When your total income is less than Rs 2,50,000, no tax is payable by you. In such a case, no TDS should be deducted on your income. With the help of Form 15G and Form 15H you can inform your banker that your income is less than the minimum exempt income and ask them not to deduct TDS on interest earned by you.
Who can fill Form 15G
- you are Less than 60 years old
- you are individual or HUF
- Resident in India
- Tax calculated on your Total Income is nil
- Total interest income for the year is less than the minimum exemption limit of that year, which is Rs 2,50,000 for financial year 2015-16.
How to Fill Form 15G
- Name of Assesse (Declarant) – Enter your name as per income tax records.
- PAN of the assesse – PAN number as per your PAN card
- Status – Whether you are an individual or HUF
- Previous Year – current financial year for which you are filing up the form
- Residential Status – this form can only be filled by Residents. Check your residential status here.
- Flat/Door/Block No – details of your address
- Name of Premises – details of your address
- Road/Street/Lane – details of your address
- Area/Locality – details of your address
- Town/City/District – details of your address
- State – details of your address
- PIN – details of your address
- Telephone no
- (a) whether assessed to tax under the income tax act, 1961? – If your income was above taxable limit in any of the past 6 years, answer this question with ‘yes’.
(b) If yes, latest assessment year for which assessed – mention the latest year in which your income was above taxable limit.
- Estimated income for which declaration is made – sum of income on which TDS should not be deducted.
- Estimated total income of the previous year in which income mentioned in column 16 to be included – Calculate your total income from all sources, salary, stipend, interest income, any other income that you have earned during the year. Include the income mentioned in 16. above.
- Details of Form 15G other than this form filed during the previous year, if any; total number of form no 15G filed and aggregate amount of income for which form 15G filed – If you have filled Form 15G in the past, mention the total number of Form 15G filed. Also provide the total income for which Form 15G was filed
- Details of income for which declaration is filed; Identification number of relevant investment/account etc, Nature of Income, Section under which tax is deductible, Amount of income – Provide fixed deposit account number, recurring deposit details details of NSCs, life insurance policy number etc. (many of these are chargeable to tax under section 56 of the income tax act).
- Signatures – mention your capacity when signing on behalf of an HUF or AOP
Do not submit the form if such income has to be Clubbed with the income of another person
Form 15G should not be submitted if your income has to clubbed with someone else. Interest income from money invested in a FD for a non-earning spouse or a child, has to be clubbed with the income of the depositor. In such a case Form 15G cannot be submitted. PAN of the depositor should be provided and TDS should be deducted in the name of the depositor.
Submitting false information in the form
If incorrect information is submitted in this form, the signatory may be prosecuted under the provisions of the income tax act.
Frequency of submission
The new Form 15G has to be submitted at the start of every quarter
Last Date for submission
Last date for submission of 15G and 15H for Financial year 2016-17 is 30th April, 2017 and can be filed online only.