15G See section 197A(1C), 197A(1A) and rule 29C Declaration under section 197A(1) and section 197A (1A) of the Income tax Act, 1961 to be made ‐ by an individual or Person (not being a company or firm) claiming certain receipts without deduction of tax. PART - I 1 Name of Assessee (Declareant): 2 PAN: 3 Assessment Year. Declaration under sub-sections (1) and (1A) of section 197A of the Income-tax Act, 1961, to be made by an individual or a person (not being a company or a firm) claiming certain receipts without deduction of tax. PDF; Fillable Form.
Title: ITR01-18.p65 Author: testing Created Date: 10/8/2016 5:00:16 PM. 15G See section 197A(1C), 197A(1A) and rule 29C Declaration under section 197A(1) and section 197A (1A) of the Income tax Act, 1961 to be made ‐ by an individual or Person (not being a company or firm) claiming certain receipts without deduction of tax. PART - I 1 Name of Assessee (Declareant): 2 PAN: 3 Assessment Year.
Procedure to fill Form 15G:
this form has two sections. The first part is meant for persons who want to claim no-deduction of TDS on fixed deposit interest. Fill up the following fields with proper details without errors. In the first part, there are 19 fields.
(1) Name of the Assessee (Declarant): Name of the taxpayer as mentioned on your PAN Card
(2) PAN number of the Assessee: Valid PAN card is mandatory to submit Form 15G. If you don’t have a valid PAN card then your declaration will be considered invalid.
(3) Status: Your income tax status which can be Hindu Undivided Family (HUF)/ Individual/AOP
(4) Previous Year (for which declaration is to be made): here applicant has to select the previous year as the financial year for which you are requesting the non-deduction of TDS.
(5) Residential Status: Indicate your residential status as a resident individual. Because NRI is not eligible to submit Form 15G.
(6-12) Address: so specify your communication address properly along with the PIN code.
(6) flat/door/block number
(7) Name of the premises
(12) Pin code
(13-14) Email id and phone number along with STD code: give your valid email ID and working mobile number for further communications.
15 (a) whether assessed to tax under the Income-tax Act, 1961: make a tick mark ‘’Yes’’ if you were assessed to tax under the given provisions of Income Tax Act, 1961 for any of the previous assessment years.
(b) If yes, latest assessment year for which assessed: write the latest assessment year for which the returns were assessed.
(16) Estimated income for which this declaration is made: applicants have to specify the estimated income for which they are making a declaration
(17) Estimated total income of the previous year in which income mentioned in column 16 to be included: Total expected income for the financial year (which contains all the income)
(18) Details of Form No. 15G other than this form filed during the last year, if any: here declarants have to fill in the details about previous Form 15G anytime during the financial year. Then the mention the details of the previous declaration along with a total income need to be mentioned in the present declaration.
(19) Details of income for which the declaration is filed: this field has 4 subdivisions such as
- Identification number of the relevant income/account: applicants have to provide the investment account number (term deposit/ life insurance policy number/ employee code etc.
- Nature of income
- A section on which tax is deductible
- Amount of income
- Finally, make a signature on the space provided.
What is Form 15G? It is self-declaration for the fixed deposit holders.
- This can be used to prevent TDS deduction on interest earned.
- Eligibility to submit form 15G
- Applicant must be individual (and Resident Indian) or HUF or trust Applicant age must be less than 60 years old
- The income tax considered on your total income is nil
- Your total interest income earned for the year is less than the basic exemption limit of that particular year. At present Rs. 2.5 lakh for the financial year 2020-21.
However, Form 15G is very useful and helpful for fixed deposit holders. To save or decrease the TDS burden on the interest income. Therefore applicants have to provide the correct information in this form. Otherwise, officials find any false declaration to avoid TDS can lead to a fine or even imprisonment under Section 277 of the Income Tax Act, 1961.
More Related PDF Forms :
Form 15G is a declaration to ensure that no TDS has deducted from the income and it can be submitted by individuals of India whose age is below 60 yrs.
We need to submit this form 15G to banks whenever we are getting an interest amount of above 40,000 Rs from the FDs and also for PF withdrawals if the total PF claim amount is more than 50,000 Rs and service is below 5 years.
If you are looking for Form 15G in Word format then you can download below form 15G in Word format.
Can I fill 15G form online
Some major public sector banks and private banks are providing an option to submit form 15G online for fixed deposits. For that you need to login in your bank’s internet banking website there you can see an option to submit form 15G.
Example : in SBI Internet Banking
The best thing of filling form 15G online is there is no need to write every detail manually, all your details will be selected automatically you just need to select the financial years only.
Difference between Form 15G & 15H
Form 15G is for the individuals whose age is below 60 years and form 15H is for the individual whose age is above 60 years. Both are to ensure that no TDS is deducted from the incomes of the individuals.
What is form 15G for PF withdrawal
EPF members need to submit form 15G whenever the PF claim amount is more than 50,000 Rs but their total service is below 5 years, in remaining cases there is no need to submit form 15G.
To submit form 15G online, the PAN of the EPF members must be linked with their PF account.
What happens if form 15G is not submitted
If you don’t submit form 15G even though you are eligible then TDS will be deducted unnecessarily from your interest income or PF claim amount. In some cases EPFO will reject your PF withdrawal application if you don’t submit form 15G.
What is estimated income on form 15G
Estimated income on form 15G means the amount for which you are submitting it. For example if you are submitting form 15G for Fixed Deposits then mention the estimated interest amount for the financial year.
Form 15g Download Free
(Or) If you are submitting form 15G for PF withdrawal then mention your PF claim amount and you don’t need to include pension amount in form 15G.
Income Tax Form 15g Download