anuragmukherjee28
KF Mentor
| FORM 15G | |
| what is form 15g | People submit Form 15G to ensure that no TDS is deducted on the interest you earn from your EPF, RD or FD. |
| eligibility | Form 15G is filled out by FD, EPF & RD holders (individuals less than 60 years of age and HUFs) |
| Download Link | https://incometaxindia.gov.in/pages/downloads/most-used-forms.aspx or download from the attachment |
What is Form 15G ?
Form 15G is a self-declaration form used in India to avoid Tax Deducted at Source (TDS) on your interest income for a particular financial year. Here's a breakdown:
- Who can use it: Individuals below 60 years old and Hindu Undivided Families (HUFs). There's a separate form (15H) for senior citizens.
- Purpose: To inform your bank (or any other depositor) that your total income falls below the taxable limit, so they shouldn't deduct TDS on the interest they pay you (e.g., on fixed deposits, recurring deposits , EPF ).
- Benefit: Saves you the hassle of claiming a tax refund later if your income is indeed below the taxable threshold.
How to Download Form 15G?
Two ways to download Form 15G- THROUGH INCOME TAX WEBSITE ( LINK - https://incometaxindia.gov.in/pages/downloads/most-used-forms.aspx)
- FORM 15G is attached with this article, download from there
When is the TDS Applicable?
- TDS will be levied at 10% provided the employee submits their PAN Card (However, if Form 15G/15H for EPF is not submitted).
- TDS will be charged at 34.608% if the employee fails to submit the PAN Card. (Also, Form 15G/15H is not submitted).
Who is Eligible for Form 15 G ?
| Age | 50 years | 21 years |
| Salary | Rs. 1,80,000 | – |
| Pension | – | – |
| FD interest income | Rs. 85,000 | Rs. 2,60,000 |
| Total income before Section 80 deductions | Rs. 2,65,000 | Rs. 2,60,000 |
| Deductions under Section 80 | Rs. 45,000 | Rs. 30,000 |
| Taxable income | Rs. 2,20,000 | Rs. 2,30,000 |
| Minimum exempt income | Rs. 2,50,000 | Rs. 2,50,000 |
| Age | less than 60 years | less than 60 years |
| Tax on total income is Nil | Yes | Yes |
| Interest income is less than basic exemption limit | Yes | No |
| Eligible to submit Form 15G | Form 15G Eligible | Cannot Submit |
How to fill Form 15G?
- Year: Enter the current financial year for which the form is being filled.
- Residential Status: This form is exclusively for residents. Verify your residential status before proceeding.
- Address Details: Provide your address along with PIN code, email, and telephone number.
- Assessed to Tax under Income Tax Act, 1961: If your income exceeded the taxable limit in any of the past 6 years, answer 'yes'.
- Latest Assessment Year: If 'yes' above, mention the latest year in which your income was above the taxable limit.
- Estimated Income for Declaration:Mention the sum of all the interest or other incomes on which TDS should not be deducted.
- Estimated Total Income: Calculate total income from all sources including income mentioned in column 16.
- Details of Form 15G Filed: Specify the total number of Form 15G filed for the previous year and the aggregate amount of income for which Form 15G was filed.
- Details of Income for Declaration: Provide relevant investment/account identification number,
- nature of income, section under which tax is deductible, and amount of income.
When to submit Form 15G ?
Forms 15G and 15H are effective for one fiscal year. Therefore, kindly ensure to submit these forms annually at the start of the fiscal year. This will prevent any TDS deduction by the bank on your interest income.Where to submit Form 15G ?
- You can submit your physical copy of Form 15G to your bank’s branch
- You can also submit a online copy of Form 15G from you bank’s website(available for few banks)
Forgot to submit Form 15G?
- Taxpayers often overlook submitting Form 15G and Form 15H punctually. Consequently, the bank may have already deducted the TDS.
- Depending on your circumstances, you have the following options:
- File your income tax return to reclaim the TDS refund: The sole method to retrieve excess TDS deducted is by filing your income tax return. The deductors, like banks, cannot refund TDS as they have already remitted it to the income tax department. The income tax department will reimburse the surplus TDS upon your filing of an income tax return.
- Promptly submit Form 15G and Form 15H: Many banks deduct TDS quarterly. If you've overlooked submitting Form 15G or Form 15H, there's no need to panic. Submit them as soon as possible to prevent further TDS deductions for the remainder of the fiscal year
