The Central Board of Direct Taxes (CBDT) has recently issued a notification relating to the new format and declaration procedure of new form 15G & form 15H. The revised procedure has been made effective from the first Oct, 2015.

Tax payers seeking non deduction of tax from certain incomes are needed to file a self declaration in form No. 15G or form No.15H as per the provisions of Section 197A of the Income-tax Act, 1961.

The tax payers will currently generate and submit form 15G/Form 15H online provided their banker created a link on their respective bank’s internet Banking portal.

In this post, I even have provided detailed step by step detailed instructions on how to fill form 15G or form 15H?

How to fill new Form 15G?

New Form 15G has two parts / sections;

Part 1 – This section is to be filled by the person (individual) who wants to claim certain ‘incomes’ without TDS.

Form 15G

Let us now go through each point of Part-1 of Form no 15G.

  • 1 – Name of the individual who is making the declaration.
  • 2 – PAN (Permanent Account Number) of the tax assessee. The declaration is treated as invalid if an individual fails to furnish his / her valid PAN.
  • 3 – status – Declaration may be furnished by an individual or a person (other than a corporation or a firm).
  • 4 – The financial year to that the mentioned income pertains to.
  • 5 – Residential status i.e. Resident Indian or NRI etc.,
  • 6 to 14 – Your Address & contact details.
  • 15 (a) – Mention ‘Yes‘ if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment. year out of six assessment years preceding the year within which the declaration is filed.
  • 15 (b) – Mention latest Assessment Year that income tax return has been submitted and processed.
  • 16 – estimated income that this declaration is made.
  • 17 – estimated total income of the P.Y. (Present / financial Year) including the income mentioned in point no 16.
  • 18 – in case any declaration(s) in form No. 15G is filed before filing the new declaration during the financial year, you’ve got to mention the total number of such form No. 15G filed along with the aggregate amount of income that said declaration(s) have been filed.
  • 19 – Mention the distinctive number of shares, account number of term deposit, recurring deposit, National Savings Schemes, life insurance policy number, employee code, etc.,

Verify, declare and sign the form. (Kindly note that if you’re submitting form 15G for this financial year 2015-16 then Assessment year would be 2016-17)

Part 2 – This section is to be filled by the person / institution responsible for paying the income. Example may be a bank who pays ‘interest income’ on a depositor’s fixed deposit.

Form 15G

How to fill new Form no. 15H?

Form 15H is for senior citizens who are 60 years or older and form 15G is for everyone else. New form 15H is also divided into 2 parts;

Part 1 – This section is to be filled by the senior citizen (individual) who needs to claim certain ‘incomes’ without TDS.

Form 15H

The details that needs to be furnished in new form 15H are same because the one in new form 15G except for the point no. 3, wherein you (senior citizen) need to provide your Date of Birth in the form.

Part 2 – This section is to be filled by the person / institution responsible for paying the income. Example may be a bank who pays ‘interest income’ on a depositor’s fixed deposit.

Form 15H

If you require any assistance in completing new Form 15H / 15H declarations, kindly leave your comments or queries.

With effective from 1st June, 2016,  rental income has also been allowed to be included in the Form 15G/ 15H declarations. The scope of income that can be included in the above forms is as under:

  • (i) Amount received from EPF withdrawas
  • (ii) Dividend Income
  • (iii) Interest other than Interest on Securities
  • (iv) Sum received from Life Insurance Policy
  • (v) Sum received from National Savings Scheme &
  • (vi) Rental income has also been allowed to be included in the declarations.