Form 15G is a self-declaration form. Its submission ensures that financial institutions and banks do not deduct Tax Deducted at Source (TDS) on the interest you earn or accrue in a financial year. TDS is deducted by the issuers when the interest earned by any individual is greater than ₹40,000. This is applicable if your net income is less than the taxable amount. 

 

Keep in mind that Form 15G is valid only for a given financial year. You have to submit it every year, if applicable. Ideally, you should submit the form at the beginning of the fiscal year to avoid any deductions. 

 

Read on to learn the eligibility criteria, the process for Form 15G online filing, and more.

Who is Eligible to Submit Form 15G

Now that you know what a form 15G is, the next step is to learn about the eligibility criteria. Here are the terms to know:

  • You should be an individual, trust, or Hindu Undivided Family (HUF), but you should not be a company or a firm

  • You should be an Indian resident

  • Your age must be below 60 years

  • Your calculated income tax must be nil

  • Your net income for the whole year must be below the limit of the basic exemption of that year. For the fiscal year 2022-23 (AY 2023-24), this amount is ₹2.5 Lakhs

 

It is important to note that you need to submit the form before receiving the initial interest payment on an FD. Ensure it is submitted to all deductors, including every bank branch from which interest is accrued.

Where to Get Form 15G From

You can download Form 15G from the official EPFO portal and the websites of various banks in India. You can also access it from the official website of the Income Tax Department. The process for each of these platforms varies, and you should pick the easiest option. 

How to Download Form 15G

As mentioned, you can download Form 15G from the official online portal of EPFO and the websites of various banks. Here are a few general steps you can follow:

  1. Visit the official website of the EPFO portal or the website of a bank offering this option

  2. Log in to your account and locate the search bar or menu

  3. Type "Form 15G” in the search bar or look for the option in the menus

  4. Click on the option and download the form

How to Fill Form No. 15G Online

After the confirmation of eligibility criteria, the second thing you need to check out is how to fill out Form 15G. 

 

Here’s what you need to do once you download the form online:

 

Fill in the details asked in the form, such as:

  • Name

  • PAN Card Details

  • Status (To differentiate between HUF, an individual, or any trust)

  • Previous Year (Denotes the current fiscal year for which you are filling the form)

  • Residential Status

  • Address Details

  • Email Address and Contact Number

  • Option A: Whether assessed to tax under the Income Tax Act, 1961? If your net income was greater than the taxable limit in the previous six years then answer it as 'Yes'. If your answer is yes, then mention the earliest year of income which was above the taxable income limit.

  • Estimated Income: Your income for which no TDS should be deducted. Estimate your net income of the last year where you need to include the income stated in column 16: Compute your net income within the year

  • Other Details: Mention how many times you have filled Form 15G previously

  • Income Details: Amount and nature of income

Things to Keep in Mind While Filling Form 15G

Before going about the form no. 15G filling process, whether it is online or by visiting your nearby branch, take note of these essential points:

  • Ensure that your age is below 60 years

  • Cross-check the information you submit

  • Mention the accurate assessment year

  • Your estimated income should not be overstated

  • PAN card copy is essential for submission along with Form 15G

  • After successful submission, ensure you receive an acknowledgement slip

FAQs on Form 15G

Can I have my Form 15G fill online?

Yes, you can fill in your Form 15G online. 

Who fills Form 15G?

People below the age of 60 years and Hindu Undivided Families (HUFs) are eligible to submit Form no 15G.

When should we fill out the 15G form?

Form 15G is applicable for a single financial year. So, it is ideal to submit the form at the beginning of the fiscal year. 

What is the total income in Form 15G?

Estimated income regarding Form 15G is the income that you have gained in the recent fiscal year. 

What If I Forget to Submit Form 15G?

You can take the following actions if you forget to submit Form 15G:

  • File Your ITR to Claim TDS Refund:

You can claim a refund of the excess TDS deducted by filing your Income Tax Return. Banks or other entities deducting TDS cannot issue refunds directly as they have already remitted it to the Income Tax department. The IT department is responsible for reimbursing any surplus TDS upon ITR filing.

  • Submit Form 15G and Form 15H:

Many banks deduct TDS every quarter. If you miss submitting Form 15G or Form 15H, submit it at the earliest to prevent any further TDS deductions for the financial year. 

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