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posted on DECEMBER 17, 2015 in AMIT

How to Fill Form 15G and 15H?

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45

Filed under FIXED INCOME,


INCOME, SAVING ACCOUNT

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Form 15G and Form 15H are self-declaration forms which can be
submitted to banks and other institutions to avoid Tax deduction at
source (TDS) by banks on fixed and recurring deposit. The post
covers the following:
1. Who is eligible to submit Form 15G and Form 15H?
2. Where can Form 15G/H be used?
3. Step by Step guide to fill the form?

Who can submit Form 15G and

Fill up Form 15G or 15H to Get rid of TDS

Form 15H?
Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.

Form 15G eligibility:

Lets be Friends

You are individual below 60 years of age or a HUF


You must be Indian resident
The total interest income for the financial year is less than the minimum tax exemption limit for the year. For FY
2015-16 this limit is Rs 2.5 lakhs.
The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.

Form 15H eligibility:


Your age is 60 years or more
You must be Indian resident
The total tax calculated after taking all the deductions and exemptions is NIL for the financial year.
The figure below gives example when people are eligible to file Form 15G/H.

Amit Kumar
google.com/+ApnaPlan
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Also Read: Highest Interest Rate on Recurring Deposits across 44 banks

615 followers

Examples:
Most Popular Today
The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.
Highest Interest Rate on Bank
Fixed Deposits (FD) - April 2016
Income Tax Calculator for FY 201617 [AY 2017-18] - Excel Download
Income Tax Calculator for FY 201516 [AY 2016-17] - Excel Download
Highest Interest Rate on Recurring

Highest Interest Rate on Recurring


Deposits (RD) - April 2016
Highest Tax Saving Bank Fixed
Deposit Rates U/S 80C - April 2016
How to Fill Form 15G and 15H?

SBI Recurring Deposit Features &


Interest Rate - December 2015
Are you eligible to fill Form 15G and Form 15H? (Source:Times of India)

Which bank offers highest interest


rate on savings account in India?

How to fill Form 15G?

Should you Invest Rs 50,000 in


NPS to Save Tax u/s 80CCD (1B)?

There are 19 fields to be filled in the Form. I really wonder why Government department makes forms so complicated
and use such technical field names.

What is the Maximum Income Tax


You can Save for FY 2015-16?

First Download Form 15G and Form 15H.


15H. You can also refer to your banks site to download these forms.

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The form refers Assessee everywhere. Assessee refers to the name of the person on whose name the
investment has been done.
Also it mentions Previous Year frequently. This confuses many people. Previous Year means financial year (i.e.
April 1 to March 31)
The numbers below represent field names in the above form
1. Your name as it appears in PAN card

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Tranche-2

2. Your PAN number


3. Status Write Individual or HUF as applicable

ON MAR C H 24, 2012

Disclaimer

4. Previous Year is same as financial year.


year . For e.g. you are making declaration for FY 2015-16 (i.e. for April 1, 2015

The website is not affiliated to any company, agent

to March 31, 2016), the previous year field would be FY 2015-16.

or brokers for selling/ recommending investments.


All the information in the blog is for educational and

Also Read: TDS on Fixed Deposit, Recurring Deposit and EPF

informational purpose only. Please consult a


qualified financial planner and do your own due
diligence before making any investment decision.

5. Residential Status Resident Indian or NRI. Only resident Indians are eligible to fill form 15G/H.
6 to 12 Your current address details
13 Your email address

13 Your email address

14 Telephone Number (with STD Code) and Mobile No. Fill up both the numbers of whatever you have
15(a). Whether assessed to tax under the Income-tax Act, 1961. Yes or No Mention Yes if you have filed
income tax return in last 6 financial years.
15(b). If yes, latest assessment year for which assessed Mention the latest assessment year in which you filed
your Income Tax return. (Assessment year is one year next to financial year For e.g. For FY 2015-16, the AY would be
2016-17)

Also Read: 13 Investments to Generate Regular Income


16. Estimated income for which this declaration is made This income is for the investment you are giving
declaration. For e.g. you have FD of Rs 1 lakh at 7% interest for 1 Year, your estimated income for the financial year
would be Rs 7,000.
17. Estimated total income of the P.Y. in which income mentioned in column 16 to be included Total income
expected in the financial year for which the declaration is being made. This would include the income declared in Field
16.
18. Details of Form No. 15G other than this form filed during the previous year, if any
Total No. of Form No. 15G filed Give the number of Form 15G you have submitted before this form
Aggregate amount of income for which Form No. 15G filed Total income for which Form 15G has been filed.
19. Details of income for which the declaration is filed Mention the details of the investment for which the form is
being submitted.
Sl. No.
Identification number of relevant investment/account, etc.
Nature of income
Section under which tax is deductible
Amount of income
For e.g. For the above example of SBI fixed deposit you need to fill as follows:
Sl. No. 1
Identification number of relevant investment/account, etc. FD Account number
Nature of income Income from Interest
Section under which tax is deductible 194A
Amount of income Rs 7,000
I wonder how I-T department expects everyone to know income tax sections. Below are common sections for your
reference:

Investment

Income Tax
Section

Cut Off
(Rs.)

