What is Form 15G and 15H?

Do you know the interest you earn from the fixed deposit or post office deposit is taxable? If you have these investments, you must know about Form 15G and Form 15H. Banks deduct TDS when your interest is more than Rs. 40,000 in a year. But, if your total income is less than Rs. 2, 50,000 per year, you should submit Form 15G and Form 15 H to the bank or post office, asking them to not deduct any TDS.

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What is Form 15 G?

Form 15 G is a self-declaration form. It declares that one's income is below the taxable limit and hence they should be exempted from tax.

You need to fulfil the following criteria for filling Form 15G-

  • You must be an Indian resident.
  • Your age should be under 60 years.
  • You Total income is less than Rs. 2,50,000.
  • You are an individual or Hindu united family (HUF) or trust but not a company or firm.
  • Your total interest income is less than the basic exemption limit of the year. The exemption limit is 2.5 lakh for FY 2020-21

What is Form 15H?

Form 15H is a self-declaration form for those who are above 60 years of age. You need to meet the following criteria for filing Form 15H-

  • You must be an Indian resident.
  • You should be above 60 years.
  • The tax on your aggregate income should be nil.

How Much Exemption You Can Get?

  • Individual below 60 years: Rs. 2,50,000.
  • Senior citizen between 60 to 80 years: Rs. 5, 00,000.
  • Individual above 80 years: Rs. 2,50,000.
  • Trust, HUF, Club: Rs. 2,50,000.

How to Online Fill the Form 15G and 15H?

TDS deducted on income from fixed deposits, EPF withdrawal, post office deposits, and Insurance commission is not refundable by the bank. You have to claim it while filing ITR. It is better to fill the form 15G and form 15H online in advance.

  • Visit www.incometaxindia.gov.in to download the forms.
  • You will find Form 15G and Form 15H under frequently used forms.
  • Click on the PDF icon and download. Print three copies of the form. Submit printed documents to your bank.

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