What is Form 15G/15H in Indian income tax?
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Form 15G and Form 15H are self-declaration forms submitted by individuals to banks and financial institutions to declare that their income is below the taxable threshold and they are not liable to pay tax on their income. Form 15G is for individuals below 60 years of age, while Form 15H is for senior citizens aged 60 years and above. This helps individuals avoid tax deduction at source (TDS) on interest income earned from fixed deposits and other investments.