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What is the difference between Form 15G and the Form 15H?

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Declaration in the Form 15G can be made by an individual or a person (not being a company or firm). Hence, a company or Firm cannot submit declaration in the Form 15G or in the Form 15H. Form 15G is meant for Resident Individual who is below 60 years of age. 15H is meant for individuals i.e. for a Senior Citizen i.e. Individual who is of 60 years of age or more during the financial year.

 

Eligibility for 15G/H if in case of individuals:-

Form 15G:

The Individual should be less than 60 years of age at the time of furnishing the declaration.

The total income during the financial year (i.e. year 2013-14) should not exceed the basis exemption limit as per income tax ie. Rs.2,00,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2,00,000 then the individual cannot submit Form 15G.

 

Form 15H:

If the individual is 60 years but less than 80 years of age, then the total income during the financial year (i.e. year 2013-14) should not exceed the basic exemption limit as per income tax ie. Rs. 2,50,000/-.

If the individual is 80 years of age or more, then the total income during the financial year (i.e. year 2013-14) should not exceed the basic exemption limit as per the income tax ie.Rs. 5,00,000 /-.

Eligibility for 15G if in case of persons other than Individuals:

15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons, if the total income during the financial year (i.e. year 2013-14) does not exceed the basic exemption limit as per the income tax ie. Rs. 2,00,000/-.

 

 

 

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