{"id":4335,"date":"2024-11-05T06:10:06","date_gmt":"2024-11-05T06:10:06","guid":{"rendered":"https:\/\/1finance.co.in\/magazine\/?post_type=blog&p=4335"},"modified":"2025-10-06T15:24:31","modified_gmt":"2025-10-06T09:54:31","slug":"form-15g-form-15h-overview-usage-parts-and-eligibility","status":"publish","type":"blog","link":"https:\/\/1finance.co.in\/1f-dashboard\/blog\/form-15g-form-15h-overview-usage-parts-and-eligibility\/","title":{"rendered":"Form 15G & Form 15H: Overview, Usage, Parts, and Eligibility"},"content":{"rendered":"

If you have completed your tax filing for 2023-24 and are now looking to maximise your tax returns and benefits, you must have come across Form 15G<\/a> and Form 15H. These forms are an easy way to lessen and, in some cases, completely avoid your tax liabilities with a fully legal route.\u00a0<\/span><\/p>\n

However, they need to be submitted on time, and that is long before you sit to file your ITR for the previous year. So, if you want to save up quite a stash during your 2024-25 filing, keep on reading to understand how these forms can be a game changer for you.<\/span><\/p>\n

What are Forms 15G and 15H?<\/span><\/h2>\n

To learn what is Form 15G and 15H, first, you need to understand exactly what is TDS.\u00a0<\/span><\/p>\n

TDS or Tax Deducted at Source refers to the tax obtained right from the source of income to ensure tax obligations are being met. However, if your total income is below the taxable limit, you may not owe any tax at all, making this deduction unnecessary.\u00a0<\/span><\/p>\n

With relevance to this,<\/span> Form 15G and Form 15H are self-declaration forms that individuals can submit to their banks to<\/span> avoid TDS on <\/span>interest income. These forms are beneficial if your income is below the taxable limit, as they prevent the deduction of tax at source.<\/span><\/p>\n

Key Differences between Form 15G and Form 15H<\/span><\/h2>\n

 <\/p>\n\n\n\n\n\n\n\n
Parameter<\/b><\/td>\nForm 15G<\/b><\/td>\nForm 15H<\/b><\/td>\n<\/tr>\n
Eligibility<\/b><\/td>\nIndividuals below 60 years of age<\/span><\/td>\nSenior citizens (60 years or above)<\/span><\/td>\n<\/tr>\n
Income Criteria<\/b><\/td>\nTotal income must be below the taxable limit<\/span><\/td>\nTotal income must be below the taxable limit<\/span><\/td>\n<\/tr>\n
Purpose<\/b><\/td>\nFor non-senior citizens to prevent TDS on interest income<\/span><\/td>\nFor senior citizens to prevent TDS on interest income<\/span><\/td>\n<\/tr>\n
Basic Exemption Limit<\/b><\/td>\n\u20b92.5 lakh<\/span><\/td>\n\u20b93 lakh (for senior citizens), \u20b95 lakh (for super senior citizens aged above 80)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Why are Forms 15G and 15H Used?<\/span><\/h2>\n

If you\u2019re unsure about how these forms can benefit you, here\u2019s where they apply:\u00a0<\/span><\/p>\n