Get Form 156h

Form 15G and Form 15H are documents that declare your income is below the minimum tax slab for the particular financial year. Citizens aged above 60 years are also exempted from paying TDS on interest earned on fixed deposits if their total income from investments does not exceed Rs. 3,00,000.

FAQs on Forms 15G and 15H Both are self-declaration forms that you have to submit to the bank once you open a fixed deposit. While Form 15G is for those who are below 60 years and come under Hindu Undivided Families (HUF), Form 15H is for everyone who is 60 years and above.

What are Form 15G and Form 15H? FORM 15GFORM 15HTax calculated on your total income is NilTax calculated on your Total Income is NilThe total interest income subject for the year is less than the basic exemption limit of that year, which is Rs.2.5 lakh for financial year 2020-21 (AY 2021-22)2 more rows • 12-Jul-2023

Form 15G and Form 15H are self-declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit. For this, providing PAN is compulsory. Some banks allow you to submit these forms online through the bank's website.

Form 15H can only be submitted by individuals who have attained the age of 60 years at the time of submission. The estimated tax for the previous year should be zero. The individual should not have paid tax in the previous year because his/her income should be below the taxable amount.

Form 15H for EPF Withdrawal Form 15H for PF withdrawal has to be filled when you withdraw offline. Purpose of form 15H is to request EPFO not to deduct TDS. Such TDS is applicable only if one is withdrawing EPF before completion of 5 years of service and/or amount withdrawn is greater than Rs. 50,000.

If your interest income from all FDs is less than Rs 40,000 in a year, the income is TDS exempt. On the other hand, if your interest income is over Rs 40,000, the TDS would be 10%.