Form 15G: How to Download & Fill Form Online 15G for PF

As a primary repository for the hard-earned fruits of our labour, banks play the most foundational role in the economy. However, the commercial advantage that banks have to pertain to the area of interest provisions. No one would want to see their hard-earned thoughtful investments slipping out of their hands. This usually happens in the form of Tax Deduction at Source(TDS). To ensure that our fixed deposits and the interests we earn from there are not subjected to TDS deductions, we are required to fill out a form which goes by the name- “Form 15 G”.

What is Form 15 G?

Form 15 G is an authorized document that an individual below the age of 60 years holding a fixed deposit account in a bank needs to fill out. This is done to ensure that the interests earned on the particular deposit account are not subjected to TDS deductions. Earlier, all fixed deposit accounts that had generated a gross interest amount of INR 10,000 and above in a given financial year were subjected to TDS deductions. From the financial year 2019-20 onwards, the Government has increased the limit for determining an account subjection to TDS deductions. The present threshold for determining the same is INR 40,000 in a given financial year.

Features of Form 15G

Key features of Form 15G are:-

• This form is a self-declaration form that is required for the non-deduction of TDS if the annual income of the taxpayer is less than the exemption limit.
• All the rules and regulations of this self-declaration form are written under Section 197A provision of the Income Tax Act, 1961.
• There have been various changes under the structure of Form 15G since 2015 for easing the cost and compliance burden of the deductee and tax deductor.
• The current structure has been formatted by the Central Board of Direct Taxes (CBDT) for Form 15G and Form 15H (this is Form 15G for senior citizens).
• Form 15G can be used by taxpayers below 60 years of age. Any person above 60 years needs to fill out Form 15H which is quite similar to Form 15G. This form is used only by senior citizens.
• For availing of the benefit through Form 15G, one needs to submit it in the first quarter of any FY if there are any existing undertakings. For new undertakings, this form needs to be submitted before investment attracts any interest for the first time.

How to download form 15G?

Websites of all major banks in India make the above-mentioned form downloadable on their respective websites. Besides, one can even visit the website of the Income Tax Department to download the same – https://www.incometaxindia.gov.in/forms/income-tax%20rules/103120000000007845.pdf.  The websites of major banks in India also have the option to submit the duly filled form online. It could be a bit confounding to see different versions of the given form on the various websites of major banks in the country. However, these are legitimate variations, and there is absolutely no need to panic. The generic version of the form is the one that appears on the website of the Income Tax Department.

Sample of Form 15G

Different financial institutions and banks offer different variants of Form 15G but one can check the general layout of the form which can be found on the official website of the Income Tax department.

Eligibility for submission

To be eligible for the submission of Form 15 G, one needs to fulfill the following conditions:

• The person must be an individual Indian citizen as distinguished from a firm below 60 years of age
• The gross tax liability of the individual following exemptions must be zero
• The total earnings from interests in the financial year must not exceed the exemption limit.

How to Fill Form 15G – Step-by-Step Guide

If you are searching for how to fill Form 15G, follow this simple breakdown:

Part 1 – To Be Filled by the Assessee

1. Name as per PAN Card
   
2. PAN Number (mandatory, else form invalid)
   
3. Status – Individual / HUF
   
4. Previous Year – Mention current financial year
   
5. Residential Status – Must be Resident Indian
   
6. Estimated Income for which declaration is made
   
7. Estimated Total Income of Financial Year
   
8. Details of previous Form 15G submissions (if any)
   
9. Investment details (FD number, PF account, etc.)
   

This section is where most mistakes happen, so ensure details match your PAN records.

Part 2 – To Be Filled by the Deductor

This section is completed by the bank or financial institution deducting TDS.

Adding this structured section directly improves ranking for:

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When can the form be submitted?

For Reduction in TDS burden in form, Form 15G can be submitted in the following cases:

• Form 15G can be submitted in cases of claims for exemption of TDS on interests earned in fixed deposits for an interest amount of Rs. 40,000 in a given FY.
• Earning income from interest on Bank Deposits: If anybody’s interest on fixed deposits or recurring in banks is more than an amount of Rs. 10,000 then banks are supposed to deduct TDS in a year as per FY 2019-20. To do this, one needs to submit Form 15G to avoid the deduction of TDS.
• TDS on EPF or Employees Provident Fund Withdrawal: If an employee withdraws his provident fund before completing five years of service tenure with the current organization, a deduction of TDS is applicable. But even then, if one’s total taxable income (including the provident fund withdrawal) balance is zero, then one has to submit Form 15G and claim an exemption if the gross taxable income is below the limit. It is applicable on withdrawals from one’s Provident Fund (PF) account.
• TDS from post office deposit interest – If an individual fulfills all the necessary conditions for submitting Form 15G, the Post Office is liable to accept self-declaration of this Form on post office deposits. The provision of a claim under 15G also includes National Savings Certificates (NSC).
• If one’s income from Corporate Bonds and Debentures exceeds a certain in a year & TDS is applicable. Then this also allows him or her to take recourse to form 15 G.
• Apart from these, services availed through this form also extend to exemption claims for LIC maturity and for incomes through rent.

