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From 1st April 2026, Forms 15G and 15H have been replaced by a single Form 121 that will be applicable for Tax Year 202627 onwards. The purpose remains the same - to avoid TDS deduction on interest income by submitting the declaration to banks and other deductors. Table of Contents What areF
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FAQ :
Forms 15G and 15H are self-declaration forms submitted to banks and other financial institutions to request an exemption from Tax Deducted at Source (TDS) on interest income earned from investments like fixed deposits and recurring deposits.
Form 15G is for individuals below 60 years of age, trusts, and Hindu Undivided Families. Form 15H is specifically for senior citizens aged 60 years and above. Non-resident individuals and companies cannot submit these forms.
These forms should be submitted at the beginning of each financial year, ideally in April, if you expect your interest income to exceed the threshold and wish to avoid TDS.
For the financial year 2024-25, the TDS threshold for interest income is ₹1,00,000 for senior citizens and ₹50,000 for other individuals. TDS is only deducted if the interest income exceeds these limits.
Besides banks, these forms can be submitted to other financial institutions such as post offices, on EPF withdrawal, for income from corporate bonds, LIC premium receipts, insurance commission, and to companies required to deduct TDS on interest income.
No, from 1st April 2026, Forms 15G and 15H will be replaced by a single Form 121, which will be applicable for Tax Year 2026-27 onwards.
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