TDS when Valid PAN


submitted

PAN not
submitted

Bank Fixed/Recurring Deposits

194A

10,000

10%

20.00%

Premature withdrawal from EPF

192A

30,000

10%

34.61%

193

10%

20.00%

Interest on securities

Dividends
Interest other than interest on securities
Others (NCDs, etc)

194

2,500

10%

20.00%

194A

5,000

10%

20.00%

Declaration/Verification
Fill the date, place and Sign on the dotted lines.

Form 15G Declaration and Verification

Part II of Form 15G/15H


This part has to be filled by the person responsible for paying the income referred to in column 16 of Part I.

Form 15G Part II To be Filled by receiver

How to Fill Form 15H?


All the fields are similar to the Form 15G except Date of Birth (Field No 3).

How to fill Form 15H?

Submitting Form 15G & Form 15H Online


Some banks have allowed submission of Form 15G & Form 15H Online through internet banking. The screen shot below
is from SBI and shows the links to be clicked for generating the form online.

Fill 15G and 15H Forms Online in SBI

Penalty for False Declaration on 15G/H


If you are not eligible to file Form 15G or Form 15H, you should not do so just to evade TDS. Providing false
declaration can lead to fine and imprisonment u/s 277
For tax evasion of more than Rs 1 Lakhs, there can be rigorous imprisonment for 6 months to 7 years along with fine
For all other cases, there can be rigorous imprisonment for 3 months to 3 years along with fine.

Also Read: 22 Hidden Charges in Saving Bank Account

Important Points:
1. You need to submit the declaration at the start of every financial year to all the banks,
banks, companies where you
have fixed deposits or recurring deposits.

have fixed deposits or recurring deposits.


2. Always attach copy of PAN card while submitting the form.
3. In case of joint accounts, the form should be submitted by the first account holder.
holder .
4. The forms need to be submitted in all branches where you have investments. For e.g. If you have opened
FD in 3 branches of ABI, you need to submit the above from in all 3 branches separately.
5. Form 15G/H is just to prevent the hassle of TDS and later seeking refund. You would need to file income tax return if
you so mandated by law.
6. Do not submit Form 15G/H if you are not eligible to do so. It would create more problems than solve.

To conclude:
The Form 15G and Form 15H was revised from October 1, 2015 and has been simplified. Also the reporting to
income tax department has become more robust. You
You must fill these forms and submit to relevant
banks/institutions only if you are eligible. Do not make a false declaration as that might create problems.

Amit Kumar
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45 thoughts on How
How to Fill Form 15G and 15H?
15H?
Previous

Olivia

April 27, 2016 at 3:08 pm

Hi ! Thanks a lot for your clear instructions & suggestions. My questions are as follows :
1) Whether I will calculate the accrued interest or the received interest (for column no. 16) ?
2) Whether I will include my gross salary income in column no. 17 ?
3) Whether the P.Y. will be 2016-17?
Thanks a lot in advance.

Amit

Reply

April 27, 2016 at 5:10 pm

Here are your answers:


1. You should include accrued interest as banks use this method to deduct TDS and so most people use
this for their income tax returns.
2. Yes gross salary should be added
3. Yes PY is same as FY and so its 2016-17 [Government forms and their multiple nomenclature for same
thing!!!!!]

Olivia

Reply

Olivia

April 28, 2016 at 11:55 am

Thank you very much.

Reply

Manu

April 27, 2016 at 1:02 pm

Hi Amit,
I am trying to fill the 15G form online through SBI banking, but i dont have the option for generate 15G/H as shown in
this sbi video https://www.youtube.com/watch?v=rSXWaYLdQ6c
https://www.youtube.com/watch?v=rSXWaYLdQ6c..
In your screenchot also there is no such option so please tell me how to get that option or how can i fill the 15G form
online.

Reply

Amit

April 27, 2016 at 5:29 pm

I checked today and its not working. The link only tells if you have submitted Form 15G/H for a specific
account. At the time of writing this post the link gave a form to fill. I think you might need to contact SBI
customer care or branch for this information.
I searched SBI internet banking and could not find it anywhere!

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