In such a situation, the bank might have already deducted the TDS. This will ensure that the bank does not deduct any TDS on your interest income.įor FY 2020-21, in view of the spread of the second wave of COVID-19, the government has extended the validity of Form 15G and Form 15H up to 30th June 2021 from 31st March 2021.Ĭheck your total tax payable with the help of our Calculator Forgot to submit Form 15G or Form 15H?Ī lot of taxpayers forget to submit Form 15G and Form 15H on time. So, please submit these forms every year at the beginning of the financial year.

When should you submit Form 15G and Form 15H?įorm 15G and Form 15H are valid for one financial year. Condition of interest income being more than the basic exemption limit is applicable for form 15G only and not for form 15H.Form 15H can be submitted by senior citizens even if the interest income is more than basic tax exemption limit, provided that the taxable income (after deductions) is below the exemption limit.Rahul, who is a senior citizen can submit form 15H as his tax liability is Nil.Deepak cannot submit Form 15G even though Tax on total income is Nil, because his interest income is more than the basic exemption limit.Form 15G and 15H are applicable only for ‘residents’, hence a non-resident cannot take the benefit of these Forms.

Important points for understanding above example. Interest income is less than basic exemption limit Total Income before allowing section 80 Deductions Please note that benefits of Form 15G and 15H cannot be claimed by Non residents.Įxample to understand who can submit Form 15G and form 15H Age The total interest income subject for the year is less than the basic exemption limit of that year, which is Rs.2.5 lakh for financial year 2020-21 (AY 2021-22) Tax calculated on your Total Income is Nil Tax calculated on your total income is Nil Resident Individual with an age 60 years or more i.e Senior citizen. Resident Individual or HUF or trust or any other assessee but not a company or a firm with age less than 60 years Some banks allow you to submit these forms online through the bank’s website. Form 15G and Form 15H are self declaration forms that an individual submits to the bank requesting not to deduct TDS on interest income as their income is below the basic exemption limit.įor this, providing PAN is compulsory.

Epfo form 15g pdf