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 and Form 15H be used?
- Step by Step guide to fill the form along with Filled Form 15G Sample & Form 15H Sample
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 2020-21 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.
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Scenarios when you can or cannot fill Form 15G or Form 15H
The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.
How to fill Form 15G? (Filled Form 15G Sample)
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.
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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
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% |
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Declaration/Verification
Fill the date, place and Sign on the dotted lines.
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.
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How to Fill Form 15H? (Form 15H Sample)
All the fields are similar to the Form 15G except Date of Birth (Field No 3).
How to generate Regular Monthly Income?
There can be several situations when we look for regular income. This is especially true for people after retirement without any pension. Also there would be new entrepreneurs who need regular income until their start-up stabilises. We tell you 13 investments which can generate regular income for you along with their pros and cons.
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.
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.
Senior Citizens’ Savings Scheme: An Excellent Investment
Senior Citizens’ Savings Scheme or SCSS is an excellent investment for senior citizens for regular income and tax saving u/s 80C. It is 100% safe as its backed bu Government of India, the interest paid is generally higher than bank fixed deposits and the investment is eligible for tax saving u/s 80C. We explain the eligibility, process and do’s & don’ts of SCSS in this post.
Form 15G & Form 15H – 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.
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 Amit,
Hi,
Can we rely on foreign bank like Deutsche Bank in India for fixed deposits
please post your advise???
Yes Deutsche Bank like all other banks in India are regulated by RBI, so you can trust the bank for your deposits.
There is still confusion with regards to income to be shown in aggregate incomefor which 15 G or H is filed For example if Annual interest income is 25000 from a particular Bank and income from pension is 120000/- p.a. Then the estimated income will be Rs.25000/- and Total estimated income will be Rs.145000/-. Then what will be the aggregate income? Is it Rs.25000/-. Now suppose interest income from other Banks other then where the form 15G or H is submitted is Rs.35000/-. Then the aggregate income will be Rs.60000/-.( 25000+35000) Then this will be the figure to be mentioned in Form 15 G submitted to all the banks. Is it correct ? Please advise
Yes your understanding is correct.
I am a college student aged 20 .
I have fds in 2 banks.
I do not have income other than fds interest.
I filled form 15g in bank 1 showing my total income( column 16) as rs 1,50,000 mistakenly. Now I am filing form 15g form in bank2.
Should I mention my total income as rs 1,50,000 in bank 2 also or should i mention it as my actual interest income.
You should mention your actual income. Anyway these incomes are just estimated and can change with time. So no need to worry – Just make sure you fill whatever is true to your knowledge as of today.
So should I fill only my interest income as my total income? If I do so then total estimated income will be different in both forms with a huge difference.
Is it necessary to mention that I have already filled a 15g form in another bank?
The difference in income really does not matter. So go ahead with the right income in the new form.
hi..Have not filled ITR for last two year and currently im having 25k FD and LIC of 12K, no other income and i’m salaried employee and company deducting every month 1500/-. Please advise what should i declare. My privious employer want me submit 15G along with PF claim form
What need to filled in part II form..??
You need not fill Part 2 as it would be filled by person who you submit the form.
Your company is deducting Rs 1500 tax every month, which means your income exceeds taxable income. In this you should not submit Form 15G.
Also EPF withdrawal can be done without Form 15G, in which case TDS would be deducted and you can claim it back by filing tax return.
Hi I am karthikeyan.I am going to resign my job and claim my PF amount and I will not have any income for the next few years and no FD account. What should i fill as Estimated Total income..?
The estimated income for the year would be the amount which you would get from your PF.
Sorry made errors in dates..resending my queries as below:
need to fill 15H for my mother -age 68 for PY (as mentioned in the updated bank Form) – 2016-2017.
Her total income from APR15 to MAR16 is approx 3,69,000 thru FD’s in various banks including SBI. She also has good amount of FD under SCSS in SBI, therefore, I believe she is eligible of 1lac50 max.
My queries are:
1) Should I submit FORM15H in all the banks, considering that her income exceeds 3Lakhs or will the exemption be considered coz of SCSS.
2) Currently, if one of the FD matured in DEC2015, I have calculated her interest income for 9months(APR to DEC).Hope this is the right way to calculate.
