What is Form 15G? Banks deduct the withholding tax credit (TDS) when an individual’s interest earned exceeds INR 10,000.
However, if your gross income is below the tax limit, you can file Form 15G with your bank to request that the TDS not be deducted from the interest earned in the fiscal year. Interest income is money earned by keeping a significant amount in a savings account.
This form can be downloaded from each bank’s website or by visiting a bank branch. You will need your PAN when you apply for this form. Form 15G is valid for one fiscal year and must be submitted annually. It is recommended that you file Form 15G at the beginning of the fiscal year to avoid deductions from the bank.
Eligibility for Filling Form 15G
- You are an individual or individual (other than a company or company).
- You must be a resident of India for the relevant fiscal year.
- You must not exceed 60 years of age.
- The amount of tax calculated on your total taxable income for the fiscal year is zero.
Components of Form 15G
Form 15G consists of two parts. Part 1 contains the following:
- Name and PAN details.
- Details about the financial year.
- Address and contact details.
- Details about income – including nature of income and section under which it is deductible.
- Declaration stating that the information provided is accurate and not misleading.
Part 2 contains:
- Name of individual with tax liability.
- PAN and TAN details.
- Aadhaar number.
- Address and contact details.
- Amount of income paid.
How to Fill Form 15G
You can visit your respective bank’s website to download Form 15G or fill it online from the bank’s website itself.
Then you need to fill the following details.
- Name of Declarant
- Your name PAN card details
- Your PAN number Status – To distinguish between an individual, HUF or a Trust Previous Year – It refers to the current financial year for which you are filling up the form Residential Status – Mention your nationality
- Address Details – Your residence and contact details such as email, phone number, state, city and PIN code.
Option A – Whether assessed to tax under the Income Tax Act, 1961? – If your income was above taxable limit in any of the past 6 years, answer this question with ‘yes’ If yes, then you have to mention the latest year in which your income was above taxable limit 9.
Estimated income for which declaration is made – Your income on which TDS should not be deducted 10. Estimated total income of the previous year in which income mentioned in column 16 to be included – Calculate your total income that you have earned during the year. 11.
Details other than Form 15G – If you have filled Form 15G in the past, mention the total number of forms 12. Details of income for which declaration is filed – Nature and amount of income 13.
Once you have mentioned the above details, ensure that you are filing for yourself or on behalf of HUF or Trust.
