To understand the relevance of Form 15G and 15H - the purpose for which the forms are used and the rationale for providing such facility. To analyse the contents of the Forms and understand the eligibility criterias for the assessees to file the Forms. Further, the Webinar shall touch upon certain caveats to be kept in mind while filing the Forms.

1. Form 15G & 15H
CA. Jugal Gala

2. Credits and Acknowledgments
Dania Mary Gracia
Thirumal V

3. Legends used in the Presentation
PY Previous year
FY Financial Year
TDS Tax deducted at source
EPF Employees’ Provident Fund

4. Presentation Schema
Form 15G and
15H
Rationale
Relevant Section
- Sec 197A
Coverage Persons involved
Declaration by
Recipient - Rule
29C
Procedure Eligibility Form 15G Form 15H
Due Dates Penal Provisions FAQs Caveats

5. Form 15G and 15H
Form 15G and 15H are self-declaration forms filed by eligible assessees
With the banks or financial institutions who are liable to deduct TDS on
the interest income earned/accrued
to not deduct TDS on the interest income since their tax on income in nil

6. Rationale
The purpose of TDS is to collect taxes at the very source of income and provide credit for it
when the Assessee files the return of income
Where the Assessee is not required to pay any taxes on account of taxable income being
below the basic exemption limit, deducting TDS would only result in unnecessary filing of
returns and seeking for refund
Hence, declaration under Form 15G/H would prevent the deduction of TDS

7. Relevant Section – Sec 197A
Sub-section (1)
• TDS deduction under Section 194 (Dividends) or Section 194EE (National Savings
Scheme)
• shall not be made in case of resident individual
• A declaration in Form 15G is filed
Sub-section (1A)
• TDS deduction under section 192A (EPF payments) or section 193 (Interest on
Securities) or section 194A (Other Interest) or section 194D (Insurance Commission)
or section 194DA (sum under Life Insurance Policy) or section 194-I (Rent)
• shall not be made in case of person not being a company or firm
• A declaration in Form 15G is filed
Sub-section (1B)
The above provisions shall not apply where such amounts during the PY are likely to
exceed the basic exemption limit

8. Contd.
Sub-section (1C)
• TDS deduction under section 192A (EPF payments) or section 193 (Interest on
Securities) or section 194A (Other Interest) or section 194D (Insurance Commission)
or section 194DA (sum under Life Insurance Policy) or section 194-I (Rent) or Section
194 (Dividends) or Section 194EE (National Savings Scheme)
• Shall not be made in case of a resident individual who is of 60 years of age or more any
time during the PY (Senior Citizens)
• A declaration in Form 15H is filed

9. Coverage
Dividends
Payments in respect of deposits under National Savings Scheme
Accumulated balance of EPF due to an employee
Interest on Securities
Interest other than interest on securities
Insurance Commission
Sum under Life insurance policy
Rent
Salary
Casual Income
Contract income
Commissions and Brokerages
Fees for technical services
Covered Not covered

10. Persons Involved
Companies
Banks
Life Insurance Corporation
Firm
Shareholder
Securities holder
Policyholder
Employee
Deductors Recipient

11. Declaration by Recipient – Rule 29C
Declaration under sub-section (1) or
under sub-section (1A) of section
197A shall be in Form No.15G
Declaration under sub-section
(1C) of section 197A shall be in
Form No.15H
The forms can
be filed in
paper form or
electronically
The person responsible of paying the income (Deductor) as per the specified sections:
 Shall allot a Unique identification number to each declaration received by him in Form
No.15G and Form No.15H respectively during every quarter of the FY
 shall furnish the particulars of declaration received by him during any quarter of the FY
and the unique identification number allotted by him along with his TDS Returns
 Shall maintain such declarations for seven years – income tax authorities may require
the deductor to furnish declarations anytime before 7 years in specified manner

12. Procedure
The Deductor converts declarations in paper to electronic form and files the
Consolidated particulars along with his Quarterly TDS returns to the Department
Deductor shall file copy of declarations received with 7th of next month with
prescribed authorities
Deductor allots Unique ID No. to every declaration received from the Payees
Files with the Deductor either in paper form or electronically
Eligible assessee prepares the declaration in the format prescribed in Form 15G/H

13. Eligibility
Form 15G Form 15H
Individual or person (other than company or firm)
Individual less than 60 years of age
Resident in India
Total income should not exceed the basic exemption limit
Tax on Income must be nil
Individual
Resident in India
Attained 60 years of age or bound to turn 60 during
the year
Tax on income should be nil

14. Form No.15G
Clause 1 – 14
1. Name of the
Assessee
2. PAN of the
Assessee
3. Status-
Individual or
HUF
4. P.Y. (for which
declaration is
made)
5. Residential
Status- Only
Indian Resident
6. Flat/Door/
Block No.
7. Name of
Premises
8. Road /Street
/Lane
9. Area/ Locality
10. Town/City/
District
11. State 12. PIN 13. Email
14. Telephone
No. (with state
code) & Mobile
No.
PART I
Declaration under section 197A(1) and section 197A(1A)

15. Clause 15 - 19
15.(a) Whether assessed to
tax under the Income-tax Act,
1961
(b) If yes, latest
assessment year for which
assessed
16.Estimated income for
which this declaration is
made
17. Estimated total income of
the P.Y. in which income
mentioned in clause 16 to be
included
18. Details of Form No. 15G
other than this form filed
during the previous year, if
any
(a)Total No. of Form No. 15G
filed
(b)Aggregate amount of
income for which Form
No.15G filed
19. Details of income for which the
declaration is filed
• Sl. No.
• Identification number of relevant
investment/account
• Nature of income
• Section under which tax is
deductible
• Amount of income
Contd.

