Get the free FORM NO. 15G

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. Ensure eligibility: Form No. 15G is applicable for individuals and Hindu Undivided Families (HUFs) who are resident taxpayers in India and meet certain criteria. Check if you fulfill the requirements before proceeding.
2. Obtain the form: Form No. 15G can be obtained from multiple sources such as banks, financial institutions, or online portals. You can also download it from the Income Tax Department's official website.
3. Personal information: Begin by filling in your personal details such as name, address, PAN (Permanent Account Number), and assessment year. Ensure accuracy and legibility while filling this information.
4. Nature of income: Indicate the type of income for which you are submitting the form. For example, if it is interest income from fixed deposits, mention it accordingly.
5. Previous assessment year: Provide the details of the previous assessment year for which the income tax return was filed. This helps the tax authorities in determining your tax liability.
6. Estimated income for the current year: State the estimated total income you expect for the current assessment year. This includes all sources of income, such as interest, dividends, or any other taxable income.
7. Tax liability: Calculate the total tax liability for the current year. If your estimated income falls below the taxable limit, you may be eligible to submit Form No. 15G to avoid tax deduction at source (TDS).
8. Declarations: Read the declarations carefully and ensure that all the information provided is true and correct. Sign and date the form at the designated places.

Who needs Form No. 15G:

1. Individuals and HUFs: Form No. 15G is primarily applicable to individuals and Hindu Undivided Families (HUFs) who are residents of India for income tax purposes.
2. Below taxable limit: This form is particularly useful for those whose total income is below the taxable limit. It allows them to prevent the deduction of tax at source (TDS) on certain types of income.
3. Exemption from TDS: Form No. 15G can be used by individuals and HUFs to declare that their total income is not liable for taxation and claim exemption from TDS. It helps individuals avoid the inconvenience of having to claim a refund later.
4. Eligible types of income: The form can be used to claim exemption from TDS on various types of income, such as interest earned on fixed deposits, recurring deposits, bonds, or any other investment that attracts TDS.
5. Compliance with the law: It is important to note that submitting Form No. 15G with false information or when not eligible can attract penalties and legal consequences. It is crucial to understand the eligibility criteria and ensure accurate declarations.

Remember to consult a tax professional or refer to the Income Tax Department's guidelines for specific instructions and any updates regarding the filling of Form No. 15G.

For pdfFiller’s FAQs

What is form no 15g?

Form no 15G is a self-declaration form filled out by individuals to avoid TDS deduction on their income if they meet certain criteria.

Who is required to file form no 15g?

Individuals whose total income is below the taxable limit and who meet the specified conditions in the form are required to file form no 15G.

How to fill out form no 15g?

Form no 15G must be filled out with accurate personal and income details, along with the specific conditions mentioned in the form. It must be submitted to the deductor.

What is the purpose of form no 15g?

The purpose of form no 15G is to declare that the individual's income is below the taxable limit, thus requesting the deductor not to deduct TDS from their income.

What information must be reported on form no 15g?

Form no 15G requires personal details, income details, details of previous year's Income Tax along with declaration that the income is below taxable limit.

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