How TDS can be made less tedious?

Practical tips for filing Form 15G and 15H to save you tax troubles and claim refunds from taxmen

- JIGAR MUKESH PATEL

What is Form 15G and Form 15H?

Form 15G and Form 15H are self-declaration forms prescribed by the Income Tax Department that taxpayers can submit to banks, financial institutions, companies or tenants to ensure that no deduction of Tax Deducted at Source (TDS) is made on payments of interest, dividend, insurance claim or rent. These forms can be submitted in cases where a taxpayer claims that the tax payable on his estimated total income including such payment will be 'nil'.

When can Form 15G be filed?

Under the provisions of Section 197A, Form 15G can be filed by any taxpayer other than a company or firm. Thus, individuals, HUFs and AOPs can avail the benefit of filing this Form. The Form requires a declaration to the effect that the taxpayer's aggregate income for the financial year will not exceed the maximum amount which is not chargeable to income-tax. For FY 2024-25, Form 15G can be submitted in all cases where the estimated annual income does not exceed the basic income-tax exemption limit of Rs. 3 lakhs.