Get the free FORM NO. 15G - Succinct FP

FORM NO. 15G See section 197A(1C), 197A(1A) and rule 29C Declaration under section 197A(1) and section 197A (1A) of the Income?tax Act, 1961 to be made by an individual or Person (not being a company

How to fill out form no 15g

How to fill out form no 15g:

1. Start by obtaining form no 15g from the income tax department's website or collecting it from the nearest income tax office.
2. Fill in your personal details such as name, address, PAN (Permanent Account Number), and contact details in the relevant fields on the form.
3. Provide your financial details, including the previous year's total income, estimated current year's income, and the projected total income for the current year.
4. Mention the details of any deductions claimed under various sections of the Income Tax Act, such as section 80C, 80D, etc.
5. If you have filed income tax returns for the previous assessment years, indicate the respective assessment year(s) and the jurisdictional assessing officer's details.
6. Tick the appropriate box to confirm that you are not a senior citizen or a super senior citizen (if applicable).
7. If you satisfy the conditions mentioned in section 197A(1A) of the Income Tax Act and want to avoid tax deduction at source (TDS) on certain income, make sure to mention the relevant nature of income and expected total income for the year.
8. Sign the form and mention the date of signing.
9. Submit the filled-out form to the relevant person or entity responsible for deducting TDS, such as banks, financial institutions, or other tax deductors.

Who needs form no 15g:

1. Individuals below the age of 60 whose total income is liable to be below the taxable limit for the financial year can submit form no 15g to avoid TDS deductions.
2. Hindu Undivided Families (HUFs) and trusts whose total income is expected to be below the taxable threshold can also avail the benefit of submitting form no 15g.
3. Non-resident Indians (NRIs) can submit form no 15g to avoid TDS if their income in India satisfies the conditions mentioned in section 197A(1A) of the Income Tax Act.
4. However, senior citizens (age 60 years or above) and super senior citizens (age 80 years or above) are not eligible to submit form no 15g. They should instead use form no 15h to avoid TDS deductions on eligible income.

Note: It is essential to consult a tax advisor or income tax department for accurate and updated information regarding the eligibility criteria and process of filling out form no 15g.

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