15g & 15h

TDS u/s 194A is deducted from interest on loan, if income > Rs. 5,000 during the F.Y.
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You can submit Form 15G/H to the payer for non-deduction of tax, as you have mentioned that the tax on estimated total income for the F.Y. will be NIL.
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Furthermore, the total interest income from all sources should not exceed the basic exemption limit (this condition is not applicable for senior citizens).
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Individual < 60 years: Form 15G || Individual > 60 years: Form 15H

Note: If the payer is an Individual/HUF, he will deduct TDS, if any, if he was liable for tax audit during the FY immediately preceding the FY in which such interest is credited/paid.
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[Suppose, payer is paying you interest during FY 15-16. If tax audit was applicable to him during FY 14-15, then he will be liable to deduct TDS. If tax audit was not applicable to him during FY 14-15, he is not liable to deduct TDS during FY 15-16.]
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Actually, this is not your look out. Still, mentioned the same, in case any confusion arises from the payer’s side.

Sir,

Please refer some section or rule under which it is mentioned, relevant to above mentioned query, so that we can prove it. 

Section 197(1A) of the Income-tax Act
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"Notwithstanding anything contained in section 193 or section 194A or section 194K, no deduction of tax shall be made under any of the said sections in the case of a person (not being a company or a firm), if such person furnishes to the person responsible for paying any income of the nature referred to in section 193 or section 194A or section 194K, as the case may be, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil."
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Rule 29C(1) of the Income-tax Rules
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"A declaration under sub-section (1) by an individual or under sub-section (1A) of section 197A by a person (not being a company or firm) shall be in Form No. 15G and shall be verified in the manner indicated therein."

thanks a lot for above refrence.

One more thing i wanna ask , is Form15G or 15H is required to submit to IT dept., , if yes then whats the process.