Relevance, timing and confusion around the submission of Form 15G/15H and Interest certificate

[The Lone Crusader]

For most laymen, (including yours truly till recently), there seems to be a lot of confusion regarding submission of Form 15G/H and getting the interest certificate for a particular FY. The rule of thumb for this is simple: Submit Form 15G at the beginning of the current FY, and acquire the interest certificate in April month of the next FY. If TDS deduction is to be avoided, for the current year, you will get a fair idea of how much more you can theoretically invest in an upcoming FD from the 15G (total estimated FD interest income from a particular bank not to exceed ₹50000/-) or 15H (total estimated FD interest income from a particular bank not to exceed ₹100000/-). You can easily compare both and report discrepancies, if any, to the respective bank well in time before filing your IT returns.