What is Form 15G in Income Tax

Form 15G is a call requesting for exclusion of deducting the TDS for the interest amount. The taxpayer can bring up this request if his/her total income is below the specified taxable limit. This article shows a brief description of this form.

Requirements for Filing the Form

This Form is a self announcement regarding the exemption of paying the TDS. In order to qualify for this declaration you need to fall under the following:

  • Can be presented by a person who is not a company and is 60 yrs and below.
  • This claim can be presented by an Indian only.
  • Should not be in any tax liability agenda.
  • The total interest income of the person with respect to the specific financial year is below the basic exemption limit.

The Form is used to fulfill the following objectives:

  • Avoiding cuts of TDS by banks.TDS deducts by the banks, if the interest of the deposit crosses Rs 10,000 in a financial year.
  • For premature withdrawal I.e. before five years of funds from EPF, subject to the condition that the balance in the fund is over Rs 50,000.
  • Availing the post office details and national savings schemes.
  • To present exclusion from TDS on income from corporate banks and debentures, provided that the income generated from the same is more than Rs 5,000.
  • To present exclusion from TDS on income from maturity proceeds arising out of life insurance policy. The assesses can claim for the same if the income from the proceeds is limited to a sum of Rs 1 lakh.
  • To present exclusion from TDS on rental returns if the total rental consideration in a given year exceeds Rs 1.8 lakhs. The concerned person can make a claim against TDS if his/her total income falls below the basic exemption limit.

How to fill the Form

This form can either be physically submitted or after verification, through electronic means in regarding with the process, formats and stipulated standards. The person involved should make sure that the form is having the PAN non -adherence so that he/she can be deducted 20%. The following should be addressed by the person:

  • Name (as Guided in the PAN card).
  • Past year, for which nil deductions are claimed.
  • Details regarding where you stay.
  • Communicating address.
  • Status of Previewing of tax.
  • Latest checked year for which the returns are assessed.
  • Targeted salary which the declaration is presented.
  • Total calculated returns for the specific financial year.
  • Details of past presentation of the Form, along with the mixed income.
  • Information of investment which declaration is being filed.

Instructions to fill the form are as follows –

Step 1:- log in to the Bank’s online banking.

Step 2:- After logging in, select the online fixed deposits tab which shows you the details in the fixed bank deposit.

Step 3:- You will be given an option to choose the form and form 15 H, where you must choose form 15G.

Step 4:- fill in the required details as done in the above statements.

Step 5:-mention exactly the detail of the branch of your bank.

The following should be noted while filling the form, the taxpayer should ensure that he/s not enquiring any liabilities and the total interest income for the particular financial Is in accordance with the exemption limit.

Effects of Default

Giving any false details would result in the following:

  • Being jailed for a period of between 6 months to 7 years for giving false information with the intention of not wanting to pay taxes which is to one lakh rupees.
  • Any other bridging of the law could lead you to jail for a period between 3 month to 3 years.

form-15g

 

 

 

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *