Form 15G and Form explained: this guide covers what Form 15G and Form means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Key Highlights
- Form 15G: For resident individuals below 60 years — no TDS on interest, dividends, rent, EPF withdrawal
- Form 15H: For senior citizens (60+) — same purpose, less restrictive conditions
- Condition 15G: Tax on estimated total income = Nil AND income from all sources does not exceed basic exemption
- Condition 15H: Tax on estimated total income = Nil (no income ceiling condition for seniors)
- Submit to: banks, post offices, mutual funds, EPF, debtors — at the start of each Tax Year
- False declaration: penalty and prosecution under ITA 2025
1. Form 15G: Conditions for Eligibility
All three conditions must be satisfied simultaneously:
- The declarant is a resident individual (not NRI, not company, not firm)
- The declarant is below 60 years of age
- Tax on estimated total income for the Tax Year is nil (after all deductions)
- Total interest income from all sources does not exceed the basic exemption limit (Rs 4 lakh for new regime; Rs 3 lakh for old regime up to 60 years)
2. Form 15H: Senior Citizen Declaration
Form 15H is available to resident individuals aged 60 or above. The conditions are simpler:
- The declarant is a resident senior citizen (60+)
- Tax on estimated total income for the Tax Year is nil
There is no income ceiling condition for Form 15H — even if the senior has high interest income, as long as tax on total estimated income is nil (due to deductions, investments, etc.), Form 15H can be submitted.
3. Where to Submit
| Income Type | Submit To |
|---|---|
| Bank FD/RD/savings interest | Every bank branch where FD is held |
| Post office interest | Post office |
| Company fixed deposit interest | Company treasurer |
| Dividend from companies/MFs | Registrar/MF house |
| EPF withdrawal | EPFO online portal |
| Rent above Rs 50,000/month | Tenant (Section 397 payer) |
4. Validity and Renewal
Form 15G/15H is valid for one Tax Year only. A fresh declaration must be submitted at the beginning of each Tax Year (April). For banks, submit the form in April for all FDs held. If you have multiple branches or multiple banks, a separate form must be filed with each paying authority. Banks report 15G/15H submissions to the IT Department annually — false declarations are detectable.
5. Risk of False Declaration
If a person submits Form 15G/15H when they are not eligible (income exceeds limit, or tax is not nil), it constitutes a false declaration under ITA 2025. The consequences include:
- Interest under Sections 415-420 on tax not paid
- Penalty under Chapter XXI
- Prosecution under Chapter XXII for wilful false statement
6. Why TaxClue
Submitting the correct form, ensuring eligibility, and tracking all declarations across banks is essential for tax compliance. TaxClue advises on Form 15G/15H eligibility and assists with tax planning to keep income within nil-tax thresholds. Contact us for income tax advisory and ITR filing under ITA 2025.