16. [To be filled by the person responsible for paying the income referred to in column 16 of Part I]
1. Name of the
person
responsible for
paying
2. Unique
Identification
No.
3. PAN of the
person
responsible for
paying
4. Complete
Address
5. TAN of the
person
responsible for
paying
6. Email
7. Telephone
No. (with STD
Code) and
Mobile No.
8. Amount of
income paid
9. Date on
which
Declaration is
received
(DD/MM/YYYY)
10. Date on
which the
income has
been paid
/credited
(DD/MM/YYYY)
PART II
Contd.

17. Clause 1- 14
1. Name of Assessee
2. PAN of the
Assessee
3. Date of
Birth(DD/MM/YYYY)
4. P.Y. (for which
declaration is made)
5. Flat/Door/Block
No.
6. Name of
Premises
7. Road/Street/Lane 8. Area/Locality
9.
Town/City/District
10. State
11. PIN 12. Email
13. Telephone No.
(with STD Code) and
Mobile No.
14.(a) Whether assessed to tax
(b) If yes, latest assessment
year for which assessed
Form No.15H
PART I

18. Clause 15 - 18
15. Estimated income for
which this declaration is made
16. Estimated total income of the
P.Y. in which income mentioned
in column 15 to be included
17. Details of Form No.15H other
than this form filed for the
previous year, if any
(1)Total No. of Form No.15H filed
(2) Aggregate amount of income
for which Form No.15H filed
18. Details of income for which the declaration is
filed
(a) Sl. No.
(b)Identification number of relevant
(c)investment/account
(d)Nature of income Section under which tax is
deductible
(e)Amount of income
Contd.

19. [To be filled by the person responsible for paying the income referred to in column 15 of Part I]
1. Name of the
person responsible
for paying
2. Unique
Identification No.
3. PAN of the
person
4. Complete
Address
5. TAN of the
person
6. Email
7. Telephone No.
(with STD Code)
and Mobile No.
8. Amount of
income paid
9. Date on which
Declaration is
received(DD/MM/Y
YYY)
10. Date on which
the income has
been paid/credited
(DD/MM/YYYY)
PART II
Contd.

20. Due Dates
Deductor
Assessee (Recipient)
Due Dates for TDS Returns (as declarations needs to be
filed with TDS returns)
Quarter of FY
ending on Due date
30th June 31st July of the FY
30th September31st October of the FY
31st December 31st January of the FY
31st March
31st May of the FY immediately following the
FY in which the deduction is made
Penalties
• For late filing - under Sec 234E – Rs. 200 per day
• Failure to furnish or furnishing incorrect information –
under Sec 271H – Rs. 10,000 to Rs. 1,00,000
No Due Dates Prescribed
Deductor will continue to deduct TDS
until Form is filed
Deductor will stop the deduction in the
next payment after the filing of relevant
Form
It is advisable to file Form 15G/H
at the beginning of every FY

21. Penal Provisions
A false or wrong declaration in Form
15G/15H attracts penalty under Sec 277
of the Act.
Penalty includes rigorous imprisonment
which may range from three months to
two years along with fine.
The term can be extended up to seven
years and with fine - where tax sought
to be evaded exceeds Rs. 25 lakh.
No specific provision

22. FAQs
Can HUF submit Form 15G/Form15H?
HUF can submit Form 15G if it meets the conditions but Form 15H is only for individuals
Can NRIs submit Form 15G/Form 15H?
NRIs cannot submit Form 15G or Form 15H. These can only be submitted by resident Indians
Does filing Form 15G/Form15H mean my interest income is not taxable?
Form 15G/Form 15H is only a declaration that no TDS should be deducted on your interest income since tax on your
total income is nil. Interest income from fixed deposits, recurring deposits, and corporate bonds is always taxable.
Do I have to submit this form to the income tax department?
You don’t need to submit these forms directly to the income tax department. Just submit them to the deductor, and
they will prepare and submit these forms to the income tax department.

23. Caveats
PAN is mandatory for filing the Forms
It is advisable to obtain a acknowledgement of submission of such Form from the deductor as a proof in case
there is any future dispute
In case the eligible assessee has other taxable income or the tax payable is not nil, it has to be informed to the
bank and it will deduct TDS accordingly from the next payment
Form 15G/H is valid for one PY so it needs to be filed every year
Clubbing of income – no need to file 15G/H for person whose income is getting clubbed - the other person
should declare under him for the purpose of 15G/H
Form should be filed with every branch responsible for deducting TDS on Interest income

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