Download 15G Form:Form 15G is filled by people (under 60 years of age and HUF) who have invested in a bank fixed deposit (FD) to ensure that no TDS is deducted on their FD interest. Under the current income tax rules. If your annual interest on FD / RD is more than Rs 10,000, then TDS is deducted on it. In the Interim Budget 2019, the TDS limit has been increased to Rs 40,000 from FY 2019-20.
How to download 15G form
To avoid TDS, you can download Form 15G for free from the website of all major banks in India. You can also download this form from the Income Tax Department website.
Click here to download Form 15G for free
You can also submit Form 15G online on the website of all major banks in India.
Form 15 G
Most banks and financial institutions keep the format of Form 15G as per their own, however, the basic format of this form is available on the official website of the Income Tax Department. The format of the Form 15G is given on the income tax department website, a snapshot of its first page is given below:
Key Features of Form 15G
- In Form 15G, you declare that TDS should not be deducted on your special income because your annual income is less than the exemption limit.
- Section 197 A of the Income Tax Act, 1961 lays down rules for self declaration.
- Changes have been made in Form 15G in 2015 to reduce the burden and cost of tax deductors and tax payers.
- The basic format of Form 15G and Form 15H (Senior Citizens for Form 15G) has been issued by CBDT.
- Form 15 G is filled by persons below 60 years of age. Persons above 60 years of age fall under the category of senior citizens.
- Form 15H which is like Form 15G is filled only by senior citizens.
- To take advantage of this, if you have an existing investment, you will have to give this form in the first quarter of the financial year. However, Form 15G for new investment is submitted before the first interest.
Eligibility conditions for filling Form 15G
The following are the conditions or rules for filling Form 15G:
- You must be an individual (not a company or firm)
- You must be an Indian citizen during the current financial year.
- You must not be over 60
- Tax should be zero on total income in the Finacial Year
- In the Finacial Year, the total interest earnings should be less than the basic exemption limit
Guidelines for filling Form 15G
- Form 15G has two parts. The first part is for those who do not want to give TDS on their income. Following are the important information to be filled in the first part of Form 15G:
- According to the PAN card , your name
- PAN Number
- PAN card is necessary to fill the form 15G, if you do not provide valid PAN information, your declaration will be invalid.
- Declaration in Form 15G is given by a person. Firms or companies cannot give these declarations.
- You must be an Indian; NRIs cannot fill this form
- Also write your address with PIN code
- Provide the correct email-id and mobile number for future contact
- If the Income Tax Act has been implemented in any of the previous years, then tick YES.
- It is necessary to tell which assessment of your return was done in the year
- How much income are you declaring for
- Total estimated earnings for the financial year (which includes all income)
- If you have filled Form 15G at any time during the financial year, then you will have to give the total amount of income along with the previous declaration in the declaration this time.
- The final part of Part 1 describes the investments for which you are giving the declaration. You will have to provide the investment account number (term deposit / life insurance policy number / employee code etc.)
- After filling the form, check the form once so that there is no mistake in it.
The second part of Form 15G is filled by the tax deductor i.e. the person who deducts the TDS of the tax payer and submits it to the government.
What will be the option if I forget to submit Form 15G?
If you forget to submit Form 15G on time and TDS has already been deducted, you have two options:
Step 1: Claim TDS refund while filing income tax return
Once the bank or any tax deductor deducts TDS, they cannot refund it to you, because then it is necessary for them to submit it to the Income Tax Department. The only way to get the refund is to fill the ITR. Later, the Income Tax Department looks at your refund application and credits the additional tax deducted during the financial year.
Step 2: Submit Form 15G immediately to avoid further TDS reductions in the current financial year.
Generally, when banks pay you interest on fixed deposits, banks deduct TDS at the end of every quarter. To avoid any additional deduction in the current year, fill in Form 15G as soon as possible.
When should I fill Form 15G?
Form 15G should be filled to avoid TDS in the following cases:
TDS on interest coming from bank deposit : If the interest on FD / RD is Rs 10,000 annually. TDS is deducted on this amount if more than Rs. (As per the financial year 2019-2020, this limit has been increased to Rs. 40,000 annually). The important thing is that banks deduct TDS on the basis of provisional interest, Not on the basis of actual interest pay out. So even if your FD is more than a year old, you have to fill the form 15G to avoid TDS.
EPF (Employees Provident Fund) TDS to withdraw money: If you have money removed from the EPF (Employees Provident Fund) before the full service of 5 years in your current company, you must pay the TDS I but even in that case If your income remains outside the tax net even after withdrawal of PF, you can submit Form 15G for exemption from TDS.