3) What would be right way of calculating income of a renewed FD..FD that matured in JAN16 and renewed again till 2017? If you could state an example.
Thanks once again..
1. You should submit Form 15H to all the branches of all the banks where your mother has FD. If you do not banks would deduct TDS if the annual interest payable exceeds Rs 10,000.
2. The banks deduct TDS based on the interest you earn irrespective of the maturity period. For e.g if you make Rs 10 Lakh FD for 5 years @ 10% interest – the banks would assume that the interest credited for 1st year is Rs 1 lakh and TDS would be deducted on the same, even though the amount would mature after 5 years.
You should ideally get interest certificate from your banks which would state clearly the amount that was earned as interest and TDS deducted.
Hi,
I joined the company on Oct 29,2013 and resigned on May 29, 2015. I’m jobless from my resignation. I would like to withdraw my pf amount. I need your complete guidance in filling the Form 15G. I’m confused to fill the section 4, 16, 17, 18 and 19. I want to know what the exact amount to be filled in section 16 and 17. I do not know to calculate these amounts. Also please guide me in calculating these amounts.
Since you are withdrawing in April 2016 your field 4 (previous year) would be FY 2016-17. Field 16 is the approximate money in your EPF. Field 17 is field 16 income + any other income in this financial year like interest, salary, etc. Field 18 & 19 mention the details of other income where you have submitted this form 15G.
Can amount deposited in Atal Pension Yojna can be withdrawn prematurely?
Yes the amount in Atal Pension Yojna can be withdrawn prematurely before maturity. SYou will be refunded only your share of contributions and the interest earned on those contributions. You will not get the government’s contribution or the interest accruing on that amount.
Hi
I left the organisation on Sep 2015.so what should I fill in the column 4 of form 15g??
Column 4 asks for Previous Year (which is same as financial year) for which the declaration is being made. In this case it would be 2016-17.
Thank you
Hi Amit. Thank you very much for those instruction. Nowhere on the web have I seen such clear and precise instruction. This is the first time I’ll be filing form 15G. 80% is clear. However I need help with just one or two difficulties. I’m filing this form 15g for 2 Fixed deposits I have with SBI. Right now I just have these 2 FD and no other income. So my Column 16 and 17 will be the same, right? they’ll both be the estimated total interest I’ve earned for FY 2015-2016 on both the FD. Also, I don’y have any UIN. I don’t know my UIN. Is it really necessary/mandatory for form 15g? Can I just leave it blank?
Is UIN just for the bank officials and has nothing to do with me?
Thanks for your appreciation 🙂
In case these FDs are your only source of income, your field 16 & 17 would be same. Also Part 2 of the form has to be filled by the bank and so UIN is not required to be filled by you.
What is due date for filling the same?
There is no due date but the bank would deduct TDS until you submit relevant forms. This needs to be done every financial year and it’s good practice to submit it in April.
Need clarity on this – 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.
What else should be included? Do interest on FD in all the banks need to shown in this field??
This would include all income including interest across FD/RD from different banks/companies etc.
whether form 15G for AY 2017-18 for interest on loan to be filed online compulsorily
No it’s not compulsory. You can download the form and submit physically to banks.
Amit
Is it same form to be used for2016-2017 ay2017-2018
Yes the form remains the same for next financial year too
I resigned in sep 2014 and moved out of country. On contacting my company for PF withdrawl asked me to submit 15G form, so can I submit the 15G and what should I mention in estimated income columns. Also how to know the full PF amount to be withdrawn.
Form 15G is not a compulsory form for withdrawal of EPF. It’s just to prevent any TDS that might be deducted. Also you might not necessarily be eligible to fill form 15G.
As the form talks about estimated income, you can fill approximate figure you think is available in EPF.
Hi I am Gaurav and trying to fill up form 15G for PF withdrawal. I left the organization in May15 and since then never joined any. So what should I write in Column 16 of form 15G. Is it the sum of salary drawn & interest earned on deposits or is it sum of salary, interest and amount of PF to be withdrawn.
Field 16. Estimated income for which this declaration is made would include only the amount of PF to be withdrawn while Field 17 would include all income.