Form 15G and 15H
1) Meaning :In order to avoid unnecessary deduction of TDS by banks form 15g and 15h is being submitted. In income tax individuals and HUF are liable to file return only when their taxable income is over and above basic exemption limit, However if it is so then TDS on various income will be deducted, however if income of such individual is below the basic exemption limit then unnecessary deduction of TDS will be made which will be refunded to them after a long process of refund, to safe such time line facility of form 15g and 15h is being given, if such form is being given to the individual then o deduction in the name of TDS will be made.
2) Difference: Although he aim of 15g and 15h is same but there is a thin line difference between both of these form form 15g is being issued by Individual and form 15h is being issued by senior citizen and super senior citizen.
3) Utility: Simple utility of these form are they help us is safeguarding the time of refund procedure.
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