Form 15G

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What does the 15G form mean?

Form 15G is a self-declaration form used to request that TDS on a particular income not be deducted since the tax assessee’s yearly income is less than the exemption level. Individuals under the age of 60 years old can file Form 15G. The term “senior citizen” refers to someone above the age of 60.


What are the advantages of Form 15G?

Because your total income is tax-free, you can file Form 15G/Form 15H to request that no TDS be deducted. TDS is deducted at digital post offices, and Form 15G or Form 15H is accepted if the criteria for submitting them are met. TDS is deducted from rents that exceed Rs 2.4 lakh per year.

Who qualifies for a Form 15G?

The eligibility requirements for filing Form 15G are as follows:

A corporation or a firm, but rather an individual or a person. For the relevant Financial Year, you must be a resident Indian. Your age should be no more than 60 years old. The overall taxable income for the financial year results in a tax liability of zero.

What happens if you don’t fill out Form 15G?

Tax Deducted at Source will be deducted if you do not fill out Form 15G, and you will receive a TDS certificate that you may attach to your income tax return and pay the remaining tax.

In Form 15G, how much is estimated income?

The income you made in the current fiscal year is calculated using Form 15G’s Estimated Income. So what does Form 15G serve? First, form 15G aims to guarantee that income generated from interest is not subject to any deductions or TDS.

What is the difference between Form 15G and Form 15H?

Forms 15G and 15H are self-declaration forms that individuals submit to their bank to request that TDS on interest income not be deducted since their income falls below the basic exemption limit.
It is necessary to provide your PAN in order to do so. You can submit these forms online through the bank’s website in some cases.

When it comes to Form 15G, what is the upper limit?

Only people with incomes below the exemption level set by the Income Tax Act are eligible to fill out these forms. Income of up to Rs 2.5 lakh is tax-free for individuals under the age of 60, while the income of up to Rs 3 lakh is tax-free for those above 60 but under the age of 80.

What is the penalty for filing Forms 15G late?

Late filing costs under section 234E would be levied at the rate of Rs. 200 per day, totalling Rs. 10,000 for a period of 50 days. On the other hand, late filing fees cannot exceed the amount of tax received at the point of collection.

Form 15G/H can be submitted online using a website

Form 15G/15H is a self-declaration that a person residing in India (who is not a company, firm, or co-operative society) can send to their bank for non-deduction of tax at source on interest earned on Term Deposits (Fixed Deposits, Cash Certificates, and Recurring Deposits). This statement may be submitted only if the expected total income from all sources is less than or equal to the basic exemption level indicated in the Income Tax Department’s recommendations. When submitting Form 15G/15H, the client must have a Permanent Account Number (PAN).

Key Features of Form 15G

  • Form 15G is a self-declaration form used to request that TDS not be deducted on a particular income since the tax assessee’s yearly income is below the exemption level.
  • Section 197A of the Income Tax Act, 1961, specifies the regulations for this specific self-declaration form.
  • In 2015, the format of Form 15G was significantly altered to reduce the burden and expense of compliance for both tax deductors and tax deductees.
  • In the current CBDT (Central Board of Direct Taxes) version of Form 15G and Form 15H (the senior citizen’s variation of Form 15G), anyone under the age of 60 can submit the Form. Therefore, the term “senior” refers to someone who is over the age of 60.
  • Although Form 15H is identical to Form 15G in many respects, it is exclusively available to seniors.
    This declaration must be filed in the first quarter of the financial year if any current investments are eligible for the benefit. However, before interest is credited for the first time on new investments, Form 15G can be completed.

Eligibility Criteria for Form 15G Submission:

To submit Form 15G, you must meet the following requirements:

  • You are a person or an individual (other than a company or a firm).
  • For the applicable FY, you must be an Indian resident.
  • One should not be older than 60 years old.
  • On the whole taxable income for the fiscal year, there is no tax due.
  • This is because the total interest income for the year falls below the basic exemption limit.

FAQs about Form 15G:

Is it possible to submit Form 15G online?

You can submit Form 15G or Form 15H using either the bank’s Internet Banking or the bank’s mobile app. Account-holders at major institutions, including the State Bank of India (SBI) and ICICI Bank, may submit Form 15G and Form 15H online using internet banking or mobile banking.

Is the filling of Form 15G required for online PF withdrawal?

Employees with 5 years of continuous employment are eligible for a tax-free PF withdrawal. However, if the withdrawal is greater than Rs. 50,000, or if Form 15G or Form 15H is not completed, tax or TDS will be applied.