Form 15G is for resident Indians under the age of 60, HUF or trust. While Form 15H is for resident Indians aged 60 years or above.
1. Form 15G or 15H are selfd-eclaration forms that state that one’s income is below the taxable limit and hence exempt from tax.
2. On can avoid the TDS on incomes like interest and rent by submitting form 15G or 15H to the relevant person or organisation like banks, issuers of corporate bonds, post office or tenant.
3. 15G is for resident Indians under the age of 60, HUF or trust. Form 15H is for resident Indians aged 60 years or above.
4. Validity of 15G and 15H is one year only and needs to be submitted every financial year.
5. The only way to seek a refund of excess TDS deducted because of delay or non-submission of form 15G/15H is by filing income tax return.