According to the Income Tax Act of India, Form 15G is a declaration that people use to indicate that their income is below the taxable threshold and that, as a result, no TDS (Tax Deducted at Source) should be applied on the interest they get from their investments. Usually, banks and other financial institutions receive this form.
Preventing the deduction of TDS on interest income from fixed deposits, recurring deposits, and other interest-bearing investments is the main goal of filing Form 15G. In this article we will guide you on the Form 15G, how you can download it and fill the form as well.
How to Fill Form 15G
In order to complete Form 15G, you must accurately disclose your personal information as well as the type of income you are submitting the form for. An outline for filling out Form 15G can be seen below.
Form 15G Part I
In this form, personal information of the application will be asked.
- Personal Information Name of the Assessed: Write your full name as per PAN card along with other details as asked in form
- PAN (Permanent Account Number): Mention your PAN Number
- Status: Indicate your status as an individual or Hindu Undivided Family (HUF)
- Previous Year: Mention the relevant previous year for which the income is being assessed, which is from your current year.
- Residential Status: Indicate whether you are a resident or non-resident, along with the full address.
>>> Section 194C of Income Tax Act
Form 15G Part II
In these Part you will have to fill details about your Income which must be filled as per your income and earnings.
- Declaration Income Details: Give specifics about your projected annual income for the fiscal year. Indicate the type of income (such as interest income) for which Form 15G is being submitted.
- Estimated Total Income for the Relevant Financial Year: Indicate your entire projected income, taking into account the income for which the form is being filed.
- Estimated Total Income for which Declaration Given: Indicate the source of income (such as interest on fixed deposits) for which you are completing the form.
- Details of Form 15G Other Than This Form Filed During the Previous Year, If Any: Indicate if you filed any other Form 15G within the same fiscal year.
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Form 15G Part III
In this part, it would ask you to look at the details filled and verify the details.
- Verification Declaration: Read the declaration carefully and understand its implications. Sign and date the form.
Who is eligible to apply using Form 15G?
Form 15G is applicable to Hindu Undivided Families (HUFs) and people under the age of sixty. People who are 60 years of age or older and who are considered senior citizens must submit Form 15H.
What are the requirement documents for filling Form 15G
You will need documents that provide proof for your Name, PAN (Permanent Account Number), residential status, assessment year from the prior year, and a declaration indicating that the person satisfies the requirements for non-deduction of TDS are among the details usually included in the form.
Does Form 15G result in a penalty?
Penalty for False Declaration: Under the Income Tax Act, providing inaccurate information on Form 15G may result in fines. People should make sure that the information they are giving is true and correct.
Form 15G Download
You can simply open this URL from the Income Tax Department of India website and download the form in PDF format.
Link to Form 15G PDF copy is https://incometaxindia.gov.in/forms/income-tax%20rules/103120000000007845.pdf
Who can submit Form 15G?
Form 15G may be submitted by anyone under 60 as well as Hindu Undivided Families (HUFs). Senior folks, or those sixty years of age and older, ought to utilize Form 15H.
What is the purpose of submitting Form 15G?
The main goal is to stop TDS from being deducted from interest income when a person’s overall income is less than the taxable threshold. Avoiding the TDS deduction on interest income from fixed deposits, recurring deposits, and other interest-bearing investments are also the purpose for submitting for Form 15G.
Is Form 15G applicable to all types of income?
No, interest other than interest on securities, dividend income, and interest from securities are the particular uses for Form 15G.
Is Form 15G a one-time Submission?
Form 15G is only good for a single fiscal year, no. Should an individual satisfy the qualifying requirements in ensuing years, a fresh application needs to be filed.
Is there a penalty for providing false information in Form 15G?
According to the Income Tax Act, giving misleading information might result in penalties. Correct information must be entered into the form.