Form 15G & Form 15H: How to Save TDS on Interest Income (FY 2025-26)

Form 15G is a self-declaration form for resident individuals below 60 years to prevent TDS on interest income when total tax liability is nil. Form 15H is the equivalent for senior citizens aged above 60 years. Both forms are submitted to banks or financial institutions under the provisions of the Income Tax Act, 1961. 

Important (FY 2026-27): From April 1, 2026, Form 15G and Form 15H have been replaced by the new Form 121 under the Income Tax Act, 2025. If you are filing for FY 2025-26 or earlier, use Form 15G/15H. For FY 2026-27 onwards, use Form 121.

Quick Highlights: Form 15G vs Form 15H

Particulars	Form 15G	Form 15H
Eligible Age	Below 60 years	60 years and above
Key Condition	Total estimated tax liability for the financial year must be Nil	Total estimated tax liability for the financial year must be Nil
Who Can Submit	Resident individuals, HUFs, and certain eligible assessees	Resident senior citizens
Validity	Valid for one financial year	Valid for one financial year
Submission Requirement	Must be submitted separately to each bank, post office, or deductor where income is earned	Must be submitted separately to each bank, post office, or deductor where income is earned

What is Form 15G?

Form 15G is a self-declaration form for individuals to submit to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.

Form 15G is generally used by individuals below 60 years of age and Hindu Undivided Families (HUFs) to ensure that TDS is not deducted on interest earned from sources such as fixed deposits or recurring deposits. Form 15G is valid for FY 2025-26 and previosu years. 

What is Form 15H?

Form 15H is a self-declaration for senior citizens (aged 60 years or above) that can be submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on interest income, when the total income is below the basic exemption limit.

By submitting this form, the taxpayer declares that their total tax liability for the financial year is nil, so that the payer do not deduct TDS on the interest earned. Form 15H is valid for FY 2025-26 and earlier years. 

What is Form 121?

Form 121 is the new self-declaration form which taxpayers can submit to avoid TDS on income earned from banks or other financial institutions when their total income is below the basic exemption limit. Form 121 was introduced under the Income Tax Rules, 2026 in accordance with the Income Tax Act, 2025. 

Form 121 is a unified form which replaces Form 15G and Form 15H from Tax Year 2026-27 onwards. Taxpayers wanting to avoid TDS deduction on their interest income earned in Tax Year 2026-27 will now have to submit Form 121 and not Form 15G or Form 15H. 

Form 15G vs Form 15H vs Form 121 - Key Differences

Who is Eligible for Form 15G and 15H?

The eligibility to file Form 15G and Form 15H depends on various factors such as age, residential status, and tax liability of the taxpayer. Only resident taxpayers with total income below the basic exemption limit of Rs. 2.5 lakh under the old tax regime and Rs. 4 lakh under the new tax regime. 

1. Who can File Form 15G?

Form 15G can be submitted to prevent TDS deduction in the following situations:

• Individual or HUFs
• Taxpayers below 60 years of age
• Total income below the basic exemption limit
• Zero tax liability

2. Who can File Form 15H?

Form 15H can be submitted if:

• Taxpayers aged 60 years or above
• Tax liability is zero

3. Can HUF submit Form 15G and Form 15H?

Yes, HUF is also eligible to submit Form 15G only and not Form 15H, as Form 15H is specifically for senior citizens. 

4. Can senior citizens submit Form 15G?

No, Senior citizens are required to submit Form 15H as it is specifically designed for them. Therefore, senior citizens are not allowed to submit Form 15G. 

How to Fill Form 15G

Form 15G is a self-declaration submitted to banks, post offices, EPFO, and other deductors to request non-deduction of TDS when your estimated tax liability for the financial year is Nil. To avoid rejection, each field in Part I of Form 15G should be filled carefully and accurately.

1. Field-by-Field Guide to Form 15G (Part I)

2. Worked Example: Rahul's Form 15G

• Name: Rahul Sharma
• Age: 35 years
• Residential Status: Resident Individual
• Bank FD Interest: Rs. 60,000
• Other Income: Rs. 1,80,000
• Total Estimated Income: Rs. 2,40,000
• Estimated Tax Liability: Nil
• PAN Available: Yes

Since Rahul's total estimated income of Rs. 2.4 lakh is below the basic exemption limit and his tax liability is Nil, he can submit Form 15G to prevent TDS on his FD interest.

3. Important Points While Filling Form 15G

• Ensure your PAN is correctly mentioned.
• Submit a separate Form 15G to each bank, post office, or deductor.
• The total estimated tax liability for the financial year must be Nil.
• Any incorrect declaration may attract penalties under the Income-tax Act.
• A fresh Form 15G must be submitted every financial year if you continue to meet the eligibility conditions.

4. Field-by-Field Guide to Form 15G (Part II)

Part II of Form 15G is not meant to be filled by the taxpayer. Once you submit the form, the bank, post office, company, or other deductor will complete this section for their internal records and tax reporting purposes.

