Form 15G is a declaration form filled out by deposit holders in a bank (individuals less than 60 years of age) to ensure that no TDS (Tax Deducted at Source) is deducted from their interest income which they get from their deposits for a fiscal year.
Under recent income tax rules, banks are required to deduct tax mandatorily for them whose interest income exceeds Rs 40,000 from fixed deposits, recurring deposits in a fiscal year for FY 2019-20
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One must fulfill the following eligibility criteria to submit Form 15G
- You are an individual person (not a company or firm) having a PAN card.
- You must be a resident of India for the applicable fiscal year.
- Your age is less than 60 years.
- Tax liability calculated on the total taxable income for the FY is zero.
- You total interest income for the FY is less than the basic exemption limit.
Form 15G has two sections Part A & Part B. Part A has to be filled by the depositor who wants to claim no deduction of TDS on certain income (interest income).
Part B is to be filled by the deductor (here in the case is the bank) who is depositing tax deducted at source to the government on behalf of the tax assessee.
Instructions to fill Form 15G. Step by step guide.
- Name in your PAN card should match the name in your bank account.
- PAN card is mandatory to file Form 15G. If you fail to furnish valid PAN then your PAN card will be treated as invalid and tax will be deducted.
- Declaration in Form 15G can be given by an individual, not by any company or firm.
- In the financial year, the previous year has to be furnished for which you are claiming non-deduction of TDS.
- Mention your residential status as a resident of India. NRIs are not supposed to fill Form 15G.
- Proper communication address with the PIN code to be filled.
- Provide email id is and contact number.
- If you are tax assessee under Income Tax Act 1961 for any of the previous years, tick “Yes”.
- Mention the latest assessment year for which your returns assessed.
- Mention the estimated income for which you are making the declaration.
- If already filled form 15G anytime earlier in the year, the details of the previous declaration along with aggregated income in the present declaration.
- Details of investment need to be furnished like deposit account number, life insurance policy number.
- Recheck all details and sign and submit in the bank.
Most banks in India have provided the option of filing Form 15G online through their net banking. Having internet user id and password is mandatory to fill Form 15G online.
- Log on to internet banking using user id and password.
- Click on fixed deposits tab where it will display all your deposits in the bank.
- On the same page, there will be an option to generate Form 15G. Click on the link to get a fillable form.
- Once the form opened. Fill it properly and correctly.
- Mention the bank branch details where your fixed deposits are available. If not knowing the details, branch locator tool is there to help you.
- Submit it. That’s all you have filed your Form 15G declaration.
Visit the bank branch where you have your fixed deposits. At the counter ask for Form 15G in triplicate.
Fill all the details as per the instruction – how to fill Form 15G.
Fill it properly, do the signatures and submit at the branch. Take the acknowledgment of the form along with a UIN (Unique Identification Number) which deductor will provide to you. File all the details and keep it properly.
Even though all the major banks in India provide online and offline channels to submit the Form 15G declaration.
You can download it from the Income Tax department website.
Step 1 Go to the income tax website. https://www.incometaxindia.gov.in/Pages/default.aspx
Step 2 Go to Forms / Downloads option tab
Step 3 There in the drop-down menu you will get Income Tax Forms.
Step 4 A new web page will open. In that page go on Form 15 and click on pdf.
Your Form 15G will get downloaded. Now fill that and submit it in the bank.
Many people forget to file their Form 15G. In that situation, the bank may have already deducted TDS. Based on the situation you can do the following.
The only way to seek a refund of excess TDS deducted is by filing your income tax returns.
Banks or other deductors may not refund to you as they have already submitted to the income tax department.
Filing income tax return is the only option left out.
Most banks deduct TDS at the end of every quarter when interest applicable is calculated on the fixed deposits. If you have forgotten, submit it immediately in the bank branch so to avoid further tax deduction for the financial year.
In case of any doubts or questions, please feel free to ask in the comments section below, we will try and respond as early as possible.