Form 15G is basically a self declaration for seeking non-deduction of TDS on specific income. This particular self declaration filing is dealt under the provisions of Section 197A of the Income Tax Act, 1961.
Information to be provided and structure of the Form 15 G has been considerably amended in the year 2015 to ease the compliance burden and also to minimize the cost of compliance on both tax deductor and tax deductee. New format of Form 15G and Form 15H introduced by CBDT (Central Board of Direct Taxes) has simplified the process of filing self-declaration for non-deduction of TDS.
Form 15 G can be submitted by individuals or person (other than company or a firm) below the age of 60 years. Any individual above 60 years falls in the category of senior citizens. Hence, declaration in Form 15H has to be submitted by them to claim non-deduction of TDS as per provisions of Section 197A of the Income Tax Act, 1961. This declaration needs to be submitted in the first quarter of the financial year for the existing investments. However, for new investments it can be submitted before the credit of first interest.