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Difference Between Form 15G and 15H Explained

What Is Form 15G?

What Is Form 15H?

Differences Between Form 15G and 15H

Parameters Form 15G Form 15H
Eligibility Individuals (Not being a company or firm). 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. [Benefits cannot be claimed by individuals who are Non-Resident-Indians or NRIs.] This form helps individuals (above 60 years) to save on TDS deductions from interest income in a financial year.[Benefits cannot be claimed by individuals who are Non-Resident-Indians or NRIs.]
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 2021-22, the form’s validity remains for 1 whole year i.e. till 2022-23. For FY 2021-22, the form’s validity remains for 1 whole year i.e. till 2022-23.
Verification Validation status can be done through the e-filing portal. Validation status can be done through the e-filing portal.

For Form 15G total interest income for a year should be less than that year’s exemption limit. For the financial year of 2021-22 (AY 2022-23) that amount is ₹2.5 Lakh.

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.

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FAQs about the Difference Between Form 15G and 15H