Form 15g :- This form is for those people who have invested in FD in a bank and want to verify by them that no TDS is deducted by the Income Tax Department on their FD interest.
But under the Income Tax rules, if the annual interest on your FD is more than ₹ 10000, then TDS will be deducted on it. In the interim budget 2019, the limit of TDS has been increased to ₹ 40000 from Financial Year 2019-20.
15G Form Download
15G Form Download :- To avoid TDS on your Fixed Deposit you can get a 15G form from your bank or you can also download this form through a given direct link through our website.
You can also download the 15G form on the official website of the Income Tax Department.
The format of 15G form is kept by each bank according to its own, the format of the forum given by us is according to the Income Tax Department. which is the basic format of 15g form.
15G Form PDF
|Pdf Form Name||Form 15G Application Form|
|Pdf Size||67 kb|
|Category||Income Tax Department|
|Download Pdf||Click the Download Button|
You can download the Form 15G Application Form from here.
Features of 15G Form
Salient Features of 15G Form : The following are the features of 15G Form.
- The rules for self-declaration are given in section 197A of the Income Tax Act 1961.
- This forum declares that if your particular income is less than the exemption limit, then TDS should not be deducted on it.
- The 15G form was changed in 2015 to reduce the cost of tax deductor and taxpayer.
- The basic format of Form-15g is issued by CBDT.
- Form-15g is filled for persons below 60 years of age and if persons above 60 years of age come under the category of senior citizens, then Form 15h should be ensured for them to be filled.
Eligibility For Form-15G
Eligibility to fill Form-15G :- Provided the Eligibility for filling Form 15G are mandatory.
- You must be an individual (no companies are firms)
- You must be a citizen of India within the current financial year.
- Your age should not be more than 60 years.
- The text on your income in the financial year should be zero.
- The total interest earned on your FD in the financial year should be less than the exemption limit.
How To Fill Form 15G
Required Guidelines to fill 15G Form : – There are mainly 2 parts in the 15G form, the first part is for those people who do not want to deduct TDS on their income.
- And the second part is for those people who come after deducting TDS and depositing it to the government.
- The important information in the first part of Form 15G is to be filled in the following manner.
- Fill your name as per your ID proof PAN card.
- PAN No.
- Declaration in Form 15G should be of an individual and not of any companies firm.
- It is mandatory that the citizens of India NRI cannot fill this form.
- Enter your address.
- Give correct information about your email id and mobile number etc.
- Tick Yes if the Income Tax Act has come into force on you in the last financial year.
- And give information about the year in which statement of your return was made.
- Information about how much of your total income you are giving a declaration of.
- Your total estimated income in the current financial year.
- The last part of Part 1 describes the investments for which you are giving the declaration. You need to provide an investment account number (term deposit / life insurance policy number / employee code etc.)
Difference between Form 15G and 15H
Following are the differences between Form 15G and 15H :
|Form 15G||Form 15H|
|Applicable to individuals less than 60 years of age||Applicable to individuals aged 60 years or more|
|Can be submitted by HUF as well as individuals||Can be submitted only by individuals|
|Only applicable to individuals/HUF with annual income lower than basic exemption limit||Any senior citizen can submit the form irrespective of annual income level|
You cannot file 15G as the total income is taxable.
|Age||50 years||23 years||66 years|
|Salary Income||Rs. 1,80,000||–||–|
|Pension received||–||–||Rs. 1,10,000|
|Interest from Fixed Deposit||Rs. 86,000||Rs. 2,61,000||Rs. 1,80,000|
|Total Income for the year (before section 80 Deductions)||2,66,000||2,61,000||2,90,000|
|Deductions allowed under section 80||Rs. 45,000||Rs. 30,000||Rs. 10,000|
|Total Taxable income||Rs. 2,21,000||Rs. 2,31,000||Rs. 2,80,000|
|Basic Exemption Limit||Rs. 2,50,000||Rs. 2,50,000||Rs. 3,00,000|
|Are they eligible to submit Form 15G?||Yes||No||No|
|Explanation||Form 15G can be submitted as the total tax liability for the year is nil and aggregate interest income for the year is less than basic exemption limit. And she also satisfies the age criteria of below 60||Form 15G cannot be submitted since aggregate interest income for the year is more than basic exemption limit||Form 15G cannot be submitted as she is more than 60 years old. However, Form 15H can be submitted in this case as tax calculated on total income is nil.|
IT Act Sections and Rates for Tax Deducted at Source
Below are some common TDS Sections for ready reference
|Investment Type||Sections of Income Tax Act||Threshold limit||TDS (with Valid PAN)||TDS without PAN|
|Interest on Bank Deposits||194A||10,000||10%||20.00%|
|EPF Proceeds- Premature Withdrawal||192A||30,000||10%||34.61%|
|Interest on securities||193||–||10%||20.00%|
|Interest other than interest on securities||194A||5,000||10%||20.00%|
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