Demystifying Form 15G/15H: Your Shield Against Unnecessary TDS Deductions

Purpose of Form 15G/15H: Prevents TDS deduction on income if specific conditions are met. Can be submitted to the deductor, like banks, to avoid TDS on interest income. Who Can File: Form 15G: For individuals below 60 years. Form 15H: For senior citizens aged 60 years or above.

Conditions for Filing: Tax on Total Income is zero. Interest income is below the basic exemption limit for the year. Filing Process: Physical Submission: Fill and submit the form to the deductor. Online Submission: File through the deductor's website.

Required Details: PAN, residential status, contact info, estimated income details, and past Form 15G/15H filings. Instances Requiring Form 15G/15H: EPF Withdrawal, Rental Income, Interest from FDs, Corporate Bonds, Insurance Commission, and Dividend Income.

Examples: Anjana can file Form 15G as her tax is zero and interest income is below the exemption limit. Rahul can't file as his interest income exceeds the limit. Importance: Essential tool to avoid unnecessary TDS deductions on various income sources.