Form 15G and Form 15H

Form 15G and Form 15H – Form 15G and Form 15H are self-declaration forms submitted by taxpayers to request non-deduction of Tax Deducted at Source (TDS) on certain income, such as interest from fixed deposits or recurring deposits. Form 15G: Applicable to individuals below 60 years of age and HUFs, provided their total taxable income is below the taxable limit. Form 15H: Applicable to senior citizens (aged 60 years and above) to prevent TDS on interest income if their total income is below the taxable threshold. These forms ensure that eligible taxpayers do not have tax deducted at source, provided their income is within the exemption limits. The Assessment Year (AY) is the year in which the income earned during the previous Financial Year (FY) is assessed and taxed.

Example: Interest income earned during FY 2022–23 for which a senior citizen submits Form 15H is assessed in AY 2023–24, and no TDS is deducted if eligibility conditions are met.