What is Form 15G in Income Tax?

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.

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:

Online Procedure

If your bank permits you to submit Form 15G online, you can submit it online directly. Follow this simple step-wise guide:

• Step 1: Visit the official website of your bank. Log in with your User ID and password.
• Step 2: Select the online fixed deposit tab. This redirects to another page that contains your fixed account’s details.
• Step 3: Generate Form 15G. Click on it to open the online form.
• Step 4: Fill in the form with relevant details like your name, income tax status and others along with your bank's branch details where you currently hold a fixed deposit.
• Step 5: Write your income details and check all the details before submitting online.

Offline Procedure

Step 1: Download the 15G Form. 

Step 2: The form has two sections. In Part I, fill in:

• Name of the taxpayer
• PAN Card details 
• Income Tax status (whether you are an individual or coming from HUF or AOP)
• Previous Year (Here, previous year means the previous financial year to claim your tax deduction)
• Residential status (Town, city, state, flat number etc.)
• Contact details (email address and phone number)
• Tick in the correct box to mention whether you are assessed under the Income Tax Act of 1961.
• Your approximate income
• Mention if you have filled other forms besides 15G Form during a previous financial year
• Fill in the details of your income for which you are filling this form. Write the details such as 
• Identification number of the investment account
• Nature of income
• Tax deductible section
• Amount of income

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.

Preparation

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:

• 9 digits of alphanumeric characters
• Financial year
• TAN

E-Filing

1. Visit the official government website for e-filing. Select "e-file" and click on "Prepare and Submit Online Form"
2. Select "Form 15G" and create an XML zip file
3. Create your digital signature for the zip file
4. Again, log in here.
5. Navigate to "e-file" section and upload your Form 15G
6. Select the form and click on "Validate"
7. After validating the details, attach the zip and signature file and upload them.

How?

Follow the similar procedure mentioned above to submit online or offline to banks.

When?

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.

Where?

Other than banks, you can also submit Form 15G to the following places:

• Employee Provident Fund Organisation (at the time of premature EPF withdrawal)
• Banks and Post Office
• Life Insurance companies
• Companies issuing corporate bonds

Now that you are aware of where to submit Form 15G, take a look below at the simple process to fill the Form 15G:

• Step 1: Log in to the EPFO UAN portal for members
• Step 2: Select Online Services and Claim (Form 19,10C, 31)
• Step 3: Check the last 4 digits of the bank
• Step 4: Select "I want to apply for" and upload 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.