15g form pdf download: 15G is a form that account holders fill to exempt themselves from TDS. Under the section 194A of the Income Tax Act, account holders who are below 60 years with salary or income of 40,000 or above will have to pay the TDS.
While for senior citizens this law is a little bit relaxing because Senior Citizens will have to pay the TDS if their annual income is 50,000 or above.
15g form pdf download
However if your income is below the prescribed limit, then you can request to the bank not to deduct the TDS. You need to fill form 15G either online or offline and submit it to your respective bank.
Importance Of Form 15g
Form 15G is important for those account holders who are salaried. Those holders who have their monthly income less than 40,000 per annum need to pay TDS (TAX DEDUCTION at SOURCE) provided that they aren’t senior citizens.
If your account balance is being deducted in the name of TDS in spite of annual income less than 40,000 then you should immediately fill form 15G and submit it to your bank to prevent them from deducting any kind of TDS in future.
Remember that you have to Fill form 15G every year if you meet the criteria of this form because form 15G is valid for one financial year only.
Eligibility Criteria for Form 15G
There are few criteria for the account holders which one needs to understand, are given below
- You must be a resident of India for eligibility
- Your age should be less than 60 years or equal to 60 years
- Tax liability calculated on the total taxable income for the Financial year is zero.
- Total interest income for the financial year is less than the basic exemption limit.
How to Fill this Form
There are two parts in the form. First form is for those who want to exempt themselves from TDS deductions.
- Mention the name as given in your PAN card.
- True and valid PAN card number which is attached to your bank account
- If you own a company or firm then you are not eligible to fill this form, only individuals can fill it
- Mention your residential address as mentioned in your ID proof, NRIs can not fill this form
- You need to mention the communication or locality(with area pincode) address where you live most of the time.
- Provide valid and working email id and contact number
- Tick mark ‘’Yes’’, if you were able to access the tax as per the provisions of Income Tax Act, 1961 for any of the previous assessment years.
- Details regarding your net income need to be given in the form
- If you already did the filing of Form 15G anytime during the financial year, then the details along with the aggregate amount of income need to be mentioned in the present declaration.
- Last part of Section 1 talks about the investment details for which you are filing a declaration. You need to furnish the investment account number that could be anything like a term deposit, life insurance policy number/ employee code, etc.
- You need to mention the investment in policies, EMIs etc
- After filling the form make sure that you didn’t made any mistake because it may result in termination of form 15G
- The second form will be filled by the deductor, you need not to worry about that.
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