Regarding Form 15G for TDS deducted on FD

[Pahulpreet Kaur]

Hi,
I want to inquire about Form 15G (when it should be filed and can I fill it online or have to do it offline only). How much I know Form 15G is to be filled if your annual interest on FD is more than Rs 40000. Here are my questions
1) Is this Rs 40000 threshold is for all my bank accounts combined or for individual bank's interest?
2) What about the person who doesn't file an ITR (Housemakers)?
3) Is it like if I fill Form 15G in advance, the TDS wont be deducted or even after filling Form 15G TDS will be deducted and i have to claim it back through ITR?
4) Is the a way to know if TDS has been deducted in the past and how do I get it back? Is it necessary to fill ITR for it?

 

[anuragmukherjee28]

Form 15G Explained: When to File, How it Works, and More​

About Form 15G:
Form 15G is a declaration form submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on your interest income from fixed deposits (FDs), recurring deposits (RDs), savings accounts, or any other similar scheme.
Here's a breakdown of your questions:
1. Interest Threshold:
The Rs. 40,000 threshold applies to the combined annual interest income from all your bank accounts, not just individual accounts. So, if the total interest earned across all your FDs, RDs, and savings accounts exceeds Rs. 40,000 in a financial year, you need to file Form 15G.
2. Housemakers and ITR Filing:
Even if you are a homemaker and don't file an ITR, you can still file Form 15G if your total interest income exceeds Rs. 40,000. Filing ITR isn't mandatory for submitting Form 15G.
3. TDS Deduction after Form 15G:
Ideally, if you submit a valid Form 15G before the bank deducts TDS, no tax should be deducted from your interest income. However, in some cases, banks might deduct TDS despite receiving the form. In such situations, you can claim the deducted TDS back through your ITR filing.
4. Checking Past TDS Deductions and Refunds:
You can check your bank statements or online banking platforms to see if TDS has been deducted on your interest income. If you find TDS deducted even after submitting Form 15G, you can claim a refund by filing your ITR. Filing ITR is necessary to claim any TDS refund.
Here are some additional points to remember:

• Form 15G is valid for the financial year in which it is submitted. You need to submit a fresh form each year.
• Ensure you meet the eligibility criteria for submitting Form 15G. You must be a resident individual whose total income (including interest income) is below the taxable limit in that financial year.
• You can download Form 15G from the website of the Income Tax Department of India or collect it from your bank branch.
• You can submit the filled form to your bank branch or upload it online (specific procedures may vary depending on the bank).

I hope this clarifies your doubts about Form 15G! Feel free to ask if you have any further questions.

 

[Pahulpreet Kaur]

Thanks for the reply. Indeed very helpful

 

[Srijita Roy]

Is there a deadline for filing Form 15G? How is it different from 15H?

 

[Pahulpreet Kaur]

Form 15G is for people below 60 years and 15H is for senior citizens. There is no deadline to fill it how much i was told by bank employees they said it should be filled in 10-15 days of doing your FD. Also, you need to fill it every single time when you open a new FD in a financial year

 

[Pahulpreet Kaur]

Form 15G Explained: When to File, How it Works, and More​

About Form 15G:
Form 15G is a declaration form submitted to banks or financial institutions to avoid Tax Deducted at Source (TDS) on your interest income from fixed deposits (FDs), recurring deposits (RDs), savings accounts, or any other similar scheme.
Here's a breakdown of your questions:
1. Interest Threshold:
The Rs. 40,000 threshold applies to the combined annual interest income from all your bank accounts, not just individual accounts. So, if the total interest earned across all your FDs, RDs, and savings accounts exceeds Rs. 40,000 in a financial year, you need to file Form 15G.
2. Housemakers and ITR Filing:
Even if you are a homemaker and don't file an ITR, you can still file Form 15G if your total interest income exceeds Rs. 40,000. Filing ITR isn't mandatory for submitting Form 15G.
3. TDS Deduction after Form 15G:
Ideally, if you submit a valid Form 15G before the bank deducts TDS, no tax should be deducted from your interest income. However, in some cases, banks might deduct TDS despite receiving the form. In such situations, you can claim the deducted TDS back through your ITR filing.
4. Checking Past TDS Deductions and Refunds:
You can check your bank statements or online banking platforms to see if TDS has been deducted on your interest income. If you find TDS deducted even after submitting Form 15G, you can claim a refund by filing your ITR. Filing ITR is necessary to claim any TDS refund.
Here are some additional points to remember:

• Form 15G is valid for the financial year in which it is submitted. You need to submit a fresh form each year.
• Ensure you meet the eligibility criteria for submitting Form 15G. You must be a resident individual whose total income (including interest income) is below the taxable limit in that financial year.
• You can download Form 15G from the website of the Income Tax Department of India or collect it from your bank branch.
• You can submit the filled form to your bank branch or upload it online (specific procedures may vary depending on the bank).

I hope this clarifies your doubts about Form 15G! Feel free to ask if you have any further questions.

@anuragmukherjee28 I went to all my banks to fill Form 15G as my combined interest from FDs of all banks were above 40k but one of the bank employee said you need not fill it as the 40k limit is for per bank and not for all bank FDs combined. Kindly confirm or recheck this.

 

[abhiver]

Other way is to get the TDS refund by filling the ITR

 

[Juliaasdz]

Is any moderator available?
Guidance on making your first post.
Kind regards.

 

[Svetlpoq]

Can someone help how to answer a new topic ??
Maybe I'm not writing correctly?
Need your help.
Yours faithfully.

 

[abhiver]

Can someone help how to answer a new topic ??
Maybe I'm not writing correctly?
Need your help.
Yours faithfully.

Which topic

 

[Alka Sehgal]

For filling 15 G or 15H form it is beneficial if you submit the form in the month of April when new financial year starts. Then the whole year you will be free from the tds deduction.

Hi,
I want to inquire about Form 15G (when it should be filed and can I fill it online or have to do it offline only). How much I know Form 15G is to be filled if your annual interest on FD is more than Rs 40000. Here are my questions
1) Is this Rs 40000 threshold is for all my bank accounts combined or for individual bank's interest?
2) What about the person who doesn't file an ITR (Housemakers)?
3) Is it like if I fill Form 15G in advance, the TDS wont be deducted or even after filling Form 15G TDS will be deducted and i have to claim it back through ITR?
4) Is the a way to know if TDS has been deducted in the past and how do I get it back? Is it necessary to fill ITR for it?

1. You can fill 15 G in April for each financial year. rather its is not mandatory to fill in april but the this is that u need not to worry for the whole year.
2. You can visit your base bank branch to fill the 15G form. They will even inform you the amount of interest being earned in the month.
3. Threshhold is for all the banks if you mention/declare the same but the form needs to be filled seperately in all the banks individually if interest income increases 40000.
4.The person who do not file ITR can definitely fill 15 G form as that would be the decleration of not having another income source.
5. If you will fill 15 G form in April then as mentioned earlier you wont have to worry for TDS deduction for the whole year.
6. You can always visit your bank for getting the details or you may get the detail on maturity of FDR. Filling of ITR is necessary only if your TDS has been deducted and you want to refund the same.

Regards