Basic instructions to fill out the form

• Form 15G had two components, of which the first is the part that the individual needs to fill to make a claim for no deductions of TDS on certain incomes.
• Apart from the name that appears on the PAN Card, the details of the given PAN CARD along with the proper address need to be furnished. The reason for the latter is that NRI individuals are not allowed to fill out the form. Also, details of the Date of Birth need to be given.
• The latest assessment year should be mentioned.
• Along with these, the estimated income for which the claim is made along with the gross income for the financial year should be mentioned.
• Had the form been filled out on a previous occasion, details pertaining to that, including the aggregate amount of income should be given.
• The last part contains details of the investment against which the claim is made, such as the Investment Account Number.
• The second part of the form is to be filled by the deducting who advances the claim to the Government on behalf of the assesses.

Filling out the form online

In the event of filling the form online On the websites of major banks, one needs to first log in to one’s Internet banking site with a user ID and password.

• On clicking the online fixed deposits option, one will be directed to the details of his or her fixed deposit with the given bank.
• Forms 15G and 15H can be generated thereby, and all necessary details can be subsequently filled.
• One should not forget to mention the details of one’s bank, including the name of the branch.
• The form can then be submitted online.

Submission of Form 15G

The CBDT or Central Board of Direct Taxes has made tax submission easy by making the entire process digitalized. The below-mentioned is the process of submitting Form 15G online. It is as follows:-

The taxpayers are required to fill up Form 15G online by visiting the official IT department’s website. According to the CBDT or Central Board of Direct Taxes, the deductor must assign a Unique Identification Number or UIN for every declaration signed by taxpayers.

The person deducting the tax is required to provide the various details related to the UIN to the Income Tax Department of India through the TDS statement which is submitted every quarter.

TDS claims if one forgets to submit

In case one forgets to submit form 15G on time, TDS will be deducted. However, there are two ways to reclaim the deducted amount

• Since banks must mandatorily make submissions to the IT Department, it is not possible for them to retrieve the amount. Rather one must file and submit an ITR ( Income Tax Return) claim which will be subsequently verified, and the amount returned.
• Since banks usually deduct the amount at the end of each quarter when the interests are added, one needs to submit form 15G immediately in order to avoid further deductions.

What is the Difference Between Form 15G and Form 15H?

The following below mentioned are the differences between Form 15G and Form 15H:-

Form 15G	Form 15H
It can only be availed by taxpayers below 60 years of age	It can only be availed by taxpayers above 60 years of age
This form can be proposed by individual taxpayers and HUF	This form can is submitted by individuals only
Form 15G is relevant to taxpayers or HUF with their annual income being less than basic exemption limit	Any individual might submit this form whatever be their annual income.

Various IT sections and TDS

Below are some of the common Tax Deducted at Source (TDS) sections under the Income Tax Act that are relevant for interest income, salary, investments, and withdrawals. Understanding these sections helps you know when submitting Form 15G becomes important.

Section 192 – TDS on Salary

This section applies to salaried employees. Employers deduct TDS from salary if the employee’s total taxable income exceeds the basic exemption limit. Form 15G cannot be used for salary income.

Section 193 – TDS on Interest on Securities

This applies to interest earned on securities such as debentures or government bonds. If interest income crosses the prescribed threshold, TDS is deducted unless a valid Form 15G is submitted (for eligible individuals).

Section 194A – TDS on Interest Other Than Securities

This is one of the most important sections related to Form 15G.
It applies to interest earned from:

• Fixed Deposits (FD)
  
• Recurring Deposits (RD)
  
• Bank deposits
  
• Corporate deposits
  

If interest income exceeds ₹40,000 in a financial year (₹50,000 for senior citizens), TDS is deducted. Submitting Form 15G helps avoid TDS if total taxable income is below the exemption limit.

Section 194C – TDS on Payments to Contractors

TDS is deducted when payments are made to contractors or sub-contractors exceeding specified limits.

Section 194H – TDS on Commission or Brokerage

TDS applies to commission or brokerage payments above the prescribed threshold during a financial year.

Section 194I – TDS on Rent

TDS is deducted when rent paid exceeds the specified annual limit. Form 15G may be used in certain cases if eligibility conditions are met.

Section 194J – TDS on Professional Fees

This section applies to payments made for professional or technical services, including consultancy fees.

Section 194K – TDS on Income from Mutual Funds

TDS is applicable on dividend income from mutual funds exceeding prescribed limits.

Section 194N – TDS on Cash Withdrawals

If cash withdrawals from a bank exceed specified limits in a financial year, TDS may apply under this section.

Section 192A – TDS on EPF Withdrawal

TDS is deducted on EPF withdrawal if it is made before completing five years of service and the amount exceeds the prescribed limit. Submitting Form 15G can help avoid TDS if eligibility conditions are satisfied.

Frequently Asked Questions-

1. Where can I complete 15G form download?

You can complete 15G form download from the Income Tax Department website or your bank’s official website. Most banks also provide 15G form PDF through internet banking.

2. How to fill Form 15G correctly?

To fill Form 15G correctly, enter your PAN details, estimated income, financial year, and investment details carefully. Ensure your total taxable income is below exemption limit.

3. What is the difference between Form 15G and Form 15H?

Form 15G is for individuals below 60 years, while Form 15H is for senior citizens above 60 years to avoid TDS deduction.

4. Can I submit Form 15G online?

Yes, most banks allow online submission through internet banking after generating the 15G form PDF digitally.

5. What happens if I forget to submit Form 15G?

If you forget to submit it, TDS will be deducted. You can later claim a refund by filing your Income Tax Return.

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