“Form 15G”

Overview of Form 15G

Form 15G is a special declaration signed by the assessee, that can be submitted to bank to keep away the TDS (Tax Deduction at Source). This is an Indian Income Tax document that helps salary earners, pensioners, and other income tax payers to pay less tax. Every taxpayer has the right to submit the Form 15G or Form 15H to the bank if they wish to avoid TDS (Tax Deduction at Source). Form 15G and Form 15H can be used to avoid TDS with respect to different sources of income such as interest income on savings, fixed deposits, and recurring deposits.

Purpose and Use of Form 15G

The primary purpose of Form 15G and Form 15H is to exempt an assessee from tax deduction at source (TDS), which is deducted by the bank at the time of making payments as per prescribed rate. The 15G form is for individuals below the age of 60 years and the 15H form is for senior citizens. Form 15G and Form 15H is not applicable for interest accrued on deposits held jointly or income from capital gains and dividends, salary, gift, etc.

Information Required in Form 15G

Form 15G and Form 15H are to be filled with various essential details like name of the assessee, age, PAN Number, date of submitting it and the total amount of interest income before the set-off of these income tax documents. Other details that are mentioned in the documents include details of interest earned, total income of the current previous year and total interest earned over the current financial year.

FAQs

What is 15G form for?

Form 15G is a declaration to exempt an assessee from tax deduction at source (TDS). It is filled by individuals below the age of 60 years, submitted to the bank, and can be used to avoid TDS with respect to interest income on savings, fixed deposits, and recurring deposits.

Who is eligible for 15G form?

Form 15G and Form 15H needs to be filled by individuals below the age of 60 years and senior citizens above the age of 60 years respectively.

How to fill Form 15G for PF?

Form 15G needs to be filled with various essential details like name of the assessee, age, PAN Number, date of submitting it and the total amount of interest income before the set-off of these income tax documents. Other details that need to be mentioned include details of interest earned, total income of the current previous year and total interest earned over the current financial year.

Also See: Form 15H