Introduction

Form 15G and Form 15H are self-declarations submitted by taxpayers to ensure that banks and other deductors do not deduct Tax Deducted at Source (TDS) on interest income, provided the taxpayer’s income is below the taxable threshold. Timely furnishing of these forms is crucial for deductors to remain compliant with the Income-tax Act.

Key Due Date

• Due Date: April 29, 2026
• Applicable Law: Section 197A of the Income-tax Act, 1961
• Requirement: Deductors must upload all Form 15G/15H declarations received during the quarter ending March 31, 2026, on the TRACES portal. Central Board of Direct Taxes, Government of India

Why This Matters

• Avoid Penalties: Late submission can lead to penalties under Section 272A(2)(f) of the Income-tax Act.
• Ensure Compliance: Proper filing ensures deductors are not held liable for incorrect TDS deductions.
• Smooth Refunds: Timely furnishing prevents unnecessary TDS deductions, reducing refund claims for taxpayers.

Eligibility for Form 15G/15H

• Form 15G: For individuals below 60 years and HUFs, provided total income is below the taxable limit.
• Form 15H: For senior citizens (60 years or above) with nil tax liability.
• Thresholds:
  • Regular individuals/HUFs: ₹40,000 interest income limit (Section 194A).
  • Senior citizens: ₹50,000 interest income limit. itrngst.com

Compliance Checklist for Deductors

1. Collect valid Form 15G/15H declarations from eligible taxpayers.
2. Verify PAN details to avoid higher TDS rates (20% if PAN not furnished).
3. Upload declarations on TRACES portal by April 29, 2026.
4. Maintain proper records for audit and compliance purposes.

Conclusion

The April 29, 2026 deadline is critical for deductors handling Form 15G/15H declarations. Timely compliance ensures smooth operations, avoids penalties, and supports taxpayers in preventing unnecessary TDS deductions.