The Tax Deducted at Source is 10% on fixed deposits if the interest income exceeds ₹40,000 in the given financial year, and ₹50,000 for senior citizens. 15G Form is a declaration form that a fixed deposit holder submits to avoid TDS deduction from their interest income.
Want to know eligibility or how to download 15G Form and other information? If yes, keep scrolling.
Take a look at the following ITR Form 15G eligibility criteria:
|
Criteria |
Eligibility Criteria for 15G |
|
Citizenship |
Indian |
|
Age Limit |
60 years or less |
|
Tax Liability |
Nil |
|
Interest Income |
Total taxable income including Interest should be Less than the basic exemption limit, that is, ₹2,50,000 till FY 2022-2023 and ₹3,00,000 from FY 2023-24. |
Most financial institutions offer Income Tax Form 15G at their branches. But for convenience, you can download the same online. Visit the official EPFO portal. Also, you can download form 15G from the official website of the Income Tax Department.
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End your search for “how to fill 15G Form” and follow the simple steps mentioned below:
If your bank permits you to submit Form 15G online, you can submit it online directly. Follow this simple step-wise guide:
Step 1: Download the 15G Form.
Step 2: The form has two sections. In Part I, fill in:
Step 3: Submit the duly signed form to the bank.
A deductor will fill in the Part II of Form 15G. A deductor means a person responsible to deposit the TDS to the government.
If you are a deductor, you need to e-file Form 15G. Accordingly, you must have a valid. Also, register yourself on the official website of the Income Tax Department.
A deductor will provide a Unique Identification Number (UIN) to the taxpayer. This identification number is required to file the statement of 15G Form at each quarter of the financial year. It includes the following information:
Follow the similar procedure mentioned above to submit online or offline to banks.
There is no last date to submit Form 15G. Few financial institutions deduct TDS quarterly instead of annual deduction. Hence, it is wise to submit the form at the beginning of a financial year.
Other than banks, you can also submit Form 15G to the following places:
Now that you are aware of where to submit Form 15G, take a look below at the simple process to fill the Form 15G:
To put it simply, if a TDS is deducted from your fixed deposits, you not only lose the TDS amount but lose the applicable compound interests as well. Hence, download Form 15G and reduce your tax liability. This is the use of an ITR 15G Form. But make sure to read all the terms and conditions before you step ahead to make an informed financial decision.
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