New Delhi, June 24 -- Tax Deducted at Source (TDS) on interest income can reduce the amount credited to your bank account even when your total income in a financial year is not taxable. To prevent unnecessary TDS deductions, the Income Tax Department allows eligible taxpayers to submit self-declaration forms to banks and other financial institutions.

Two such forms are Form 15G and Form 15H, which help taxpayers receive interest income without TDS deduction.

So, let's understand the difference between Form 15G and Form 15H, eligibility conditions, and how to choose the right form.

Form 15G is a self-declaration form meant for resident individuals below 60 years of age and Hindu Undivided Families (HUFs). By submitting this form, the ta...