Form 15G / 15H
Self-declarations to receive interest without TDS — 15G for under-60s below the exemption limit, 15H for senior citizens with nil tax.
Definition
Forms 15G and 15H are self-declarations you submit to a bank, post office or other payer asking them not to deduct TDS on your interest income because your tax liability for the year is nil. For FY 2025-26 (Budget 2025), banks deduct TDS on interest only above ₹50,000 for general depositors and ₹1,00,000 for senior citizens (Section 194A), so these forms matter when your interest crosses those thresholds but you still owe no tax.
Form 15G is for resident individuals below 60 and HUFs: two conditions must hold — your final tax liability is nil, AND your total income is below the basic exemption limit (₹4 lakh under the default new regime for FY 2025-26; ₹2.5 lakh old regime). Form 15H is for resident senior citizens (60+) and has only one condition: final tax on total income is nil. Because of the Section 87A rebate, a senior citizen with income up to ₹12 lakh under the new regime can have nil tax and still validly file 15H even though income exceeds the exemption limit — flexibility 15G does not offer.
Submit the forms at the start of the financial year (April) to each bank/branch paying you interest — most banks accept them online through net banking; they are valid for one financial year and must be filed afresh every year. Pitfalls: a false declaration attracts prosecution under Section 277; forms submitted mid-year cannot undo TDS already deducted (you then claim it as a refund in your ITR); and NRIs cannot use either form. From FY 2026-27, under the new Income-tax Act 2025, these declarations are being consolidated into a new Form 121.
Example
Retired at 63 with only pension and FD interest and nil tax after rebate, Lakshmi submitted Form 15H to her bank in April 2025 to stop TDS on her deposits.
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