Declaration in Form 15G can be made by an Individual or a person (not a Company or Partnership / Proprietorship Firm).
A Company or Firm cannot submit declaration in Form 15G or Form 15H. Form 15G is for Resident Individuals below 60 years of age. Form 15H is for Resident Individuals who are Senior Citizens i.e. over 60 years of age.
Eligibility for 15G/H if in case of individuals:-
Form 15G: The total income during the financial year should not exceed the basic exemption limit as per Income Tax rules i.e. Rs.2, 50,000/-. If the total income during the financial year exceeds or is likely to exceed Rs. 2, 50,000/- Form 15G cannot be submitted.
Form 15H: If the individual is 60 years but less than 80 years of age, then the total income during the financial year should not exceed the basic exemption limit as per income tax i.e. Rs. 3,00,000/-
If the individual is 80 years of age or more, then the total income during the financial year should not exceed the basic exemption limit as per the income tax i.e. Rs.5,00,000/-.
Eligibility for 15G if in case of persons other than Individuals:
15G can be submitted by a HUF, Association of persons, Body of individuals & Artificial Juridical Persons if the total income during the financial year does not exceed the basic exemption limit as per the income tax i.e. Rs.2, 50,000/-.