Form 15G is a declaration form that has to be filled by a fixed deposit holder aged less than 60 years who does not belong to a Hindu Undivided Family (HUF). This form is filled to ensure that no TDS is cut from their tax. According to the 1961 income tax rules in India, TDS reduction is mandatory at banks when the interest received is more than Rs. 10,000 on any recurring deposit or fixed deposit in one entire financial year.
The present form 15G format is brought to us by the Central Board of Direct Taxes (CBDT). To get the benefits of a 15G Form you have to fill and deposit it in the initial quarter of a financial year. Any Indian less than 60 years with 0 tax liability on the taxable income is eligible to download and submit Form 15G.
The provisions of Section 197A of the Income Tax Act, 1961 mentions the rules and regulations heeding the Form 15G. The form 15G format has withstood several changes in 2015. These amendments on the form 15G format were aimed to streamline the subordinating costing and pressure of both sides of the tax system that is the deductee and deductor.
You must be thinking of how to download form 15G to avail the benefits. You can download, fill and submit your Form 15G via online in India. For this, you have to have a good internet connection most importantly. Follow the steps below to see how to download form 15G:
Go to the official website of your bank
Provide the id and password of your internet banking
Tap on online fixed deposit
You will be redirected to a site with your fixed deposit data displayed
You can generate your Form 15G from the same page
Click on the link available to get the form
Read the form and put the required details carefully
Provide your bank branch details
Fill the form 15G format very carefully and submit it to get the perks of it.
You are advised to submit your Form 15G every financial year in the initial quarters to get the benefits that are to get no TDS deduction. You need to keep in your mind and submit a correctly filled Form 15G as early as possible in the first quarter of the financial year. If you can submit in time then only you can be sure that your bank will serve your right and will not deduct any TDS on your interest income.
You can download form 15G from the official website of your Bank. Fill the form correctly and submit it as early as possible in the financial year.
Follow the steps mentioned below to fill form 15G and enjoy its benefits as soon as it gets approved:
Go to the official website of your bank that holds your fixed deposit
Go to the "e-service" category
Tap on " submit form" or any similar option available to you
If you are aged below 60years then you are eligible to file Form 15G. Hence select Form 15G from the section
Select the Customer Information File or CIF number
Submit after putting the CIF number
You will be redirected to a form with certain fields filled. You have filled the blanks in the prefilled form
After completing the blanks tap on generate OTP
Enter the one-time password you receive in your registered mobile number
You have successfully filled your Form 15G.