Eligibility for Filling Form 15G and 15H for stopping TDS deduction in Bank

Eligibility for Filling Form 15G and 15H for stopping TDS deduction in Bank

Form 15G and Form 15H are self-declaration forms that individuals can submit to their bank to request that no tax be deducted at source (TDS) on their income, usually from interest on fixed deposits or other investments. The eligibility criteria for these forms are as follows:

Form 15G
Individual or Hindu Undivided Family (HUF): Only resident individuals or HUFs can submit Form 15G. Non-resident Indians (NRIs) cannot use this form.
Age: Any individual below 60 years old can submit this form.
Income: The total income during the financial year should be below the basic exemption limit (₹2.5 lakh for FY 2023-24).
Tax Liability: The estimated total tax liability for the financial year should be zero.
Form 15H
Individual: Only resident individuals can submit Form 15H. HUFs and NRIs cannot use this form.
Age: Only individuals who are 60 years or older can submit this form (senior citizens).
Income: There is no specific income limit for Form 15H, but the individual's estimated total tax liability for the financial year should be zero.

Murari Garg

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