Learn how to fill Form 15G/15H online on XYZ in a few simple steps and avoid unnecessary TDS deductions on your interest income. This guide walks you through the entire process, from logging in to submitting your declaration, so you can stay tax-efficient through the year.
If you’ve ever looked at your interest income statement and noticed a TDS deduction you weren’t expecting, you’re not alone. Many investors, especially those who are just getting started with fixed deposits or bonds, aren’t always aware that there’s a straightforward way to avoid this deduction altogether, provided you’re eligible, with Form 15G and Form 15H.
These forms, much like most of the other tax-related things, might seem daunting or tiresome to access and process through, and to solve just that issue (and reduce your effective tax), Jiraaf has integrated these forms right into your investment dashboard, so you can conveniently fill and easily manage your TDS deductions on interest income.
This guide will walk you through everything you need to know, from what these forms are and who needs to fill them, to exactly how to do it on Jiraaf, step by step.
What Are These Forms?
Form 15G and Form 15H are self-declaration forms that inform your financial institution that you’re eligible to receive interest income without TDS being deducted. Essentially, you’re declaring that your total income for the year falls below the taxable limit, and therefore, tax should not be deducted at the source.
It’s worth understanding that TDS, or Tax Deducted at Source, is the government’s mechanism for collecting tax before the income reaches you. However, if your total income is below the exemption threshold, this deduction is unnecessary. Submitting Form 15G or 15H is how you formally communicate that to your financial institution.
Here’s how the two forms differ:
- Form 15G is for individuals below 60 years of age
- Form 15H is for senior citizens aged 60 and above
The process for filling both forms on Jiraaf is identical; only the eligibility criteria differ. So regardless of which form applies to you, the steps you’ll follow are the same.
One important thing to note is that these forms need to be submitted for every financial year. They don’t carry over automatically, so it’s a good habit to submit them at the start of each year to ensure uninterrupted, TDS-free interest income.
General Eligibility Criteria for Both Forms
- Residential status: You must be a resident of India; Non-Resident Indians (NRIs) are not eligible.
- Nil tax liability: Your estimated total tax liability for the financial year (after considering all deductions and rebates) must be nil.
- Mandatory PAN: You must provide a valid Permanent Account Number (PAN). If not provided, TDS may be deducted at a higher rate of 20%.
- Validity: Each form is valid for only one financial year and must be submitted separately to every bank or institution where you have deposits.
Please note that there are a few other criteria specific to each form that individuals like you must meet to be eligible.
Filling Form 15G/15H on Jiraaf
Before you begin, make sure you have your PAN details handy and a rough estimate of your total income for the financial year. Jiraaf auto-fills a lot of the information, but having these details ready will make the process even smoother and help you verify or add accurate information.
Here are the steps to follow:
Step 1: Log In
Visit the Jiraaf website and log in using your registered credentials.
Step 2: Navigate to My Investments
From your dashboard, click on My Investments to see a list of all your active investments. This is your central view of everything you hold on the platform.
Step 3: Select Your Investment
Click on the investment for which you want to submit the form. On the investment details page, you’ll find the option “Initiate Form 15G/15H”. This is your starting point for the declaration process.
Step 4: Verify Your Details
Most personal information is auto-filled by Jiraaf, which saves you the effort of entering everything from scratch. Before moving ahead, though, take a moment to check that the following are accurate:
- Name (as it appears on your PAN card)
- PAN number
- Date of birth
- Residential status
It’s a small step, but an important one. Any mismatch between what’s on the form and your official records could create problems later, so it’s worth being thorough here.
Step 5: Enter Income Details
This is the section where you’ll need to provide a couple of figures. Fill in your estimated total income for the financial year and the specific income for which you’re submitting the declaration. Accurate estimates matter here, as incorrect figures can lead to compliance issues later. If you’re unsure, it’s better to make a careful, considered estimate than to rush through this section.
Step 6: Add Previous Declaration Details
If you’ve already submitted a Form 15G/15H earlier in the same financial year, this section is where you account for that. Mention the number of previous submissions and the total income declared in those. This ensures that the cumulative picture of your declarations remains accurate across all platforms or institutions where you may have submitted the form. If this is your first submission of the year, you can skip this section.
Step 7: Submit Your Wet Signature
Accept the declaration, allow location access when prompted, and submit your wet signature for verification. This step serves as your formal confirmation of the details you’ve entered and is a required part of completing the form.
Step 8: Review and Submit
Before you hit ‘submit’, go through all your details one final time. It only takes a minute and can save you from having to redo the process due to a small error. Once everything looks right, check the declaration checkbox and click Submit. Download or save the acknowledgement that follows; you may need it later as proof of submission.
Submitting Form 15G and 15H via the Jiraaf App
If you prefer doing things on your phone, the mobile app works just as well for these forms. You’ll usually see a prompt guiding you to generate the form, after which the steps are the same as the web flow. Jiraaf has kept the experience consistent across both platforms, so you won’t find yourself lost or looking for options that only exist on one version.
Whether you choose the website or the app largely comes down to personal preference. Both get the job done efficiently.
A Few Things to Keep in Mind
Knowing the steps is one thing, but a little foresight can make the whole process even more effective. Here are a couple of things worth remembering:
Submit the form at the start of the financial year so TDS is not deducted from the beginning. If you wait too long, deductions may already have been made, and while you can claim them back when filing your tax return, it does affect your cash flow in the interim. Getting the form in early means you don’t have to deal with that inconvenience.
Also, take a moment to verify your PAN before submitting the form, since it cannot be changed on the platform, only verified, once the submission is final. Your PAN is central to the entire declaration, so ensuring it’s correct from the outset is important.
Wrapping Up
Taxes and declarations can feel like a lot to navigate, particularly when you’re doing it for the first time. But filling Form 15G/15H on Jiraaf is genuinely one of the simpler financial tasks you’ll come across. The platform guides you as well, auto-filling your details, helping you through each step, and making the submission process clean and intuitive.
Submitting the form on time at the start of the financial year, double-checking your details, and saving your acknowledgement are the three things that will ensure the process works in your favor. Do that, and you won’t have to worry about unnecessary TDS deductions on your interest income through the year.
If you haven’t submitted your Form 15G/15H for this financial year yet, now is a good time to log in to Jiraaf and get it done in just a few minutes.