Part II generally contains details such as the declaration receipt number, deductor information, amount of income covered by the declaration, and verification details.

Note: Leave all fields in Part II blank. Filling this section yourself may result in the form being rejected or processed incorrectly.

How to Fill Form 15H

Form 15H is a self-declaration that allows eligible senior citizens (aged 60 years or above) to receive interest income without TDS deduction, provided their estimated tax liability for the financial year is Nil. The form is commonly submitted to banks, post offices, and other deductors where interest income is earned.

1. Field-by-Field Guide to Form 15H

2. Worked Example: Mr. Anil Sharma (Age 65)

• Name: Mr. Rajesh Sharma
• Age: 65 years
• Resident Senior Citizen
• Fixed Deposit Interest: Rs. 85,000
• Pension Income: Rs. 2,50,000
• Total Estimated Income: Rs. 3,35,000
• Estimated Tax Liability: Nil
• PAN Available: Yes

Since Mr. Sharma is a resident senior citizen and his estimated tax liability for the year is Nil, he can submit Form 15H to avoid TDS on his FD interest.

3. Important Points to Remember

• Form 15H can only be submitted by resident senior citizens (60 years or above).
• Your estimated tax liability for the financial year must be Nil.
• A separate Form 15H should be submitted to each bank, post office, or deductor where interest income is earned.
• A fresh declaration is generally required every financial year.
• Ensure that your PAN, name, and other details match the records maintained by the deductor to avoid processing delays.

How to Submit Form 15G & Form 15H

1. Online

Taxpayers can submit Form 15G & Form 15H online through their respective bank's website through the below steps;

• Login to your bank’s net banking
• Go to TDS declaration and Form 15G/15H section
• Fill details such as PAN, estimated income and other details.
• Submit digitally

2. Offline

Taxpayers can also download Form 15G or Form 15H, fill in all the details manually and submit the form at the respective bank branch. 

How to Submit Online

1. SBI - Submit Form 15G/15H via Internet Banking

Step 1: Login to SBI Internet Banking or YONO app

Step 2: Select the E-Services tab from the top menu

Step 3: Click on 'Submit 15G/H' link on the left panel

Step 4: Select your CIF number and branch code, then click Submit

Step 5: Fill in the required details: PAN, estimated income, total income for the year

Step 6: Click Submit, enter OTP sent to registered mobile, then Confirm

Step 7: Note down the acknowledgement number generated

2. HDFC Bank - Submit via NetBanking

Step 1: Login to HDFC NetBanking

Step 2: Go to Accounts tab, then Request section, then choose Form 15G/H

Step 3: View your FD details on the next screen

Step 4: Click Confirm to submit the declaration

Step 5: View and save the e-acknowledgement for your records

3. ICICI Bank - Submit via iMobile App

Step 1: Login to ICICI Bank iMobile app

Step 2: Tap Services, then Account Services, then Form 15G/15H

Step 3: Fill in the required details and submit

4. ICIC Bank - via NetBanking

Step 1: Login to ICICI NetBanking with User ID and Password

Step 2: Go to Payments and Transfer, then Tax Centre

Step 3: Select Form 15G/H, then Update

Step 4: Enter required details, then Submit

Step 5: On Request Confirmation page, recheck details, then Submit

Step 6: View deposit accounts, then click Submit Form

Step 7: Download the Acknowledgement and save the Service Request number

TDS Sections Where Form 15G or 15H Can Be Used

Common Mistakes to Avoid

Form 15G & Form 15H PDF Download

Taxpayers can download Form 15G and Form 15H from their respective bank's website, EPFO website or through the income tax portal. 

When and where to submit Form 15G or 15H

1. When to Submit

From 15G and Form 15H submitted Ideally at the start of every financial year (April 1st) to avoid TDS on eligible incomes.

2. Where to Submit

• Banks (for interest income)
• EPFO (for early PF withdrawals)
• LIC (for maturity proceeds)
• Post Offices (on deposit interest)
• Tenants (for rent payments)
• Insurance companies (for agent commission)
• Mutual fund houses or companies (for dividends)
• Corporate bond issuers

Do not submit Form 15G, if your income has to be clubbed with someone else. Interest income from an FD for a non-earning spouse or a child has to be clubbed with the income of the depositor. In such a case Form 15G is not valid.

PAN of the depositor is mandatory and TDS should be deducted in the name of the depositor.

Where Can You Submit Form 15G or Form 15H Apart From Banks

While these forms can be submitted to banks to make sure TDS is not deducted on interest, there are a few other places too where you can submit them.

1. TDS on EPF withdrawal

• TDS is deducted on the EPF balance if withdrawn before 5 years of continuous service. 
• If you have had less than 5 years of service and plan to withdraw your EPF balance of more than Rs.50,000 you can submit Form 15G or Form 15H. 
• However, you must fulfill the conditions (listed above) to apply for these forms. 
• It means the tax on your total income including the EPF balance withdrawn should be nil.  

