F

Form 15G

What Is Form 15G?

Form 15G is a self-declaration form submitted by individuals to request non-deduction of TDS (Tax Deducted at Source) on certain incomes. It is primarily used when the taxpayer’s total income is below the taxable limit, and hence, TDS should not be applied on interest or other eligible earnings.

By submitting Form 15G, eligible persons can assure that they receive their entire income without deduction, eliminating the need to claim refunds later when filing their Income Tax Return (ITR).

Who Can Submit Form 15G?

To be eligible to submit Form 15G, the individual must meet both of the following conditions:

1. Resident Indian and below 60 years of age (senior citizens use Form 15H instead)
2. The total taxable income is below the basic exemption limit as per the applicable financial year
3. The income on which TDS would normally apply (such as interest from fixed deposits or recurring deposits) does not exceed the basic exemption limit

This form is generally used by:

• Salaried individuals with low or no taxable income
• Students earning bank interest
• Homemakers or freelancers with minimal income
• Individuals withdrawing EPF before 5 years of continuous service

Common Situations Where Form 15G Is Used

• Interest income from fixed deposits, savings accounts, or recurring deposits
• EPF withdrawal before completing 5 years of service
• Interest income from corporate bonds or debentures
• TDS on income from post office deposits
• Rental income, in rare cases where TDS is applicable and income is below threshold

Details Required in Form 15G

The form typically requires:

• Name and PAN of the individual
• Residential status
• Previous year (financial year for which the form is applicable)
• Estimated income for which declaration is made
• Total estimated income for the financial year
• Details of income for which Form 15G has been submitted earlier (if any)
• Declaration confirming that tax on total income is nil
• Signature of the declarant

PAN is mandatory to submit Form 15G. Without it, TDS will be deducted at a higher rate (20%).

How and Where to Submit Form 15G

Form 15G can be submitted:

• Online through the internet banking portals of most banks
• Offline by physically submitting it at the bank or institution
• To the EPFO when withdrawing PF before 5 years
• At any institution where TDS is likely to be deducted unnecessarily

It must be submitted at the start of the financial year or before the interest payout date to avoid TDS.

Validity and Renewal

Form 15G is valid only for one financial year. If the individual qualifies in the next year as well, a new form must be submitted annually. Failing to renew may lead to TDS deductions.