Eligible individuals can submit Form 15G or Form 15H to their banker for non-deduction of TDS on interest income earned in bank FD. Form 15H is for an individual who is of the age of sixty years or more while Form 15G is for all other individuals.

Who is eligible for 15G form?

Eligibility criteria for submitting Form 15G

You are an individual or a person other than a company or a firm. You must be a resident Indian for the applicable Financial Year. Your age should be 60 years or less than. Tax liability calculated on the total taxable income for the Financial year is zero.

Who can submit 15G for FY 2020 21?

Only resident individual taxpayers or HUF (Hindu Undivided Family) are allowed to submit Form 15G. Resident Individuals with an age of 60 years or more i.e. Senior Citizens are allowed to submit Form 15H. Companies, firms, the non-resident persons are not allowed to use these forms.