reason. This helps in ensuring that no TDS is deducted from senior citizens’ interest earnings if their total income remains below the taxable threshold.


Form 15G

  • Individuals below 60 years of age can submit Form 15G
  • The total income including interest income should be below the taxable limit
  • The interest income for the financial year should not exceed the basic exemption limit

Form 15H

  • Senior citizens (individuals aged 60 years or above) are eligible to submit Form 15H
  • Like Form 15G, the total income should be below the taxable limit
  • For Form 15H as well, the interest income for the financial year should not surpass the basic exemption limit.

How to Apply for Forms 15G and 15H?

Here are the steps you need to follow to apply for tax exemption forms 15G and 15H:

Step1: Get the Form

Of course, you need to obtain the form from a valid source. Forms 15G and 15H are available online on the Income Tax Department’s official website. However, you can also collect these tax declaration forms from banks and financial institutions.

Step 2: Fill in the Details

Now, you need to provide the right personal details including PAN (Permanent Account Number). Also, make sure you mention the previous year’s assessment as the income mentioned is for the upcoming financial year.

Step 3: Declare Income Details

Ensure you state the total estimated income for the financial year clearly. You must specify details of income from interest, dividends, and other sources.

Step 4: Attach Supporting Documents

You must attach documents supporting your claim that the total income is below the taxable limit.

Step 5: Submit to Deductor

Now, you need to submit the filled and signed form to the payer, which could be a bank or a financial institution.

Step 6: Retain a Copy

You can keep a copy of the filled form for your records.

Conditions for Submission

Now that you know the process to apply for these tax exemption forms 15G and 15H, let’s take a look at the conditions you must fulfil before the submission of your forms.

    1.Correct Form Selection

    One of the significant things to know is that you must use the correct form based on your age (15G for individuals below 60, 15H for senior citizens).

    2.PAN Details

    Ensure you do not miss out on providing correct PAN details. It is mainly because non-submission or incorrect PAN can lead to your rejection.

    3.Total Income Limit

    The total income, which includes your interest income, should not exceed the basic exemption limit for the financial year.

    4.No TDS from Salary

    These tax declaration forms are applicable only for income other than salary. If you have salary income, you are not eligible to submit these forms.

    5.Single or Joint Accounts

    Even if you are holding joint accounts, you can submit these forms. However, every account holder must fulfil the eligibility criteria.

Also Read: Risks of Investing in Gold: Is It the Right Choice for You?

Submission Process

Form Submission

Here is the step-by-step process followed during the submission:

Submission to Payer

The first step is always to submit the filled form to the payer, which could be a bank or a financial institution. Many institutions also allow online submission of these forms.

Verification by Payer

Once you have submitted the form, the payer will verify the details provided and everything is fine, no TDS will be dedicated on the interest income.


If the income exceeds the required limits or if there is an issue with the form, the payer may reject the submission. Also, if the conditions are not met, the payer will deduct TDS as per the applicable rates.