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What is Form 15G and 15H For TDS?
Form 15G and Form 15H are self-declaration forms under the Income Tax Act, 1961. They are submitted by individuals to banks, post offices, and other financial institutions to request non-deduction of TDS (Tax Deducted at Source) on interest income.
By filing these forms, you declare that your total income for the financial year is within the tax-exempt limit, and therefore, no tax should be deducted from your earnings.
Understanding the Basics: Why Filing These Forms Matters
In 2026, banks are mandated to deduct TDS if your interest income from fixed deposits (FDs) or recurring deposits (RDs) exceeds:
- ₹50,000 for regular individuals.
- ₹1,00,000 for senior citizens.
If you don't submit these forms, the bank will deduct TDS at 10% (provided you have shared your PAN). If you haven't linked your PAN, the rate jumps to a staggering 20%. By filing Form 15G/15H, you ensure that this 10% stays in your account, providing you with better immediate liquidity for your expenses or further investments.
Form 15G vs. Form 15H: Which One is for You?
While both forms serve the same purpose, they are designed for different age groups and have specific eligibility requirements under the 2026-27 tax slabs.
1. Form 15G: For Regular Residents (Below 60)
- Who can file: Resident individuals below 60 years of age, HUFs, and trusts.
- Income Limit: Your total interest income must be below the basic exemption limit (₹4,00,000 under the New Tax Regime as of 2026).
- Tax Liability: Your net tax liability for the financial year must be NIL.
2. Form 15H: For Senior Citizens (60 and Above)
- Who can file: Resident individuals aged 60 years or older.
- Income Limit: Unlike 15G, there is no restriction on the interest income amount, provided the total taxable income after deductions/rebates leads to NIL tax liability.
- Special Benefit: Under the New Tax Regime in 2026, many seniors with income up to ₹12,75,000 (after standard deductions and Section 87A rebate) can effectively pay zero tax and are eligible for Form 15H.
Key Differences at a Glance
| Feature | Form 15G | Form 15H |
|---|---|---|
| Applicable Age | Below 60 Years | 60 Years and Above |
| Eligibility | Individuals, HUFs, Trusts | Resident Individuals only |
| Interest Limit | Interest must be < Basic Exemption | No such interest limit |
| Net Tax Liability | Must be NIL | Must be NIL |
| TDS Trigger (Interest) | > ₹50,000 | > ₹1,00,000 |
Other Incomes Where You Can Use These Forms
In 2026, these forms aren't just limited to your bank's fixed deposits. You can also submit them for:
- EPF Withdrawals: If you are withdrawing your PF before 5 years and the amount is over ₹50,000.
- Corporate Bonds: If interest from corporate bonds/debentures exceeds ₹5,000.
- Dividends: If your dividend income from mutual funds or stocks exceeds ₹10,000.
- Post Office Deposits: For interest earned on Senior Citizen Savings Schemes (SCSS) or Time Deposits.
How to Submit Form 15G/15H Online in 2026
Most leading banks in 2026 offer a completely digital experience for tax services. Here is the general 4-step process:
- Log In: Sign in to your Internet Banking portal or Mobile Banking app.
- Navigate to Tax Services: Look for "Tax Centre," "Inward Remittances," or "Fixed Deposit Services."
- Select the Form: Choose either Form 15G or 15H based on your age.
- Fill & Confirm: The system usually auto-fills your PAN and personal details. Enter your estimated total income and verify with an OTP.
Pro-Tips for Error-Free Submission
- Submit Early: The best time to file is in April, at the start of the financial year. This prevents any "accidental" TDS deduction during the first quarter.
- Separate Forms for Each Payer: If you have FDs at two different banks, you must submit separate forms to each.
- Check Your PAN Linkage: Ensure your PAN is linked to your Aadhaar. In 2026, an inoperative PAN makes your 15G/H declaration invalid, leading to a 20% TDS.
Conclusion
Form 15G and 15H are powerful tools for anyone whose income falls below the taxable threshold. They eliminate the hassle of waiting for an income tax refund and give you immediate control over your cash flow.