TDS on interest received from post office deposit : If you fulfill all the conditions for submission of Form 15G, the post office which provides the deposit service, then it will be available for the post office deposit and national savings schemes provided by you. Form 15G will also accept the declarations.
TDS on earnings from corporate bonds and debentures : If you earn Rs 5,000 from corporate bonds in a financial year. TDS will be deducted on it more than that. In such cases, if you are eligible to fill the 15G form, you can request the insurance company not to deduct TDS by filling the 15G form.
TDS on income from a life insurance policy : As per section 194DA of Income Tax Act, 1961, if you get maturity amount (maturity amount) from life insurance policy, Rs. 1 lakh. If you get more than that, then TDS will be deducted on that amount. But if you fulfill all the conditions of form 15G, then you can request the insurance company not to deduct TDS by filling form 15G.
Coming from rental income ( the rental income) TDS: If your fiscal year (Financial Rs proceeds from rental Year) 8 million. TDS will be deducted if it is more than Rs. But if your earning is outside the tax net, you can submit Form 15G for not deducting TDS.
Difference between form 15G and 15H
The following is the difference between form 15G and 15H:
|Farm 15g||Farm 15H|
|Valid for people under 60 years old||Valid for people above 60 years of age|
|HUF can also fill it along with the person||Only people can fill it|
|Valid for the same person or HUF whose annual income is outside the purview of tax||Any senior citizen can fill it. No matter their annual income|
Let us understand the form 15G from the table below.
You cannot pay 15G because the total income is taxed.
|Ages||50 years||23 years||66 years|
|Salary income||₹ 1,80,000||–||–|
|Pension received||–||–||₹ 1,10,000|
|Interest on FD||₹ 86,000||₹ 2,61,000||₹ 1,80,000|
|Annual Income before Tax Exemption of Section 80||₹ 2,66,000||₹ 2,61,000||₹ 2,90,000|
|Discount under 80D||₹ 45,000||₹ 30,000||₹ 10,000|
|Total income||₹ 2,21,000||₹ 2,31,000||₹ 2,80,000|
|Tax exemption limit||₹ 2,50,000||₹ 2,50,000||₹ 3,00,000|
|Are they eligible to submit Form 15G||Yes||No||No|
|Explanation||You fill the farm 15GCan becauseTheir total earnings are outside the purview of tax.||You farm 15GCan not pay, because the income from FD interest comes under the tax net.|
How to fill in Form 15G
CBDT (Central Board of Direct Taxes) has digitalized the process of filling Form 15G and Form 15H. Following is the procedure to fill Form 15G online with major banks:
- The tax payer will have to fill the form 15G online and submit. As per CBDT (Central Board of Direct Taxes), the tax deductor has to provide the tax payer UIN (Unique Identification Number) number.
- The tax deductor will have to submit an affidavit along with the TDS statement every quarter along with the UIN (Unique Identification Number).
It is very important to know that the declaration we give in the 15G form is for that year only. For the next year you will have to give a new declaration. However, as per the current rules, the tax deductor has to keep the Form 15G safe for 7 years. Will be
How to fill Form 15G online
You can fill Form 15G online in most banks in India. To avail this facility, it is mandatory to have an internet banking account. You can fill it in the following way:
- Login to your bank’s Internet Banking with your ID and Password.
- By clicking on the “Fix Deposit” tab online, you go to the page where your FD complete information is given.
- On the same page, you can download your Form 15G and Form 15H. To fill the form, you have to click on the available link.
- Once the form opens online, you start filling all your information very carefully.
- Provide correct information of the branch of the bank where you have FD or RD. If you do not have this information, then you can get the correct information using the bank branch locator tool.
- Fill and submit the correct information of your investments
Income Tax Act Section and TDS Rates
|Investment type||Parts of Income Tax Act||Exemption limit||TDS (with valid PAN)||TDS without PAN|
|Interest on bank deposits||194A||10,000||10%||20.00%|
|Premature withdrawal of EPF||192A||30,000||10%||34.61%|
|Interest on securities||193||–||10%||20.00%|
|Income from dividend||194||2,500||10%||20.00%|
|Interest other than interest on securities||194A||5,000||10%||20.00%|
Penalty for giving incorrect information in Form 15G
To avoid TDS, if you give incorrect information in Form 15G, then you can be fined and imprisoned under Section 277 of Income Tax Section, 1961. Information about penalties of IT Act, 1961 is given below.
- If you have given any wrong information to save more than one lakh tax, then you can be jailed for 6 months to 7 years.
- In all other cases, jail can be from 3 months to 3 years.
Therefore, you should fill Form 15G only when you are eligible to fill it.