Importance of 15G/15H form

Form 15G and Form 15H are used for avoidance of the TDS deduction on interest earned during the financial year on fixed deposits in Banks. Below is the explanation as to how it works.
Suppose you have invested in FD in some bank worth Rs 5 lacs on interest rate @ 9.5 %, You will earn yearly interest 47500 Rs/-. If we consider that you don’t have any other income than this interest income is tax free as it is below tax slab limit, but bank will deduct TDS @10 % and pay Rs. 4750 to government as Income Tax and at year end bank will issue TDS certificate to you. Than you have to file income tax return and wait for refund amount.
Note: – This form has to be submitted every year means if you have place FD for 3 year than you have to furnish every year fresh 15 G/15 H to bank.
(This is regular process by bank they will deduct TDS on interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. This TDS rate will be 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Once TDS is deducted one has to file income tax return and wait for refund.)
In order to avoid this lengthy process, you have to declare that you have not any taxable income. The main and only purpose of these forms is to submit declaration in writing in duplicate that there is not tax payable on his total income. In this case the payer shall not deduct any tax at source. So, if your annual income is not taxable as per current slab of income tax you are requested to file this form to respective bank where you have taken this FD.
These self-declaration form are 15 G & 15 H.
Difference between form 15 G & 15 H is 15 G is for individual below 65 years of age & 15 H if for individual above 65 years of age. Another difference is that Form 15H can not be submitted by HUF’s.
This form is to be submitted before end of financial year or first payment of interest whichever is earlier.
A sample of both the type of forms can be downloaded from the links provided below.
Most common question arises in everybody’s mind is that how to fill this form as this form does not contain any specific column like FD details etc. In order to help you we have also place filled 15 G form in word format. Details to be filled up by individual is highlighted by yellow color text.
Conclusion: – One should submit 15 G/15 H form in order to avoid TDS deduction on interest earned during the financial year, if total income for that financial year is not exceeding taxable limit.
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Article by Raviraj

Raviraj is the man behind He is graduate in finance, engaged in blogging since 7 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. He is not affiliated with any financial product, service provider, agent or broker. The purpose of this blog is to spread financial awareness and help people in achieving excellence for money. Please note that the views expressed on this Blog/Comments are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.

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