How Does Form 15G Differ from Form 15H?

Forms 15G and 15H are declaration forms that can help you prevent TDS on your fixed deposit interest income. Notably, PAN is mandatory to avail the tax benefits through these forms. Form 15G is for individuals below 60 years and Hindu Undivided Families (HUF), whereas Form 15H is for individuals aged 60 years and above.

Key Differences between Form 15G and Form 15H

	FORM 15G	FORM 15H
Applicability of Form	Individuals below 60 years and HUF. Firms and companies cannot submit.	Individuals 60 years and above but not HUF, firms or companies.
Basic exemption limit for Submission	Annual taxable income up to Rs. 2.5 lakh	Annual taxable income up to Rs. 3 lakh (senior citizens: 60-80 years)
		Annual taxable income Rs. 5 lakh (for super senior citizens: 80 years and above)
Conditions to fill the Form	Tax on total income should be nil. Interest income should not exceed the basic exemption limit.	Tax on total income should be nil. Interest income can exceed the basic exemption limit.

When to Submit Form 15G/15H?   

These forms can be submitted only if, 

• The tax on your total income is zero, and
• Total interest earned during a FY does not exceed the basic exemption limit of Rs. 2.5 lakh for individuals below 60 years, Rs. 3 lakh for senior citizens (60 to less than 80 years) and Rs. 5 lakh for super senior citizens(80 years and above).

Do remember that these forms are valid only for the applicable FY. Hence, they should be submitted at the start of every FY to avoid TDS on the interest income.

Who can submit Form 15G?

• You are less than 60 years old.
• You are an individual or a Hindu undivided family (HUF) or trust, but not a company or a firm.
• You are a Resident Indian.
• Your total income is less than the taxable limit.
• If the total interest earned in the particular FY is less than the basic exemption limit for the applicable financial year. The basic exemption limit for the FY 2019-20 is Rs. 2.5 lakh.

Who can submit Form 15H?

• • You are a senior citizen or will turn 60 years old during the FY for which Form 15H is being submitted.
  • You are an individual and not an HUF, a firm or company.  
  • You are a Resident Indian.
  • Your total income is less than the taxable limit.

Notably, Form 15H can be submitted even if the interest income exceeds the basic exemption limit of that year, unlike Form 15G. Thus, a senior citizen can fill the Form 15H, even if the interest income is greater than Rs. 3 lakh, but in that case the total income after applicable deductions must be below the taxable limit.