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:
- Who is eligible to submit Form 15G and Form 15H?
- Where can Form 15G and Form 15H be used?
- Step by Step guide to fill the form along with Filled Form 15G Sample & Form 15H Sample
Who can submit Form 15G and Form 15H?
Form 15H is meant for senior citizens while Form 15G is meant for all other individuals and HUFs.
Form 15G eligibility
- 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 2020-21 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.
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Scenarios when you can or cannot fill Form 15G or Form 15H
The figure below gives some examples to check the eligibility to fill Form 15G and Form 15H.
How to fill Form 15G? (Filled Form 15G Sample)
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.
First Download Form 15G and Form 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
2. Your PAN number
3. Status – Write Individual or HUF as applicable
4. Previous Year is same as financial year. For e.g. you are making declaration for FY 2018-19 (i.e. for April 1, 2018 to March 31, 2019), the previous year field would be FY 2018-19.
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
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 2018-19, the AY would be 2019-20)
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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% |
Interest on securities | 193 | – | 10% | 20.00% |
Dividends | 194 | 2,500 | 10% | 20.00% |
Interest other than interest on securities – Others (NCDs, etc) | 194A | 5,000 | 10% | 20.00% |
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Declaration/Verification
Fill the date, place and Sign on the dotted lines.
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.
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How to Fill Form 15H? (Form 15H Sample)
All the fields are similar to the Form 15G except Date of Birth (Field No 3).
How to generate Regular Monthly Income?
There can be several situations when we look for regular income. This is especially true for people after retirement without any pension. Also there would be new entrepreneurs who need regular income until their start-up stabilises. We tell you 13 investments which can generate regular income for you along with their pros and cons.
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.
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.
Senior Citizens’ Savings Scheme: An Excellent Investment
Senior Citizens’ Savings Scheme or SCSS is an excellent investment for senior citizens for regular income and tax saving u/s 80C. It is 100% safe as its backed bu Government of India, the interest paid is generally higher than bank fixed deposits and the investment is eligible for tax saving u/s 80C. We explain the eligibility, process and do’s & don’ts of SCSS in this post.
Form 15G & Form 15H – Important Points
- You need to submit the declaration at the start of every financial year to all the banks, companies where you have fixed deposits or recurring deposits.
- Always attach copy of PAN card while submitting the form.
- In case of joint accounts, the form should be submitted by the first account holder.
- 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.
- 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.
- 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 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.
Hello Amit, great article… really appreciate how you have taken time to respond to each comment.
May I please request your help for the following:
1. I am withdrawing my PF after 5+ yrs. of continuous service in 2 organizations and my withdrawal amount is more than Rs. 30,000. My previous employer has asked me to submit forms 10C, 19 and 15G. Do I need to fill 15G?
3. If yes, please let me know what should I fill in the following fields:
a. Previous Year – since I will be receiving the amount this yr, it will be 2016-17 ?
b. My last tax filing was in yr. 2014 (I moved abroad on work permit in my current company). So the assessment yr. will be 2014?
c. What is estimated income and estimated total income? I have some investment (less than 1 lakh in SIP and MF). do I need to mention the interest earned through these investments?
d. What should I fill in field 19? what if I have more than 1 investment, there is only field here?
Thanks in advance for the help
Regards
As you are withdrawing your EPF after 5 years of continuous service, the amount received is tax free. So you need not submit Form 15G. Lately I have seen lot of employers asking for it which in most cases does not make sense. Infact in most cases people might not be eligible for filling Form 15G.
Thank you so much for the prompt reply, I’ve been breaking my head to understand 15G since last 2 hrs. Again, you’re doing a great job. I have recommend your site to my colleagues.
Thanks 🙂
dear sir
15g should be filed once a year or during every quarter of year
15G should be filed every year
Hi Amit,
I left my job last year August and now want to withdraw my pf. Not working anywhere and not even invested anywhare for past 5 years. The PF amount would be somewhere around 20 k. Do I need to send 15g and h forms or no? Please help.
Regards
Anu J
No you need not fill form 15G because TDS is applicable only if the EPF amount is more than Rs 50,000. Also if your EPF account is more than 5 years old there would be no tax else you need to show this amount as income and pay taxes yourself when you file returns next year.
So I would not be sending 15g and H. Thanks a tonne! 🙂
Dear Amit, Now the HR team of the company from which I need to get my PF says that I need to send 15 g form as many times they see PF office rejecting applications without 15g (even though they accept in my case ideally it is not required). Also, for last five years I have not made any investment, or getting interest. I purchased NSC in 2011, if I fill 15g , do I need to mention those? I am feeling so confused, please help! Thanks a lot! Anu
As Form 15G is not applicable in your case, fill whatever values it does not matter 🙂
If they are taking it just as “one more paper” required, fill to best of your knowledge. If you don’t have any other income keep the relevant sections as “0”. Don’t think too much as it does not matter!
i have taken SIP (which is continuing).Should i add interest of it in my Gross income
No you need not add SIP returns to this income
you mean that in GROSS INCOME COLUMN of 15G form i should not include return from SIP in gross income
No not until you have redeemed your investment with profits.
HI Amit JI
Very Detailed and nice article on 15G and 15H.
I have query Regarding 15G and 15H
1) In case of interest income do person have to give 15G/15H every quarter to banker
2) If this is one form for whole year then what is to be entered in Field 8 and 10 Part II if form is given in 1 st Quarter. Do Banker have to fill whole year interest in part 8 or only quarterly interest amount. If it is whole year interest then what is filed 10 to be entered.
