Forms 15G and 15H both are self -declaration forms by assesse to prevent deduction of TDS on your fixed deposit interest income by banks / NBFC / Financial Institutions. To avail the benefit of these forms having PAN is mandatory.

Form 15G

Applicability of Form

Individuals below 60 years and HUF only. Firms and Companies cannot submit Form G.

Basic exemption limit for Submission

Annual taxable income up to Rs. 2.5 lakh

Conditions to fill the Form

1. Tax on total income should be nil.
2. Interest income should not exceed the basic exemption limit.

When to Submit

Form 15G can be submitted only if, 

• The tax on 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.

Who can submit

• 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.

Form 15H

Applicability of Form

Individuals 60 years and above but not HUF, firms or companies.

Basic exemption limit for Submission

For senior citizens: 60-80 years – Annual taxable income up to Rs. 3 lakh.

For super senior citizens: 80 years and above – Annual taxable income Rs. 5 lakh.

Conditions to fill the Form

1. Tax on total income should be nil. 
2. Interest income can exceed the basic exemption limit.

When to Submit

Form 15H can be submitted only if, 

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

Who can submit

• • 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.

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