What Is the Difference Between Form 15G and Form 15H?

What Is Form 15G?

What Is Form 15H?

Differences Between Form 15G and 15H

 

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Parameters

Form 15G

Form 15H

Eligibility

Hindu Undivided Family (HUF) or trust and Indian residents less than 60 years of age are eligible for this form.

Indian residents with an age of 60 years or above are eligible for this form.

Document Required

PAN card

PAN card

Uses

Individuals can use Form 15G for non-deduction of TDS on Employers’ Provident Fund Withdrawal, interest from post office deposits, interest income from bank deposits, interest from rental income, from a life insurance policy, interest from corporate bond and debentures.

Form 15H can be used for claiming non-deduction of TDS on the interest generated from fixed deposits, from corporate bonds, post office, on EPF withdrawal, rent.

Benefits

This form helps individuals (below 60 years) to save on TDS deductions from interest income in a financial year.

This form helps individuals (above 60 years) to save on TDS deductions from interest income in a financial year.

Issued Against

This form is issued against a Fixed deposit holder having an age of below 60 years.

This form is issued against the Fixed deposit holder and Recurring deposit holder aged 60 years or above.

Issuer

The Income Tax Department and all major banks of India issue Form 15G.

The Income Tax Department and all major banks of India issue Form 15H.

Time Duration

For FY 2020-21, the validity of this form has been extended up to 31st June 2021 to 30th March 2021.

For FY 2020-21, the validity of this form has been extended up to 31st June 2021 to 30th March 2021

Verification

Validation status can be done through the e-filing portal.

Validation status can be done through the e-filing portal.

 

Individuals wondering about the difference between Form 15G and Form 15H can now get a detailed answer from the above mentioned piece. Therefore, they can easily identify the form number as per their age and claim for non-deduction on interest income.

Frequently Asked Questions