Form 15G and Form 15H for fixed deposits

Form 15G and Form 15H are used for averting / reconciling the TDS deduction on interest earned during the financial year on fixed deposits in Banks. Below is the explanation as to how it works.

How these forms works & and what is their purpose

In routine banking process, the Bank will deduct tax at source on the interest earned on Fixed Deposits, if it is above Rs. 10000 Per Annum. The TDS is deducted at the rate of 10% (w.e.f.1-4-2010 If PAN will not be furnished then TDS will be deducted @ 20%). Hence to get the income tax refund, you have to file the income tax return. To avoid this 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.

  • Form 15H must be used above 65 years old individual.
  • Previous year income should not be taxable.
  • Form 15H should be submitted before the first payment of interest on fixed deposit.

Form 15G

Form 15G is same like Form 15H difference is only that form 15G is for every individual below  65 years of age

The duty to submit these forms with assessee before end of the financial year or first payment of interest whichever is earlier.

The payer is under an obligation to deduct tax until the declaration in Form No. 15 G/15H is received and in the event that such form is not received till the end of the financial year, the failure to deduct tax amounts to violation of this section.

A sample of both the type of forms can be downloaded from the links provided in the below table.

Specimen Of Form 15h & 15g Free Download
Form 15 G download in excel Format Form 15 G in XLS Format
Form 15 H download in excel Format Form 15 H in XLS Format

Read more here: Income tax on fixed deposit interest in India

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