- Form 15G: Individuals below the age of 60 years are eligible to submit Form 15G.
- Form 15H: Senior citizens aged 60 years or above can submit Form 15H.
2. Determine Eligibility for Submission
- Ensure that your total taxable income for the financial year is below the threshold limit (as per the prevailing income tax slabs) before considering any deductions.
3. Obtain Form 15G/15H
- You can download Form 15G or Form 15H from the Income Tax Department's official website or collect it from the bank or financial institution where you have a fixed deposit or savings account.
4. Fill Out the Form
- Provide your personal details such as name, address, PAN (Permanent Account Number), and other required information.
- Declare that your total income is below the taxable limit and specify the relevant sections under which you are eligible for the exemption.
5. Submit the Form
- Submit the duly filled and signed Form 15G/15H to the respective bank or financial institution where you hold your fixed deposit or savings account.
6. Keep a Copy
- Keep a copy of the submitted Form 15G/15H for your records.
7. File Income Tax Return (if applicable)
- Even if you have submitted Form 15G/15H to avoid TDS deduction, you may still need to file an income tax return if your total income exceeds the taxable limit after considering all sources of income.
8. E-Verify the Income Tax Return
- If you file your income tax return, e-verify it using any of the available methods like Aadhaar OTP, Net Banking, Demat Account, Bank Account, or EVC (Electronic Verification Code).
- E-verification must be done within 120 days of filing the return; otherwise, the return will not be considered valid.
9. Update Form 15G/15H Annually
- Remember to submit a fresh Form 15G/15H each financial year to the bank or financial institution if you are still eligible for TDS exemption.
10. Seek Professional Advice
- If you are unsure about your eligibility or need assistance with income tax filing, consider seeking guidance from a qualified chartered accountant or tax consultant.
It's essential to ensure that you meet all the conditions and eligibility criteria before submitting Form 15G/15H to avoid any potential penalties or legal issues.
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