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When the interest income of an individual is more than ₹10,000 annually, the banks need to deduct TDS from that particular account. When a salaried individual’s income is below the taxable limit, to avoid tax deductions from their income, they need to submit form 15G or 15H to the bank, requesting them not to deduct TDS from the amount of interest that is earned by the person.
Form 15H ensures exemption of TDS deduction from a person’s bank account. It is only applicable for an individual who is 60 years or older. It is a declaration under section 197A of Income tax act, 1971.
Eligibility criteria for submission of form 15H
While form 15H is supposed to be submitted by senior citizens (more than 60 years of age), 15G is applicable for all the other individuals who earn an income from sources like deposits, loans, advances, etc.
Eligibility criteria for submitting form 15G