Difference Between Form 15G vs Form 15H

Even if your total yearly income is not taxable, banks will still deduct TDS (Tax Deducted at Source) from your interest earnings. This will reduce the actual amount deposited into your bank account. However, the Income Tax Department allows eligible taxpayers to avoid unnecessary TDS deductions by submitting self-declaration forms to banks and other institutions.

Two such self-declaration forms are Form 15G and Form 15H. These forms help taxpayers to recieve their interest income without TDS being deducted on it. Keep reading further to know more about the differences between Form 15G vs 15H. We will also understand the eligibility requirements, the steps to download and submit them, and much more.

What is Form 15G?

Form 15G is a self-declaration form used by Hindu Undivided Families (HUFs) and resident individuals below 60 years. A taxpayer submits this form to declare that their income does not exceed the taxable limit and they do not owe any tax for the financial year.

The main aim of this form is to avoid TDS deduction on interest income when the taxpayer does not have any tax liability. You may be eligible to file Form 15G if:

• You are a Hindu Undivided Family
• A resident individual aged below 60 years
• Your estimated tax liability is zero for the financial year
• You must satisfy all the conditions prescribed under Section 197A, including that your estimated tax liability for the financial year is nil.

What is Form 15H?

Form 15H serves the same purpose as Form 15G, but the only difference is that it is designed for senior citizens aged 60 or above. It allows them to recieve interest income without TDS being deducted.

After retirement, senior citizens often significantly rely on fixed deposit income. So, when their total tax liability is zero, they can use Form 15H to ensure that unnecessary TDS is not deducted. You may be eligible to file Form 15H if:

• You are a resident individual of 60 years or above during the financial year.
• Your estimated tax liability for the financial year is nil.

Key Difference Between Form 15G and 15H

Both Form 15G and 15H are designed to avoid unnecessary TDS deductions. However, the main difference between these forms is the age of the taxpayer. Based on the age, the taxpayer can decide which form to use.

How to Download and Submit These Forms?

To download Forms 15G and 15H, you can visit your bank's online portal, the EPFO platform, or the Income Tax Department's e-filing portal. These forms can be submitted to various deductors, like:

• Tenant
• Post offices
• Insurance companies
• Companies paying dividends
• Banks offering fixed deposits and recurring deposits
• Employee's Provident Fund Organisation (EPFO)
• Mutual fund houses and other financial institutions

Some Points to Remember Before Submitting the Forms

Consider the following points before submitting Form 15G or Form 15H:

• Submit the form every financial year
• You may need to submit separate forms to each bank or institution where income is earned
• Do not submit wrong information, as it can attract penalties under tax laws
• Ensure you mention the PAN details correctly
• Before making the declaration, carefully estimate your annual income.

What if TDS Has Been Deducted Already?

If you fail to submit Form 15G and 15H and the bank deducts TDS, you can claim the deducted amount as a refund while filing your ITR. Here is what you need to do:

• Check the TDS mentioned in Form 26AS or the Annual Information Statement (AIS).
• Disclose the interest income under the relevant income head in your ITR
• Claim credit for the TDS that has been deducted already
• The Income Tax Department will refund the excess amount if your final tax liability is less than the TDS deducted.

What is Form 121 in the Income Tax Act, 2025?

The proposed Income-tax Bill, 2025 introduces Form 121 as a single self-declaration form to replace Forms 15G and 15H once the new legislation comes into force. Until then, Forms 15G and 15H continue under the existing law.

Forms 15G and 15H will continue to apply until the proposed law becomes effective. Once the new legislation is notified and comes into force, the prescribed replacement form will apply in accordance with the notified provisions.

The Bottom Line

Form 15G and Form 15H are simple tools that help eligible taxpayers protect their interest income from unnecessary TDS deductions. Submitting the right form at the start of each financial year can make a real difference regardless of whether you are below 60 or a senior citizen.

Wth Form 121 replacing both Forms from FY 2026-27, you must stay updated about all the information. Moreover, if you need guidance with ITR filing, TDS deduction, repatriation, or more, connect with an expert at Savetaxs. Our experts are available 24/7 to help you stay compliant at every step of the way.