How to fill form 15G: There are two types of forms with which you can declare that the interest you earn in savings plans is not subject to tax. You can ask your bank or financial institution not to deduct TDS. These forms should be submitted at the beginning of a fiscal year.
Form 15G is a declaration form for anyone under the age of 60. The taxpayer submits the form and declares that he is not required to pay tax on the interest received in the savings plan.
Form 15H is similar to Form 15G but is intended for seniors. Anyone over the age of 60 can use form 15H to declare that the interest they earn in a savings plan is not taxable and that no tax should be withheld at source.
How to get the 15H form
Just like Form 15G, Form 15H is also available online. You can download the form, if you wish to, from the official website of the Income Tax Service. You have to take three impressions and complete them. The duly completed and signed forms must be presented to the bank or financier.
If your bank or financial institution allows online submission, you can complete the form directly on your bank’s portal. To perform this, you need to log into your online bank and go to the fixed deposit or savings page. Here you can fill out the 15H form and send it directly. You don’t need to take fingerprints.
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Instructions for completing Form 15G
Each Form 15G has two sections. The taxpayer must complete the beginning part and the bank or financier must complete the second part.
In the first section, fill in your contact details, such as name, PAN number, and the year for which you are not claiming any TDS deduction. Don’t forget to mention your residential status – enter your address, email address, and contact number.
You must also report the last fiscal year for which your returns were assessed under the I-T Act. Next, you need to enter your estimated interest income for which you are claiming non-deduction and the total income for the fiscal year for which you are claiming non-deduction of TDS.
Once you have completed these segments, fill out your investment details last. You must mention your investment account number for your fixed deposit or PF or any other system. Check twice all your information before submitting the form.
How to complete form 15G
You can choose to complete Form 15G offline or online. You can visit the website of the electronic filing section of the tax department. The forms are available in the “Frequently Used Forms” section. You can download the form and get printouts.
Get three copies of the form and complete the first section of the form as mentioned above. Enter your PAN details, address, email id and also enter your investment account number. Fill out the form and sign the forms. Then you can send these duly signed documents to the bank or financier where you have the savings accounts. You can also send it to the post office or to the company you work for, depending on your needs.
If your bank allows the submission of Form 15G online, you can complete the form online. Here you also need to complete only the first section of the form. Fill in your details, as well as the investment account number. Double-check your information and hit Submit. You don’t need to take impressions for this.
How to complete Form 15G for PF withdrawal
Now, let us understand the process of filling out Form 15G for EPF withdrawal online.
Log in to the EPFO UAN unified member portal.
Click on the ONLINE SERVICES – Complaints option (Forms 31, 19, 10C).
Check the last 4 digits of your bank account
Under the “I want to request” option, click on Load form 15G as shown in the image
Form 15G – Frequently Asked Questions
Can HUF submit Form 15G / Form15H?
Yes, HUFs can also submit Form 15G if they meet the conditions.
Is it necessary to file Form 15G in all branches of the bank?
Yes, you must send a copy to each branch of the bank from which you receive interest income. However, the TDS is only deducted when the total interest earned exceeds Rs 10,000
Does filing Form 15G mean that my interest income is not taxable?
Form 15G or Form 15H is only a statement that no TDS should be deducted from your interest income since the tax on your total income is zero. Interest earned on fixed deposits, recurring deposits and corporate bonds is always taxable.
Do I have to submit this form to the income tax office?
No, you do not have to submit this form directly to the income tax department. Just submit it to the deductor, and he will prepare it and submit it to the income tax department.
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