Form 15G / 15H
Full form: Self-Declaration for No TDS
Tax & DeductionsForm 15G (for individuals below 60) and Form 15H (for senior citizens) are self-declaration forms submitted to banks and financial institutions to prevent TDS deduction when your total income is below the taxable limit. Filing them saves the hassle of claiming TDS refunds.
In detail
When to submit:nForm 15G: if total income is below the basic exemption limit (Rs 2.5L for below 60, Rs 3L for 60-80 years) AND estimated tax for the year is nil.nForm 15H: for senior citizens (60+) if estimated tax is nil regardless of income amount.nnWhere to submit:n1. Your bank (for FD interest, savings interest)n2. EPF if withdrawing before 5 yearsn3. Post office for SCSS/NSC/MIS interestnnTiming: submit at the start of each financial year (April). The exemption applies for the full year. If you forget and TDS is deducted, claim refund via ITR.
Real-life example
Rama, 63 (senior citizen), earns FD interest Rs 1.5L/year. Total income (pension + FD) = Rs 4L, below Rs 5L taxable threshold with standard deduction. She submits Form 15H to all her banks in April. No TDS deducted. If she forgets: banks deduct 10% TDS = Rs 15,000. She would get it back in ITR refund but cash flow was blocked for months.