Form 15G PDF: How to Download & Fill Form 15G?

[nikhilchauhan]

Form 15G and 15H are self-declaration forms that an individual must submit to the banks or financial institutions for non-deduction of tax from their interest income. This form is submitted to the bank by individuals as their income is below the exemption limit. These forms are to be filed in every financial year if the eligibility criteria are met. However, an individual is not relieved from filing Income tax just by submitting these Form 15G PDFs online and offline to the banks. The individuals must file their Income Tax returns and pay taxes even after submitting these forms.

To claim this benefit of not deducting TDS, PAN is required to be mentioned in these forms. There are two forms available for non-deduction of TDS namely 15G and 15H. However, the company and firm are kept away from these benefits, and resident individual or HUFs or trusts are required to submit their documents. These forms are to be submitted by those individuals whose total interest income for the year is less than INR 2.5 lakh or INR 3 Lakh.

This Form 15G/H submission is significant only for resident individuals and not on non-residents. These form 15G PDFs are appropriate only for residents with ages less than 60 years. This Form 15G is exclusively used for non-deduction of tax on various types of incomes like interest from fixed deposits, recurring deposits, rental income, etc.

Eligibility Criteria for Form-15G

These form 15G PDF is used for non-deduction of Tax from the interest for following the below-mentioned conditions.

• The income for the fiscal year is less than INR 2.5 Lakh
• The Indian citizen is less than 60 years old.
• The Indian citizen has zero tax liability.
• However, HUFs with income less than INR 2.5 Lakh are eligible for Form 15G submission.

As per the provisions of Income Tax Act, financial institutions, banks, and other organizations must deduct TDS while crediting interest income to the concerned person. The limit of deducting TDS on interest income is more than INR 40000 for non-senior citizens and INR 50000 for senior citizens. The interest on fixed deposits is calculated periodically instead of on maturity. This TDS can be reflected in Form 26AS and AIS.

Need of Form 15G

Form 15G can be submitted by any person other than a company or firm as per section 197A(1) and (1A) of the Income Tax Act,1961. Form 15G is to be submitted for non-deduction of TDS on interest income below the basic exemption limit. This form 15G applies to residents below 60 years of age.

Form 15G is not required to be submitted if the total interest income for the year exceeds the exemption limit defined by income tax act. Thus, form 15G pdf can be issued to those who estimate their income on which total income is zero and income is calculated after considering allowances and deductions.

Income for which Form 15G needs to be submitted.

• Interest Income

To prevent the deduction of tax from interest income given by banks and financial institutions.

• TDS on EPF withdrawal

TDS is applicable on Employee Provident Fund premature withdrawal of INR 50000 or more within 5 years from the account opening. However, such compliance can be avoided by furnishing Form 15G to the concerned authority.

• TDS on income from corporate bonds

TDS is required to be deducted on income from corporate bonds exceeding INR 5000. Therefore, form 15G pdf online can be submitted to the corporates requesting non-deduction of the TDS on such income.

• LIC maturity receipts

From 2014 onwards, the proceeds received on maturity from LIC exceeding INR 100,000 and the maturity proceeds are taxable. However, 5% TDS shall be deducted by the insurer before releasing the payment. In case the individual in whose name the policy has been made, fails to submit the PAN, LIC companies can deduct TDS @20%. Therefore, an individual must submit Form 15G to avoid higher TDS from their proceeds.

• TDS on post office deposits

At times post offices are also digitized and they can deduct TDS and accept form 15G if the interest income on various schemes applies to them.

• TDS on Rent

TDS on Rent is deducted exceeding INR 2.4 lakh annually. If the landlord’s income is below such an exemption limit, then no TDS will be deducted. Therefore, the landlord must submit form 15G to the tenant for not deducting TDS.

• TDS on Insurance Commission

TDS is also deducted from the insurance commission for an amount exceeding INR 15000 in any financial year.

Fields to be filled up in Form 15G:

• The name of the individual applying for non-deduction is to be mentioned clearly.
• The address of the individual is to be mentioned.
• Contact Details.
• PAN of such individual.
• Estimated Annual Income.
• Financial year in which such declaration must be given.
• The Total number of Form 15G applicable for the Financial Year.
• Aggregate Income for the year.
• The place, Date, and signature of the applicant/HUF also need to be mentioned.

The above-mentioned basic details are to be furnished by the individual/HUF and it also contains the second part which is to be filled out by the concerned authority responsible for Tax deduction. However, it is suggested by tax experts to submit form 15G at the start of every new financial year i.e. in April.

Actions To Be Taken

If the individual forgets to submit this form 15G/H to the banks or financial institutions, then some actions need to be taken for rectification.

• File an Income Tax return.
• Submit form 15G/H immediately.
• The individual must have supporting documents at the time of the assessment process.

Things to Remember to Fill Form15G

There are certain things to remember before filling up and submission of Form-15G/H that are pointed out below.

• The individual or HUF should not submit such a declaration if the income is taxable for such financial year.
• However, the individual or HUF will be penalized by the income tax department under section 277 of the IT Act,1961 for fraudulent submission of such forms.
• This form is not a substitute for an Income tax return as the concerned person must file ITR separately.
• These form 15G is not required to be submitted by Non-resident individuals.
• If TDS is deducted even on submission of form 15G, a refund can be claimed by filing an Income Tax return.
• The submission of form 15G may sometimes lead to excess payout if the individual is eligible for a TDS deduction.