Form 15G and Form 15H are self-declaration forms which can be submitted to banks and other institutions to avoid Tax deduction at source (TDS) by banks on fixed and recurring deposit. The post covers the following:
- Who is eligible to submit Form 15G and Form 15H?
- Where can Form 15G/H be used?
- Step by Step guide to fill the form?
Contents
Who can submit Form 15G and Form 15H?
Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.
Form 15G eligibility:
- You are individual below 60 years of age or a HUF
- You must be Indian resident
- The total interest income for the financial year is less than the minimum tax exemption limit for the year. For FY 2018-19 this limit is Rs 2.5 lakhs.
- The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.
Form 15H eligibility:
- Your age is 60 years or more
- You must be Indian resident
- The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.
- The figure below gives example when people are eligible to file Form 15G/H.
Also Read: Highest Interest Rate on Fixed Deposits across 46 banks
Examples:
The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.
Are you eligible to fill Form 15G and Form 15H? (Source:Times of India)
How to fill Form 15G?
Form 15G/15H can now be filled online for most banks – click to know how to do it
There are 19 fields to be filled in the Form. I really wonder why Government department makes forms so complicated and use such technical field names.
First Download Form 15G and Form 15H. You can also refer to your banks site to download these forms.
How to fill Form 15G – Step by Step Guide
The form refers “Assessee” everywhere. Assessee refers to the name of the person on whose name the investment has been done.
Also it mentions “Previous Year” frequently. This confuses many people. Previous Year means financial year (i.e. April 1 to March 31)
The numbers below represent field names in the above form
1. Your name as it appears in PAN card
2. Your PAN number
3. Status – Write Individual or HUF as applicable
4. Previous Year is same as financial year. For e.g. you are making declaration for FY 2018-19 (i.e. for April 1, 2018 to March 31, 2019), the previous year field would be FY 2018-19.
5. Residential Status – Resident Indian or NRI. Only resident Indians are eligible to fill form 15G/H.
6 to 12 – Your current address details
13 – Your email address
14 – Telephone Number (with STD Code) and Mobile No. – Fill up both the numbers of whatever you have
15(a). Whether assessed to tax under the Income-tax Act, 1961. Yes or No – Mention ‘Yes‘ if you have filed income tax return in last 6 financial years.
15(b). If yes, latest assessment year for which assessed – Mention the latest assessment year in which you filed your Income Tax return. (Assessment year is one year next to financial year For e.g. For FY 2018-19, the AY would be 2019-20)
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16. Estimated income for which this declaration is made – This income is for the investment you are giving declaration. For e.g. you have FD of Rs 1 lakh at 7% interest for 1 Year, your estimated income for the financial year would be Rs 7,000.
17. Estimated total income of the P.Y. in which income mentioned in column 16 to be included – Total income expected in the financial year for which the declaration is being made. This would include the income declared in Field 16.
18. Details of Form No. 15G other than this form filed during the previous year, if any
- Total No. of Form No. 15G filed – Give the number of Form 15G you have submitted before this form
- Aggregate amount of income for which Form No. 15G filed – Total income for which Form 15G has been filed.
19. Details of income for which the declaration is filed – Mention the details of the investment for which the form is being submitted.
- Sl. No.
- Identification number of relevant investment/account, etc.
- Nature of income
- Section under which tax is deductible
- Amount of income
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For e.g. For the above example of SBI fixed deposit you need to fill as follows:
- Sl. No. – 1
- Identification number of relevant investment/account, etc. – FD Account number
- Nature of income – Income from Interest
- Section under which tax is deductible – 194A
- Amount of income – Rs 7,000
I wonder how I-T department expects everyone to know income tax sections. Below are common sections for your reference:
| Investment | Income Tax Section | Cut Off (Rs.) | TDS when Valid PAN submitted | PAN not submitted |
| Bank – Fixed/Recurring Deposits | 194A | 10,000 | 10% | 20.00% |
| Premature withdrawal from EPF | 192A | 30,000 | 10% | 34.61% |
| Interest on securities | 193 | – | 10% | 20.00% |
| Dividends | 194 | 2,500 | 10% | 20.00% |
| Interest other than interest on securities – Others (NCDs, etc) | 194A | 5,000 | 10% | 20.00% |
Also Read: Where to Park Money for Very Short Term?
Declaration/Verification
Fill the date, place and Sign on the dotted lines.
Form 15G – Declaration and Verification
Part II of Form 15G/15H
This part has to be filled by the person responsible for paying the income referred to in column 16 of Part I.
Form 15G – Part II – To be Filled by receiver
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How to Fill Form 15H?
All the fields are similar to the Form 15G except Date of Birth (Field No 3).
How to fill Form 15H?
Also Read: 7.75% Government of India Savings (Taxable) Bonds – Should you Invest?
Submitting Form 15G & Form 15H Online
Some banks have allowed submission of Form 15G & Form 15H Online through internet banking. The screen shot below is from SBI and shows the links to be clicked for generating the form online.
