Form 15G & Form 15H

Persons who are in receipt of taxable income and are not taxable can claim not to deduct TDS against such income by way of giving Form 15G or Form 15H to the deductor subject to certain conditions as detailed below:

Form 15H

Declaration under sub-section (1C) of section 197A of the Income-tax Act, 1961, to be made by an individual who is of the age of sixty years or more. (Age limit reduced to 60 Years with effect from 1st July, 2012). Form 15H is applicable to only Senior Citizens.

Individuals more than 60 years age need to submit form 15H to those bank branches from which interest exceeds 10,000/- in a year. In the case of interest on loans, advances, debentures, bonds i.e. Interest income other then bank interest the above limit is Rs. 5,000/-

Form 15G

Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax of tax. Form 15G can be submitted by Individual below the age of 60 years and Hindu Undivided family etc.

Differences between 15G & 15H:

  • 15G can be filed by HUF also but 15H can be filed by only Individuals.
  • 15H is applicable to only individuals above the age of 60 years and 15G below the age of 60 years.
  • 15H can be filed when the tax on the total income including the interest incomes is Nil. Where as 15G can be filed only by only such person whose income from interest on securities / interest other than interest on securities / units / amounts referred to in clause (a) of sub-section (2) of section 80CCA does not exceed maximum amount not chargeable to tax.

To summarize the above situation, it can be said that :

Form 15G

Applicable to individuals below the age of 60 years, or HUF’s when the income from interest on securities / interest other than interest on securities / units / amounts referred to in clause (a) of sub-section (2) of section 80CCA does not exceed maximum amount not chargeable to tax.

Form 15H

Applicable to individuals, who is of age of 60 years or more when the tax on the total income including the interest incomes is Nil .