2. TDS on income from corporate bonds

• If you hold corporate bonds, TDS is deducted is on them if your income from them exceeds Rs 5,000. 
• You can submit Form 15G or Form 15H to the issuer requesting non-deduction of TDS.  

3. LIC maturity proceeds

• From 1st September 2019, TDS is 5% on the amount of income comprising the proceeds paid or payable upon maturity. 
• In case of failure to submit PAN details of the deductee to the LIC companies, TDS is to be deducted at the rate of 20%.
• You can submit Form 15G/Form 15H to request that no TDS be deducted since the tax on your total income is nil. 

4. TDS on post office deposits

• Post offices that are digitalized also deduct TDS and accept Form 15G or Form 15H, if you meet the conditions applicable for submitting them.   

5. TDS on rent

• TDS is deducted on rent exceeding Rs 2.4 lakh annually. 
• If the tax on your total income is nil, you can submit Form 15G or Form 15H to request the tenant to not deduct TDS.

6. TDS on Insurance Commission

• TDS is deducted on insurance commission, if it exceeds Rs 15,000 per financial year. 
• However, insurance agents can submit Form 15G/Form 15H for non-deduction of TDS if tax on their total income is nil.

7. TDS on Dividends

• If the dividend income exceeds Rs. 10,000 then TDS is required to be deducted. 
• Form-15G / Form-15H can be submitted for non/lower deduction of TDS.

Illustrations

1. Form 15G

Meena is 35 years old and lives in Delhi. In FY 2025–26, she does not have any salary or business income. She has only a fixed deposit in the bank, which gives her interest income of Rs. 2,10,000 for the year.

Since Meena’s total income is less than the basic exemption limit of Rs. 2,50,000 under the Old Tax Regime, she does not have to pay any income tax. However, as per income tax rules, the bank will still deduct 10% TDS on her interest income under Section 194A.

To avoid this deduction, Meena fills and submits Form 15G to her bank in April (at the start of the financial year). As a result, the bank credits the full interest amount to her account without deducting TDS.

2. Form 15H

Mr. Sharma, aged 65, lives in Mumbai. In FY 2025–26, he earns Rs. 2.8 lakh as interest from his fixed deposits and Rs. 50,000 as dividend income. Under the Old Tax Regime, after claiming deductions under Section 80C for his investments of Rs. 1,50,000, his taxable income becomes Rs. 1.8 lakh , which is below the basic exemption limit for senior citizens (Rs. 3 lakh).

Since his total income results in nil tax liability, Mr. Sharma is eligible to submit Form 15H to his bank at the beginning of the financial year. By doing so, the bank will not deduct TDS on his interest income under Section 194A, and he will receive the full amount directly in his account.

Benefits of Submitting Form 15G/15H

Submitting Form 15G or Form 15H offers several benefits to eligible taxpayers, especially those with nil tax liability:

1. Avoids unnecessary TDS deduction: Prevents tax from being deducted at source on eligible incomes such as interest from bank deposits, post office deposits, and other specified incomes.
2. No need to wait for ITR refund: Since excess TDS is avoided upfront, you do not have to claim a refund later while filing your income tax return.
3. Improves liquidity: Helps retain full income without deductions, improving cash flow and access to funds when needed.
4. Applicable to multiple income sources: Can be used to avoid TDS on eligible interest income from banks, fixed deposits, recurring deposits, corporate bonds and other specified sources, subject to conditions.

What Happens If You Don’t Submit Form 15G or 15H

If Form 15G and Form 15H are not submitted by taxpayers, then TDS will be deducted automatically on the payments. However, refunds against the TDS deducted can still be claimed by filing an ITR. 

What to Do If You Forgot to Submit Form 15G or 15H

A lot of taxpayers forget to submit Form 15G and Form 15H on time. In such a situation, the bank might have already deducted the TDS. Based on your situation, you can do any of the following.

1. File your Income Tax Return to claim TDS refund

• The only way to seek refund of excess TDS deducted is by filing your income tax return. 
• Banks or other deductors cannot refund TDS to you, since they have already deposited it to the income tax department. 
• Income tax department will refund excess TDS, after you file an income tax return. 

2. Submit Form 15G and Form 15H immediately

• Most banks deduct TDS every quarter. If you forget to submit Form 15G or Form 15H, don’t worry. 
• Submit it at the earliest so that no TDS is deducted for the remaining financial year. 
• To claim refund of excess TDS deducted, start filing your return on ClearTax.

Penalty for Filing a False Declaration

Submitting false declaration in Form 15G or 15H is a serious offence under the Income Tax Act. A taxpayer submitting a false declaration or incorrect information knowingly may be prosecuted under Section 277. 

As per Section 277, if the tax evasion exceeds Rs. 25 lakh, the individual may face rigorous imprisonment ranging from 6 months to 7 years along with a fine. In other cases, the punishment can include imprisonment from 3 months to 2 years along with a fine.