What is Form 15G and How do I File it?

Photo of author

By Afshi

Form 15G: In order to increase your savings, it has become crucial to understand and manage your tax liabilities. Especially for individuals and HUFs (Hindu Undivided Families) who are constantly seeking to reduce their TDS (Tax Deducted at Source) on interest earnings. For such individuals and HUFs, Form 15G and 15H play a pivotal role. In this article, you will find the purpose of Form 15G, its eligibility criteria, and the steps to file it effectively.

Understanding Form 15G and 15H

If you are a taxpayer in India who has made investments that will earn you income in the form of interest, then Form 15G is for you. Form 15 is a declaration form used to ensure that no TDS is deducted from their interest income during a financial year. Form 15G helps individuals below the age of 60 whose total income is below the taxable limit. On the other hand, Form 15H serves a similar purpose but is meant for senior citizens aged 60 years and above.

The use of Form 15G and 15H is common in scenarios where interest income from deposits crosses the non-taxable limit, prompting banks to deduct TDS. By submitting Form 15G, eligible individuals can prevent this deduction, thus managing their cash flows more effectively. This is especially beneficial for those whose total income is below the taxable limit, ensuring that their limited income is not reduced further by tax deductions that they are not liable to pay.

Eligibility criteria for filing Form 15G

The following are the eligibility criteria to file Form 15G:

1. Nationality: The individual or HUF must be a resident of India for the applicable fiscal year. Non-residents are not eligible to use this form.

2. Taxable income: If your total tax calculated on the estimated total income for the financial year is nil, you will be eligible to fill out form 15G. This means that after taking into account all deductions and exemptions, there should be no tax liability.

3. Income from interest: The total interest income for the year should not exceed the basic exemption limit of that year. This basic exemption limit varies depending on the applicable tax slabs for the financial year.

Individuals who do not meet the above-mentioned criteria are not eligible to submit Form 15G. It is crucial to ensure eligibility before filing, as any incorrect declaration can lead to penal consequences under the Income Tax Act. False declarations are subject to penalties, including fines and potential prosecution, emphasising the importance of accurate and honest reporting.

How to File Form 15G?

You can easily file Form 15G either online or offline. Here’s how you can do it:

1. Download and preparation: Visit the Income Tax Department’s official website to download form 15G or collect a physical copy from the bank where you have made an investment. Fill out the form carefully, ensuring all provided information is accurate. These details might include personal details, such as your name, PAN, and contact information.

2. Submitting your Form 15G: Once you have completed filling out the form, it can be submitted to the bank holding your fixed deposit. If you are submitting online, log in to your bank’s internet banking portal where options to submit Form 15G and 15H are typically available under the ‘Tax Deduction’ section. Online submission is convenient and allows for quicker processing.

3. Details to be filled: While filling out Form 15G, it is necessary to provide details such as name, PAN, status (individual or HUF), previous year (fiscal year for which the declaration is being made), residential status, address, and the investment details on which TDS should not be deducted. Accurate completion of these sections is vital to avoid any discrepancies.

4. Declaration and signature: Once all sections are filled, a declaration stating that the information is true and correct must be signed and submitted along with the form. This declaration is a legal affirmation of the accuracy of the provided information.

Multiple accounts and Form 15G

If you have deposits in different branches of the same bank or with different banks, you have to submit Form 15G at each branch or bank. Ensure that the PAN is correctly mentioned in each form, since TDS deduction, is linked to the PAN and can be adjusted against the final tax liability. This practice ensures that all sources of interest income are covered under the exemption from TDS.

Important points to consider

Submit on time: To avoid TDS deduction, Form 15G should be submitted at the beginning of the financial year. Early submission ensures that you benefit from the exemption right from the start of the financial year.

Accurate information: If you have added any false information in Form 15G, you can attract penalties under the Income Tax Act, so it is crucial to ensure that all information provided is accurate and truthful. Ensure all details are accurate before submission to prevent errors.

Changes in tax laws: Tax laws and exemption limits can be changed annually. Stay updated with the latest tax regulations to ensure that you meet the current eligibility criteria and make informed decisions.


Form 15G is a useful tool for individuals and HUFs to manage their tax liabilities effectively. By ensuring that the form is filled accurately and submitted in a timely manner, taxpayers can enhance their financial planning and avoid unnecessary TDS on their income. Always keep abreast of the current tax regulations and exemption limits to make informed decisions regarding Form 15G and 15H. With a clear understanding and careful handling, these forms can significantly aid in reducing your tax burden, ensuring that your savings and investments yield the maximum benefit without the undue reduction of TDS.

By taking proactive steps to file Form 15G, eligible taxpayers can optimize their financial outcomes, maintaining better control over their cash flows and overall financial health. Understanding the intricacies of these forms not only helps in tax planning but also empowers individuals to make smarter financial decisions throughout the fiscal year. You can solve your queries online by approaching customer care online as well as offline.

Leave a Comment