What is difference between 15G and 15h form?

15G Form

Banks have to deduct TDS when interest income is more than Rs.10,000 in a year

In case we want bank not to deduct TDS, we can submit 15G form

Conditions you must fulfill to submit Form 15G:

1. You are an individual or HUF
2. You must be a Resident Indian
3. You should be less than 60 years old
4. Tax calculated on your Total Income is nil
5. The total interest income for the year is less than the minimum exemption limit of that year, which is Rs 2,50,000 for financial year 2015-16. (Limit is Rs 2.5lakhs for FY 2014-15, FY 2015-16 and FY 2016-17)

 Download 15G Form

15H Form

Form 15H is for senior citizens, those who are 60 years or older; while Form 15G is for everybody else.

Conditions you must fulfill to submit Form 15H:

1. You are an individual
2. You must be a Resident Indian
3. You are 60 years old or will be 60 years old during the year for which you are submitting the form
4. Tax calculated on your Total Income is nil

Download 15H Form