Guide on How to Fill 15G Form Without Errors
Nobody enjoys random deductions in their income especially when they are under the taxable limit. All working professionals today who earn a total income that is below the taxable limit are allowed to submit a form 15G to request the bank to exempt any unnecessary tax deducted at source or TDS amount from their total interest amount.
If an individual earns an interest income of any amount below Rs.10,000, they can exempt TDS deduction on their interest income easily. The tax deducted at source is nothing but an advance tax payment on behalf of you which you can then claim at the time of income tax return filing.
Before we jump into the know-how of how to fill 15G form, let us first discuss the important eligibility criteria for the same to ensure you are well informed at all times.
Who Can Submit Form 15G?
Anyone who wants to learn how to fill 15G form has to ensure that he/she is a resident of India as no NRI is permitted to fill this form. Additionally, you need to be below the age of 65 years to qualify for the submission of form 15G.
Other than this, you need to complete two important conditions to qualify for this particular TDS exemption. Firstly, the total tax applicable on your total income under the Income Tax Act equals zero, and secondly that your aggregate interest income of one complete financial year should be below the limit of Rs. 2,50,000.
How To Fill 15G Form?
To understand how to fill 15G form, you first need to know that there are two separate parts to the form.
- The first section has 19 different questions that require all the details of the individual who is making the final declaration. Important questions like the name of the person, the PAN card number, the current status in terms of company, individual, firm, etc., the current financial year for which you are filing, and the residential status, all need to be answered in the first half of the section. Questions 6 to 14 are all about your address and contact information, including the mobile number and email ID.
From questions 15 to 19, all questions require information on your income values, your last assessment year, the total number of forms 15G submitted in the past, etc. At the end of part 1 section, you need to double-check all information, declare the same, and attest it with your signature.
- To understand how to fill 15G form part 2, you first need to know that the information required here has to be provided by the individual or entity that pays the income to the individual who is applying for this form. It has 10 separate boxes to fill and requires information like Name, UIN, PAN, Address, TAN, contact details, declaration date, payment date, etc., of the payer.
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Overall, to conclude, form 15G is highly beneficial for any individual or entity who wants to save money by exempting themselves from TDS deduction. To collect form 15G, you need to either visit the bank physically or check out the bank’s website to download the form to fill in the desired information. One thing you need to ensure is that all the information you provide on the form is correct, to avoid any further delays in this TDS exemption application process. You can also file this particular form 15G online on an e-filing website i.e. the income tax website by the government. An important thing to remember is that a PAN card is mandatory so keep that handy and always seek additional support and guidance when need is, to avoid any unexpected delay.