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Income Tax Form 15G and 15H

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Hiral Vakil

Form 15G
Form 15H
Income Tax
ITR Forms & Documents
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TDS

What is Form 15G/15H?

Form 15G/ 15H is used to make sure that TDS is not deducted from your income if you meet certain conditions as mentioned below. You can submit these forms to the deductor who deducts TDS on your income.

The best use case is that of Banks. Banks deduct TDS @ 10% if your interest income from deposits exceeds INR 10,000 (INR 50,000 in the case of senior citizens). If your total income is not taxable then you can submit the Form 15G /15H to banks so that they don’t deduct TDS from your interest income. Some of the banks provide the facility to upload Forms online through their website as well.

Form 15H is for senior citizens who are 60 years or elder and Form 15G is for a non-senior citizen. It is to be filed every financial year at the beginning of the year.

Need help with Form 15G/15H filing?
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Need help with Form 15G/15H filing?
Talk to an expert via call, whatsapp or messages. Ask questions about tax returns, applicability & compliance etc.
[Rated 4.8 stars by customers like you]

What are the conditions for filing Form 15G/ 15H?

Below are the conditions for filing Form 15G:

The conditions for filing Form 15H are the same as above except the condition that their age should be of 60 years or above.

Age of the individual Basic Exemption Limit (INR)
Below 60 2,50,000
Between 60 and 80 3,00,000
More than 80 5,00,000
From FY 2020-21 onward TDS will be deducted @10% on Dividend Income above INR 5,000. Treaders can submit Form 15G/Form 15H to the deductor to avoid TDS Deduction.
Tip
From FY 2020-21 onward TDS will be deducted @10% on Dividend Income above INR 5,000. Treaders can submit Form 15G/Form 15H to the deductor to avoid TDS Deduction.

Let’s take an example to understand better:

 

Particulars

Anjana

Rahul

Gautam

Pravin

Age

25

50

70

65

Residential Status

Resident of India

Resident of India

Non-Resident of India

Resident of India

Salary Income / Pension Income

2,70,000

0

0

1,50,000

Interest Income

10,000

2,60,000

85,000

20,000

Total Income

2,80,000

2,60,000

85,000

1,70,000

Deduction under Section 80

40,000

50,000

0

0

Total Taxable Income

2,40,000

2,10,000

85,000

1,70,000

Basic Exemption Limit

2,50,000

2,50,000

3,00,000

3,00,000

Form 15G/15H eligibility

Yes

No

No

Yes

Reason

Anjana can submit Form 15G Since the tax calculated is zero and interest income is less than the basic exemption limit

Rahul cannot file Form 15G. Even Though the tax calculated is zero because his interest income exceeds the basic exemption limit (INR 2,50,000)

Gautam cannot file Form 15H since he is not a resident Indian 

Pravin can file Form 15H since his tax calculated is zero and interest income is less than the basic exemption limit (INR 3,00,000)  

Residential Status Calculator
Residential Status Calculator for Income Tax. Taxability in India depends on residential status. Know your residential status from Resident, NRI, Resident but Not Ordinarily Resident(RNOR)
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Residential Status Calculator
Residential Status Calculator for Income Tax. Taxability in India depends on residential status. Know your residential status from Resident, NRI, Resident but Not Ordinarily Resident(RNOR)
Explore

How to file Form 15G & Form 15H?

Form 15G/ Form 15H is used to make sure that TDS is not deducted from your income. If your tax liability for a year is zero then you can file these forms with the deductor. These can be filed in the following two manners:

1. Physical Submission

2. Online Submission

Details required

When should Form 15G / Form 15H be submitted?

The forms should be submitted for the following income source when TDS is deducted on:

FAQs

Do I have to submit Form 15G / 15H to all the branches of the bank where I have deposits?

Yes, you will have to submit Form 15G / 15H to all the bank branches where you have deposits.

Can NRIs file Form 15G / 15H?

No. Form 15G / 15H can only be filed by an Indian Resident.

Can HUF file Form 15G / 15H?

Yes. If the HUF meets all the conditions mentioned above, then it can submit Form 15G / 15H to the deductors.

Will my interest income become tax-free if I file Form 15G/ 15H?

No. Submission of Form 15G/ 15H does not mean that your income is tax-free. It only means no TDS will be deducted on such income by the deductor. You still need to show the same as income while filing your ITR.

When to submit Form 15G/ 15H?

Form 15G/15H needs to be submitted at the beginning of the financial year. Thus the deductor shall not deduct TDS while filing quarterly TDS returns during the year.

Who can submit Form 15G?

Any resident Individual/HUF who is not a senior citizen can file Form 15G to the deductor if their total income is less than INR 2,50,000.

Who can submit Form 15H?

Any resident Individual/HUF being a senior citizen can file Form 15H to the deductor if their total income is less than INR 2,50,000.

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @Maulik_Padh,

    You need to pay Income tax on the net taxable income, i.e. after subtracting deductions, expenses, etc.
    If the net taxable income is negative i.e. if there is loss, you can carry it forward when filing the ITR

    Here are some of the articles which might help

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