Form 15G and 15H for save TDS on interest

Form 15G & 15H should be submitted every year at the begining of financial year. If interest income from banks is  more than Rs.10000/- & interest on adevances, loans, debentures exceeds Rs.5000/-,banks or financial institutions are required to deduct tds on interest u/s 194A of Income Tax Act. We can request them  not to deduct tds on interest by submitting form 15G and 15H. Only resident and whose income does not exceed the taxable limit  in previous year can submit those forms.

Form 15G is for individuals and HUF

Form 15H is for senior citizens(age 60 years or more)

These forms should be submitted before crediting  interest from banks. Once Tds deducted will not be refunded from bank. Deductee is required to claim from income tax department and should  submit to all branch of that bank from whom you received interest income. Some Banks started online procedure to submit forms but you should have net banking to submit these forms.