Fill 15G and 15H Forms Online in SBI
Penalty for False Declaration on 15G/H
If you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS. Providing false declaration can lead to fine and imprisonment u/s 277
- For tax evasion of more than Rs 1 Lakhs, there can be rigorous imprisonment for 6 months to 7 years along with fine
- For all other cases, there can be rigorous imprisonment for 3 months to 3 years along with fine.
Also Read: 21 Hidden Charges in Saving Bank Account
Important Points:
- You need to submit the declaration at the start of every financial year to all the banks, companies where you have fixed deposits or recurring deposits.
- Always attach copy of PAN card while submitting the form.
- In case of joint accounts, the form should be submitted by the first account holder.
- The forms need to be submitted in all branches where you have investments. For e.g. If you have opened FD in 3 branches of ABI, you need to submit the above from in all 3 branches separately.
- Form 15G/H is just to prevent the hassle of TDS and later seeking refund. You would need to file income tax return if you so mandated by law.
- Do not submit Form 15G/H if you are not eligible to do so. It would create more problems than solve.
Also Read: 25 Tax Free Incomes & Investments in India
To conclude:
The Form 15G and Form 15H was revised from October 1, 2015 and has been simplified. Also the reporting to income tax department has become more robust. You must fill these forms and submit to relevant banks/institutions only if you are eligible. Do not make a false declaration as that might create problems.
Dear sir,
My Bank fixed deposit amount is Rs 369504.00 and yearly interest income from the fixed deposit is Rs 17171.00.Kindly tell me am I under tax?Have I to submit 15G at my Bank?There is one enquiry that is I do not understand how to fill up 15G form column no 17(Estimated total income of the P.Y.in which income mentioned in column 16 to be included)
Thank you.
Babu senapati
Hi
This is Sharath.
I worked for Rmaky group for 6months and now I want to withdraw my PF and I don’t have any other source ion income and what amount should I mention in 16 & 17.
Pls help me are very confuse both of the foam 15g & 15h first off all are very basic foam fill fd in sbi bank I don’t know about any information which type of foam in fd & are very confuse
I am working in IT company , before on company payroll I was working as a contractor for the company until Jan 2015. I want to withdraw PF? Please let me know process for the same, is form 15G is required? if yes what amount should be added in estimated income column and below table, please guide.
Thank you sir.
Hello Sir, I have worked for 16 months and it’s more than two months I have left the job and want to withdraw my PF and EPS amount. My PF amount is less than 20k and my PAN details are also updated. Should I submit 15G form to avoid TDS deduction.
Hello Sir, it’s more than two months I have left the job and want to withdraw my PF and EPS amount. My PF amount is less than 20k and my PAN details are also updated. Should I submit 15G form to avoid TDS deduction.
i am 59 years old pensioner i have to deposit Rs.800000 in fixed deposit my pension amount is rs.11700 pm i have no other source of income.is it necessary to submit 15g or 15h which form to be submitted???
grace amount of income and interest income 3 lakhs for senier citizen
Hi Amit
It’s been 5months since I’m not working and I don’t have any FD in my name.. In this case I have to fill only pf amount in the field estimated total of the p.y ?
yes
Sir if interest on f.d is 260000 and deduction in 80c is 20000 then 15g should be given or not
no
I am a senior citizen. In form 15 h should I mention all my investments like scss, mis, Lic’s barista pension bins yojana, Jeevan akshya vi, pmvvy etc. in column no. 18 while submitting in a particular bank where I have a FD of only rs. 10000? In column 17 whether my pension amount along with all interests should be mentioned? In column 15 should I mention only the amount of a particular bank where 15h is being submitted? Please clarify.
My Huf will have an income of RS 400000 for fy 19-20(ay 20-21) mainly by interest .can I submit firm 15 g as my income is below new taxable limit of RS 500000.
Form 15G/H is not applicable for HUFs
What i have to write in Amount of income part of 19 column
I am retired central govt.class I officer (66+ age). I get 56,910/- pension. Should income means my pension + interest I earned for my FD/RD/Saving bank and from post office senior citizen saving Scheme interest (for Rs.900000/-) in Post Office. In addition I invested Rs.11 lakhs in SBI SCSS’ monthly income scheme. So 9 lakh + 11 lakh=20 lakh in monthly income scheme. Four the FDs (of 1 lakh each)with sbi for 5 years TAX savings FD. What is the exemption and tax liability for current year for me. Please elaborate.
Dear sir
Tax payer (induvisual) can submit 15G form.
For example
A person total income is – 3;00;000
he invest 50;000 in 80c
Naw tax liability is 0
He can eligible for submit 15G
And what is total estimated income of him
Dear Sir
i am a senior citizen of 61 yrs age. i have sr citizen saving scheme , ppf a/c, bank fda, recurring deposite. i will be crossing the taxable limit as my income for FY 2018-2019 is working out more. but i have given form 15H only for the bank fda and for other investments i have not given 15H . Any possible implications due to 15H given for the FDA
kindly clarify .
I am govt employee and my gross salary monthly around 44000.
I have confusion regarding estimated total income of the previous year, what it means it is interest income or total income like
44000*12 plus some perks I got from my organisation or only interest income
I have filed only it return of 2017-18
Should I tick yes in tax access or NO
Please guide
Its total income which includes your salary/perks/interest income etc