Form 15G and 15H

Form 15G and 15H are self-declaration forms used to avoid tax deducted at source (TDS) on interest income in India. Here's a quick breakdown:

Purpose:

• To claim exemption from TDS on interest income, such as interest from fixed deposits (FDs) or recurring deposits (RDs) with banks.

Eligibility:

• Form 15G: Individuals below 60 years old and Hindu Undivided Families (HUFs) whose estimated total income is below the taxable limit for the financial year.
• Form 15H: Senior citizens (above 60 years old) whose estimated total income is below the taxable limit for the financial year.

When to Submit:

• Submit the form to the bank or financial institution before the interest is credited to your account.

Where to Submit:

• You can usually submit these forms directly at the bank branch or online through your net banking account.