The Form 15G/H has to be submitted only once every year and all fields related to income is on annual basis. In case of Part II Field 8, the banker would enter the expected interest for the year and in case there is no maturity payable in mid year, the date in field 10 may be closing of the financial year (i.e. March 31). This is my educated guess but you will have to ask concerned authorities for clarification.
I resigned my Job in July 10 2015 and salary was 3.4 Lakhs.Totally I have 1.5 years experience.I have not done Income tax filing till now.
I am going to withdraw PF from the company now and could you please help on below fields for Form 15G.
Assessment Year:-
Last Assessment Year in which
assessed:-
Present AO Code:-
AO Code(under whom assessed last
time):-
Estimated total income from the sources mentioned below:
Estimated total income of the previous year in which income mentioned in Column 22 is to be included:
Which one I need to fill for PF withdrawl among SCHEDULE-I,II,III,IV,V:-
First thing if your income is more than Rs 2.5 lakh for the present financial year you are not eligible to fill Form 15G.
If you have never filed your IT returns you have to select Not assessed. And once you select that all Assessment questions need to be answered.
Assessment Year:-
Last Assessment Year in which assessed:-
Present AO Code:- Get AO Code(under whom assessed last time):-
Estimated total income from the sources mentioned below: Write your this year estimated income for present FY
Estimated total income of the previous year in which income mentioned in Column 22 is to be included: Write your this year estimated income for present FY
Which one I need to fill for PF withdrawal among SCHEDULE-I,II,III,IV,V:- I cannot find the schedule in the form. can you please upload the same.
Hello Amit,
I have a Employee Provident fund divided into following:
Employee share: 75,900/- rupees
Employer Share: 38631/- rupees
Pension Contribution: 35,541/- rupees
I got terminated from the company.
What is the amount that I can withdraw here? I am thinking to withdraw full amount. In my case I can withdraw total amount 1,50,072. is that correct?
And also what is the amount that I have to fill in column 16 of form 15G in my case. My income was close to 10 Lakhs and now I am working in different company
Please help me in filling form 15G from column 16 to 18.
You can only withdraw Employee & employer share and not the pension contribution.
As your income is more than the taxable limit of Rs 2.5 lakhs, you should not fill Form 15G.
Dear Amit ji
I was in private teaching job and resigned from the job on 25 Nov 2015, due to my selection in state gov job. I have applied for my PF withdrawal. Should I have to submit form 15 G. If yes, then i have some doubts:
Column No 16: what entry I have to submit there? my salary is my sole income. other than that i have two LIC policy, please help.
Column no 17: What is to be enter here?
column no 4: what is my P.Y. I have file ITR for assessment year 2015-16.
who will fill Part II. My previous salary provider?
kindly reply
Congrats for your new job. You should to fill Form 15G only if you are eligible for that i.e. your income for the Financial year is lower than 2.5 lakhs.
Col 16: give your EPF balance you would withdraw
Col 17: your EPF balance + salary earned for the FY
Col 4: Previous Year is same as financial year so if you are filling it right now it would be FY 2016-17
Thanks Amit…..its really a great help. one thing I want to know….
I have resigned from my previous job on 25 Nov 2015. So, in column 17, should I fill the the salary from April 2015 to Nov 2015? If so, If this salary is greater than 2.5 lakhs (actually its more than 04 lacs), should i be eligible to fill this form?
Someone told me that if you are leaving the job then you don’t have to fill form 15 G and also in that case no TDS will be deducted. Please clear my doubts on that.
Waiting for your reply sir!
As you income exceeds the basic income tax limit, you should not fill Form 15
sir how to entry pass the 15g and 15h in win man tds software
Sorry I am not aware of that.
it was so help ful for my mom.yet she got anxious and asked who have to fill part2 of form 15H .,., she means wheather herself or the bank person?
The Part 2 has to be filled by bank person.
Suppose I have 3 fds in a bank, one of which will mature in june (income 5000) which was opened on june 2015, another in dec (income 12000) and the 3rd one on may 2017 (income 20000). I don’t have any other income. Then in column 17 of 15G what will be my income? Should I consider by dividing the income by 12 and consider for the months in FY 2016-17 or what? Please explain
2nd one opened in dec 2015 and 3rd one opened in may 2015.
There are two ways. One you can directly ask your bank about the total interest that would be credited in respective FY. If you want to do it yourself, you will have to calculate interest earned in FY for each deposit and add it.
Taking your example – you have FD maturing in June which means 3 months interest income in FY 2016-17. For simplicity you can just take simple interest. Say the principle amount was Rs 1 Lakh & interest rate of 8%, so simple interest would be (1,00,000*8%*3/12) Rs 2,000. You need to do similar calculation for all FDs. The interest calculated here would be slightly less than actual that you would get but you can fill this in Form 15G/H – as it requires only approximate figure.
THANK YOU.
Namaste Amitji,
The information given by you is very much help full to fill the form 15G. Still I have a little confusion for no.17 and 18.
1) Will you please give the eg. for no 17(I am a housewife. The bank interest is my only income.)
2) In no.18 ‘Form no. 15G other than this’,is it means 15G forms filled in other banks?
Thank you very much for easy and nice explanation.
For No 17 you need to give the total expected income for the financial year. As interest is your only income you’ll need to add it across your FDs and mention it here.
Your understaing of No 18 is right, it asks about the the detail of Form 15G filled in all other banks
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.
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 it’s 2016-17 [Government forms and their multiple nomenclature for same thing!!!!!]
Thank you very much.
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.
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.
I checked today and it’s 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!
I have two 5 Years Tax savings FDs receipt of a Bank of Rs. 1 lakh & other one Rs. 30,000. Should I fill the Form 15 G and submit to bank to prevent any TDS.
Fill Form 15G only if you are eligible because filling the form just to prevent TDS might lead you in more trouble.