One-time Form 15G/15H declaration through the depository instead of multiple submissions.

Less paperwork, lower compliance burden, and greater ease of living for senior citizens.

Budget 2026 Update

Depositories may be allowed to accept Forms 15G and 15H from investors with multiple securities and share them with the concerned companies.

What is Form 15G?

  • Resident individuals aged below 60 years can file Form 15G to prevent the deduction of TDS. 
  • It can also be filed by HUFs, trusts, or any other person (except a firm or company). 
  • It can be filed only if the estimated income of resident individuals for the relevant financial year is less than the basic exemption limit.
  • Form 15G has to be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical paper form.

What is Form 15H?

  • Form 15H can be filed by resident senior citizens aged 60 years or above.  
  • It can be filed only if the senior citizen’s total income for the relevant financial year results in nil tax liability.
  • Form 15H must be submitted quarterly to the person or entity responsible for deducting TDS, either electronically or in physical form.

Illustrations

Form 15G

Meena is 35 years old and lives in Delhi. In FY 2025–26, she does not have any salary or business income. She has only a fixed deposit in the bank, which gives her interest income of Rs. 2,10,000 for the year.

Since Meena’s total income is less than the basic exemption limit of Rs. 2,50,000 under the Old Tax Regime, she does not have to pay any income tax. However, as per income tax rules, the bank will still deduct 10% TDS on her interest income under Section 194A.

To avoid this deduction, Meena fills and submits Form 15G to her bank in April (at the start of the financial year). As a result, the bank credits the full interest amount to her account without deducting TDS.

Form 15H

Mr. Sharma, aged 65, lives in Mumbai. In FY 2025–26, he earns Rs. 2.8 lakh as interest from his fixed deposits and Rs. 50,000 as dividend income. Under the Old Tax Regime, after claiming deductions under Section 80C for his investments of Rs. 1,50,000, his taxable income becomes Rs. 1.8 lakh , which is below the basic exemption limit for senior citizens (Rs. 3 lakh).

Since his total income results in nil tax liability, Mr. Sharma is eligible to submit Form 15H to his bank at the beginning of the financial year. By doing so, the bank will not deduct TDS on his interest income under Section 194A, and he will receive the full amount directly in his account.