Form 15G vs Form 15H: Meaning, Differences, and Which One You Should Use

Most people delay tax planning until the last moment, only to discover they missed out on claiming their TDS refunds.

As per a report, only 6.68 per cent of income tax returns were filed in India last year, and a large section unnecessarily lost money to TDS because they did not submit the right forms in time. 

This is where the Form 15G vs Form 15H discussion becomes extremely important. 

What Are Form 15G and Form 15H?

If your income is below the taxable threshold, you can avoid TDS deductions on fixed deposits, PF withdrawals, or interest by submitting one of these forms. But which one applies to you depends on age and income eligibility.

Form 15G Explained

Form 15G is meant for individuals who are below 60 years of age. According to the Form 15G eligibility criteria, you can submit this form if:

• You are a resident Indian individual, HUF, or trust (not a company or firm).
• Your total income is below the basic exemption limit (₹2.5 lakh under the old regime, ₹4 lakh under the new regime for FY 2025–26).
• The tax calculated on your income is nil.

For example, if you are 35 and earn ₹2,10,000 as annual FD interest, your income is below the taxable limit. By filing Form 15G, you can ensure the bank does not deduct TDS on this interest.

Online tax filing platforms often recommend submitting Form 15G at the beginning of the financial year to avoid delays.

Form 15H Explained

Form 15H is designed only for senior citizens who are 60 years or older. Under the Form 15H eligibility criteria, you can use this form if your tax liability for the year is nil.

The exemption limit for senior citizens is higher (₹3 lakh under the old regime, ₹5 lakh under the new regime), which makes this form particularly useful for retirees relying on bank deposits, pensions, or dividends.

To secure your savings with tax-saving fixed deposits (FDs), consider opening an account with Stable Money. You can compare the largest range of FD rates in India all in one app, and your deposits are insured up to ₹5 lakh by the DICGC. 

Key Differences Between Form 15G and Form 15H

What Happens If You Forget to Submit Form 15G/15H?

If you miss submitting the form, the bank or EPFO will deduct TDS as per the rules. For example, TDS of 10% is deducted once FD interest crosses ₹40,000 (₹50,000 for senior citizens). 

If you forget, you can claim a refund while filing your income tax return. However, filing these forms at the start of the financial year saves time and avoids unnecessary delays. TDS on fixed deposits, etc., is one of the most common reasons people file refunds.

Legal Warning for False Declaration of Form 15G/15H

Submitting these forms falsely can lead to trouble. If you declare nil tax liability when your income is above the exemption limit, the declaration is treated as false. As per the Income Tax Act, this may lead to imprisonment ranging from 3 months to 7 years and fines, depending on the tax amount involved.

The choice between Form 15G vs Form 15H comes down to age and income. Younger individuals should use Form 15G, while senior citizens should opt for Form 15H. Filing these forms correctly ensures your money works harder for you instead of getting stuck as TDS.

With platforms like Stable Money, you can easily compare FD rates across banks, invest smartly, and save tax on your fixed deposits, helping you achieve greater financial freedom and fulfilment.