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Form 15G and Form 15H Helps To Save TDS on Interest Income


What can you do with Forms 15G and 15H to ensure that the bank does not take TDS on interest if your total income is not taxable?

Under section 194A of the Income Tax Act, banks are required to deduct TDS when your interest income exceeds Rs.40, 000 in a year for persons other than senior citizens (the limit for senior citizens is Rs. 50,000).

This limit is calculated by adding deposits held in all of the bank's branches.

If your total income is less than the taxable limit, you can ask the bank to not deduct any TDS by submitting Form 15G and 15H.

What Is Form 15g And Form 15h?

Forms 15G and 15H are self-declaration forms that an individual submits to their bank to request that TDS on interest income not be deducted since their income falls below the basic exemption limit.

It is necessary to provide your PAN in order to do so. You can submit these forms online through the bank's website in some cases.

When Should Forms 15g and 15h Be Submitted?

Forms 15G and 15H are only valid for a single fiscal year. As a result, please submit these documents each year at the start of the fiscal year. This will ensure that no TDS is deducted from your interest income by the bank.

Have You Forgotten To Turn In Form 15g Or Form 15h?

Many taxpayers neglect to file Forms 15G and 15H on time. In this case, the TDS may have already been deducted by the bank. You can perform any of the following, depending on your scenario.

To claim a TDS refund, file your income tax return as follows: The only way to get a refund for extra TDS is to file an income tax return. TDS cannot be refunded by banks or other detectors because it has already been deposited with the IRS. After you file an income tax return, the IRS will refund any extra TDS.

Submit Forms 15G and 15H as soon as possible: TDS is deducted by most banks every quarter.

Apart From Banks, Where Can You Submit Form 15g Or Form 15h?

While these documents can be sent to banks to ensure that TDS is not deducted on interest, they can also be filed to a few other locations.

TDS on a Withdrawal From the EPF

If an EPF balance is withdrawn before 5 years of continuous service, TDS is deducted from the balance.

You can use 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 indicated above. It means you should pay no tax on your overall income, including any EPF balance removed.

TDS on Corporate Bond Dividends

If you earn more than Rs 5,000 through corporate bonds, TDS is withheld from your earnings. You can request that TDS not be deducted by submitting Form 15G or Form 15H to the issuer.

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 amount of income comprising the profits paid or payable upon maturity as of September 1, 2019.

TDS will be deducted at a rate of 20% if the dedicatee’s PAN data are not submitted to the LIC companies.

Form 15G/Form 15H can be used to request that no TDS be deducted.

TDS on Deposits at the Post Office

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 Rented Property

TDS is deducted from rents that exceed Rs 2.4 lakh per year. If your total income is tax-free, you can request that the renter not deduct TDS using Form 15G or Form 15H. (Applicable from 1 April 2019).

Insurance Commission TDS

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

Dedicators Should Be Aware Of The Following Information.

The Income-tax Act mandates you to assign a Unique Identification Number or UIN to everyone who files Form 15G/Form 15H if you are a TDS dedicator. You must file a quarterly Form 15G/Form 15H statement and keep these forms for a period of seven years.

How to Fill Form 15g?

  • Assesses (Declarant's) Name – Enter your name as it appears on your tax return and your PAN number as it appears on your PAN card.
  • Input – Status Whether you're a single person or a HUF,
  • Previous Year – Enter the current fiscal year for which you are filling the form Residential Status – Residents can only fill out this form. Here you may check your residency status.
  • Fill in the address information, as well as the PIN code, email address, and phone number.
  • Is there a tax assessment under the Income Tax Act of 1961? – If you answered yes to this question in any of the previous six years, your income was above the taxable limit.
  • Estimated income for which a declaration is made – put in the amount of interest or other income that is not subject to TDS.
  • Estimated total income for the preceding year, which includes the income listed in column 16 – Calculate your entire income for the year, including your salary, stipend, interest income, and any other sources of revenue. Details of Form 15G other than this form filed during the previous year, if any;- please include the total number of Form 15G filed for that year.
  • Also, enter in the total amount of income for which you filed Form 15G – Include the total revenue for which Form 15G was filed as well.
  • Fill in the information of the income for which a tax return is being filed; the number of the applicable investment/account, etc. The type of income, the section of the tax code that is deductible, and the amount of tax that is deductible are all factors to consider. The amount of money you make - Provide your fixed deposit account number, recurring deposit information, NSC information, and life insurance policy number, among other things (many of these are chargeable to tax under section 56 of the income tax act)
  • Signatures — when signing on behalf of a HUF or AOP, state your ability.
GST Registration

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Income Tax

Direct tax of country which provides the direct income of person based on residence capacity to be assessed and taxed in appropriate head of Income under Income Tax Act, 1961. It is an instrument of Government to collect the revenue from individual.

Good and Service Tax Audit

One nation one Tax, Goods and Service Tax Act, 2017 has major contribution on Government Revenue. It is indirect tax collected by service provider or trader from end users and deposited in account of Government.

This portion of the site is for informational purposes only. The content is not legal advice. The statements and opinions are the expression of author, not corpseed, and have not been evaluated by corpseed for accuracy, completeness, or changes in the law.


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