Forms 15G and 15H

Form 26AS is a tax-credit statement that may be downloaded from the income tax site. Just like other income tax forms like Form 16, Form 15G & 15H etc. you may get this form by logging in with your PAN details.The department will have all details related to tax already paid or Tax Deducted at Source (TDS).

If you meet certain predefined conditions, then Tax Deducted at Source (TDS) is not applicable to your income. Forms 15G and 15H must be submitted to reduce Tax Deductions. However, you must have a PAN to apply for these forms. Several financial institutions provide these forms online.

The validity of Forms 15G and 15H is only for the financial year in which these are issued. Therefore, you must submit these Income tax forms every year to confirm your eligibility. It is recommended you submit these at the commencement of the financial year to ensure that TDS on your interest earnings is not applied.

• You are an individual taxpayer or a Hindu Undivided Family (HUF) or a trust
• Taxes calculated on your total earnings is zero
• Your age is less than 60 years
• The total interest earnings for the financial year is below the minimum exempted limit
• You are an Indian Resident

• You pay tax as an individual assessee
• Taxes payable on your total income is zero
• You are an Indian Resident
• You must be 60 years or above or must turn 60 during the financial year in which this form is being submitted

If you forget to submit these forms on time, the bank may deduct TDS on your interest income. In this case, you must file your Income Tax Returns (ITR) and claim for a refund.

If the HUF meets the conditions precedent, Form 15G may be submitted. However, Form 15H may be submitted only by individual taxpayers.

You must submit Forms 15G and 15H at all branches from where you earn an interest income.

If your employer does not issue TDS Form 16, filing your ITR is still possible without any trouble. You may check online to know the procedure.

Interest earned on fixed and recurring deposits is taxable. These forms must be submitted only if the tax liability on your total annual income is zero and you meet the other conditions precedent. You must submit these forms only to the banks from where you earn interest. The deductor provides TDS details to the department on the basis of the information received through these forms.

If you are planning to get medical insurance plans then you can also claim tax benefits on the health insurance premium. Explore our guide about income tax basics, income tax slabs, income tax sections and forms to learn more.