Difference between Form 15G & Form 15H

Particulars FORM 15G FORM 15H
Who can submit? Resident Individuals or HUFs or trusts or any other assessees (but not a company or a partnership firm) with age less than 60 years Resident Individuals of 60 years of age or more, i.e. Senior citizen
When to submit? Tax calculated on total income is Nil Tax calculated on Total Income is Nil

Cases where you can submit Form 15G/H apart from bank

While these forms can be submitted to banks to ensure that TDS is not deducted on interest, they can also be filed to a few other places.

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TDS on EPF withdrawal

If an EPF balance is withdrawn before 5 years of continuous service, the PF department needs to deduct TDS from the balance.

You can submit Form 15G or Form 15H if you have less than 5 years of service and want to withdraw your EPF balance of more than Rs.50,000. To apply for these forms, you must meet the requirements listed above. It means you should not have any tax liability on your overall income, including any EPF balance withdrawn.

TDS on income from corporate bonds

If your income exceeds Rs 5,000 through corporate bonds, TDS will be deducted from your income. However, you can request the issuer not to deduct TDS by submitting Form 15G or Form 15H.

TDS on LIC premium receipts

With effect from October 2014, if the amount received from a policy exceeds Rs 1 lakh and is taxable, the insurer must deduct 2% TDS before paying the amount.
TDS is 5% on the proceeds paid or payable upon maturity as of 1st September 2019.
TDS will be deducted at a rate of 20% if the deductee's PAN is not submitted to the LIC companies.
If your total income is not taxable, you can submit Form 15G/Form 15H to request that no TDS be deducted.

TDS on post office deposits

TDS is deducted at digital post offices, and Form 15G or Form 15H is accepted if the prerequisites for submitting them are met.

TDS on Insurance Commission

If the insurance commission exceeds Rs 15000 per financial year, TDS is deducted. On the other hand, insurance agents can file Form 15G/Form 15H to request a non-deduction of TDS if their total income is tax-free.

TDS on rent

TDS is deducted on rents that exceed Rs 2.4 lakh per year. If your total income does not have any tax liability, you can request the tenant not to deduct TDS by submitting Form 15G or Form 15H. (applicable from 1 April 2019).

How to e-file Form 15G & Form 15H on ITR online portal?

Deductors (i.e. banks) need to file Form 15G & 15H on the income tax e-filing website. In addition, the deductor should have a valid TAN & register themselves as Tax Deductor & Collector on the income tax e-filing website to start the process.
If the deductor is not registered, they should first register as Tax Deductor & Collector to proceed.

Preparation Process

Everyone who files a Form 15G or Form 15H is assigned a Unique Identification Number, or UIN, by the tax deductor. The UIN is required for filing quarterly Statements of Form 15G and Form 15H. Forms 15G and 15H should be maintained for a minimum of seven years.
UIN includes 3 fields - Sequence number, financial year, TAN of the payer/deductor. The payer should digitise the paper declaration, and it should bear the same sequence number mentioned in the UIN.

Filing Process

  • The payer needs to upload Form 15G & Form 15H received quarterly on the e-filing website
  • The payer should quote ‘sequence number’ (Field ‘a’ of UIN) in the quarterly TDS statement against the transaction covered under Form 15G & Form 15H even though no TDS has been deducted
  • Visit the income tax e-filing website
  • Click on ‘e-file’ and click on ‘Prepare & Submit Online Form (Other than ITR)’
  • Prepare the XML zip file by clicking on FORM 15G/FORM 15H (Consolidated)
  • To file FORM 15G/15H, you must have a DSC (Digital Signature Certificate)
  • Then, generate the signature for the zip file using the utility
  • Now, use TAN to log in to incometaxindia.gov.in
  • Go to e-File -> Submit Form 15G/15H
  • Select the Form Name (Form 15G or Form 15H), Financial Year, Quarter, and Filing Type. Then, click on ‘Validate’
  • Browse the ZIP and Signature files and attach them. These files can be generated from the DSC utility
  • Download the DSC Management Utility
  • Click the Upload button. The success message appears on the screen after a successful upload

How to check filing status?

  • Go to My Account –>View Form 15G/15H to check the status of your uploaded file
  • The status of the statement will be "Uploaded" once it has been uploaded
  • The uploaded file will be processed and validate
  • After validation, the status will be either "Accepted" or "Rejected," which will reflect within 24 hours of the upload.
  • Accepted statements will be sent to CPC-TDS to be processed further
  • The rejection reason must be available if the status is "Rejected," and the corrected statement must be uploaded

CA Abhishek Soni
CA Abhishek Soni

Abhishek Soni is a Chartered Accountant by profession & entrepreneur by passion. He is the co-founder & CEO of Tax2Win.in. Tax2win is amongst the top 25 emerging startups of Asia and authorized ERI by the Income Tax Department. In the past, he worked in EY and comes with wide industry experience from telecom, retail to manufacturing to entertainment where he has handled various national and international assignments.