Declaration in the Form 15G can be made by an individual or a person (not being a company or firm). Hence, a company or Firm cannot submit declaration in the Form 15G or in the Form 15H. Form 15G is meant for Resident Individual who is below 60 years of age. 15H is meant for Senior Citizens i.e. Resident Individual who is of 60 years of age or more at the time of placing the deposit.
Eligibility for 15G in case of individuals:-
The Individual should be less than 60 years of age at the time of furnishing the declaration. The total income during the financial year (i.e. year 2019-20) should not exceed the basic exemption limit as per income tax i.e. ₹250,000/-. If the total income during the financial year exceeds or is likely to exceed ₹ 250,000/- then the individual cannot submit Form 15G.
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 (i.e. year 2019-20) does not exceed the basic exemption limit as per the income tax i.e. ₹ 250,000/-.