Save your hard-earned money: How Form 15G and 15H Help you avoid TDS on Interest Income

At Mukunda Shiva & Associates, we understand that taxes can sometimes feel overwhelming. But don’t worry, we’re here to make things simpler for you! If you’re looking for a way to avoid unnecessary tax deductions on the interest income you earn, you’ll want to learn about Form 15G and Form 15H. These forms are essential tools that can help you save your money and keep things hassle-free.
What Are Form 15G and 15H?
Form 15G and Form 15H are self-declaration forms that allow individuals to avoid tax deduction at source (TDS) on their interest income, provided they meet certain conditions. In simple terms, these forms ensure that the financial institution doesn’t cut any tax from the interest you earn on your savings or fixed deposits.
• Form 15G: Any Resident Individual with the age less than 60 years, HUF or any other person other than Company/Firm can use this form.
• Form 15H: Any Resident Individual with the age greater than or equal to 60 years can use this form.
Why Should You Consider Submitting These Forms?
The biggest advantage of submitting Form 15G or Form 15H is that it helps you avoid the deduction of TDS on the interest you earn. It’s a simple way to keep the full interest amount in your pocket without worrying about unnecessary tax deductions.
Here are some reasons to consider submitting these forms:
• No TDS Deduction: By submitting the correct form, you won’t have tax deducted at source on your interest income. This means you get to enjoy the full interest you’ve earned.
• Hassle-Free Process: These forms are easy to fill out and you can submit them online or in person at your bank or financial institution. It’s a straightforward process with minimal paperwork.
• Better Cash Flow: Since you won’t have to wait for a tax refund, you can use your full interest amount immediately, improving your cash flow.

Eligibility Criteria
So, how do you know if you’re eligible to submit these forms? Here are the basic eligibility requirements:
• Form 15G:
o You need to be below 60 years of age.
o Your total taxable income (including interest income) should be below the exemption limit.
o You should not be liable to pay any tax, which means your income should be low enough that it doesn’t exceed the basic exemption limit.
• Form 15H:
o This one’s for senior citizens, 60 years and above.
o Just like Form 15G, your total taxable income must be below the exemption limit for senior citizens, which is higher compared to non-senior citizens.
o You should not be liable to pay any taxes.
How to Submit Form 15G or Form 15H
Submitting Form 15G or Form 15H is easy and can be done in a few simple steps:
1. Download the Forms: You can easily download Form 15G and Form 15H from your bank’s website or from the official Income Tax website.
2. Fill Out the Form: Provide details like your PAN, name, address, and the total interest income you expect to earn. Make sure to double-check everything to avoid mistakes.
3. Submit to the Bank: Once filled, submit the form to your bank or financial institution. Some banks may ask you to submit it at the beginning of the financial year or whenever your interest income is credited.
4. Wait for Confirmation: After submission, your bank or financial institution will process the form and ensure that no TDS is deducted from your interest.
Things to Remember
Before submitting these forms, here are a few important things to keep in mind:
• Accurate Information: Ensure that the details you provide in the form, such as your income and PAN, are correct. Providing false information can lead to complications.
• Annual Submission: Form 15G or Form 15H typically needs to be submitted every year to ensure that no TDS is deducted on your interest income.
• Income Limits: Keep an eye on the income tax exemption limits, as these may change each year. For example, the exemption limit for senior citizens (Form 15H) is higher than for others.
Conclusion
Form 15G and Form 15H are great ways to ensure that you don’t lose a chunk of your hard-earned interest to tax deductions. By submitting these forms, you can enjoy the full benefit of your savings and focus on what truly matters—whether that’s growing your wealth, reinvesting, or just having the peace of mind that your taxes are taken care of.
At Mukunda Shiva & Associates, we’re committed to making your financial journey as smooth as possible. If you have any questions or need assistance with the form submission process, feel free to reach out to us. We’re here to help!

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