Tax Deducted at Source (TDS) is deducted by the banks when the interest earned by any individual is greater than Rs. 10,000. If your net income is less than the taxable amount then you can submit the 15G Form to your bank as a request for not deducting TDS on your earned interest in the fiscal year. For an individual fiscal year, the 15G Form is valid. Therefore, every year this form has to be submitted. It is suggested that you should submit the form at the beginning of the fiscal year to avoid any deductions.
Before the Form 15g filing process, you should be aware of the eligibility criteria. Those conditions are as follows:
You should be an individual, trust, or Hindu Undivided Family (HUF), but you shouldn't 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. Which is for the fiscal year 2017-18 (AY 2018-19) is Rs. 2.5 Lakhs.
Before filling the form, whether it is online or by visiting your nearby branch, you need to check out some essential points. Below mentioned are few points that you must check before filling the Form 15G:
Ensure that your age is below 60 years.
Check your duly filled information twice.
Mention the accurate assessment year.
Your estimated income shouldn't be overstated.
Pan card copy is essential for submission along with Form 15G.
After successful submission, ensure you receive an acknowledgement slip.
After the confirmation of eligibility criteria, the second thing you need to check out is how to fill Form 15G. Hence, the below-mentioned is the process of how to fill Form no 15G online:
Visit the website of your bank for downloading Form 15G online.
Fill in your details asked in the form, such as:
Name - Your name
Details of your Pan card - Pan number
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 - Your nationality
Address Details - Your contact details and residence, for instance, phone number, email, city, PIN code, and state
Option A - Whether assessed to tax under the Income Tax Act, 1961? If your net income was higher than the taxable limit in the previous 6 years then answer the question as 'Yes'
If your answer is yes, then mention the earliest year of income which was above the limit of taxable.
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
You must ensure that the form you are filling in is for yourself or from trust or HUF once you have filled in all the details
Yes, you can fill in your Form 15G online.
If you don't want the TDS, it should be deducted from your income interest for FY. People below the age of 60 years fill Form no 15G.
Form 15G is applicable for a single financial year. So, you must submit the form at the beginning of the fiscal year.
Estimated income regarding form 15G is that income that you have gained in the recent fiscal year.