Avoid unwanted TDS on interest income by submitting Form 15G or 15H online or offline at the earliest.
CA Pratibha Goyal | Apr 29, 2025 |
How to Avoid Unwanted TDS Deduction by Submitting Form 15G/ 15H
To help you save on unnecessary tax deductions, please submit Form 15G or 15H (based on your age) at the earliest.
For providing this Form, a Valid PAN is compulsory.
What are the Conditions for submitting the Form 15G (Person is not a senior citizen)
1. Tax calculated on your total income is Nil and;
2. The total interest income subject to the year is less than the basic exemption limit of that year, which is Rs. 2.5 lakhs (old regime) or Rs. 4 lakhs (new regime) for the financial year 2025-26 (AY 2026-27)
What are the Conditions for submitting the Form 15H (Person is a senior citizen): Tax calculated on your total income is Nil;
Let’s understand this with the help of examples:
| Age | 50 years | 21 years | 65 years | 68 years | 50 years | 68 years |
| Salary | 180000 | 0 | 0 | 0 | 180000 | 0 |
| Pension | 0 | 0 | 100000 | 0 | 0 | 0 |
| FD interest income | 85,000 | 260000 | 180000 | 330000 | 85,000 | 330000 |
| Total income before Section 80 deductions | 265,000 | 260,000 | 280,000 | 330,000 | 265,000 | 330,000 |
| Deductions under Section 80 | 45,000 | 30,000 | 10,000 | 55,000 | Opting for New Tax Regime | Opting for New Tax Regime |
| Taxable income | 220,000 | 230,000 | 270,000 | 275,000 | 265,000 | 330,000 |
| Basic Exemption limit | 250000 | 250000 | 300000 | 300000 | 400000 | 400000 |
| Age | less than 60 years | less than 60 years | more than 60 years | more than 60 years | less than 60 years | more than 60 years |
| Tax on total income is Nil | Yes | Yes | Yes | Yes | Yes | Yes |
| Interest income is less than the basic exemption limit | Yes | No | N.A. | N.A. | Yes | N.A. |
| Eligible to submit Form 15G/15H | Yes Form 15G | Cannot submit | Yes Form 15H | Yes Form 15H | Yes Form 15G | Yes Form 15H |
A company or a firm, or Non-residents, cannot claim benefits of Form 15G and 15H.
If you’re eligible, submitting Form 15G/H helps you avoid TDS (Tax Deducted at Source) on the interest earned from your deposits.
These forms may be furnished in any of the following ways, namely:
(a) in paper form; or
(b) electronically
Online Steps:
1. Log in to Bank NetBanking
2. Go to Fixed Deposit section
3. Click on Request Form 15G/H
4. Fill and submit: That’s it!
Offline Steps: You need to visit a Bank Branch in case your bank does not provide an Online Facility.
In case you forgot to submit Form 15G/15H, your TDS will be deducted by the bank. You can claim the same at the time of filing the Income Tax Return.
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