Download 15G Form: How to Save TDS on Interest Income
If you have invested your money in fixed deposits, recurring deposits, or other interest-bearing instruments, you may be worried about the tax deducted at source (TDS) on your interest income. TDS is a way of collecting tax from the source of income, and it is applicable on interest income exceeding a certain threshold in a financial year. However, if your total income is below the taxable limit, you can avoid TDS by submitting Form 15G to your bank or financial institution. In this article, we will explain what is Form 15G, how to fill and submit it online or offline, what are the benefits and precautions of submitting it, and some frequently asked questions about it.
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What is Form 15G and why do you need it?
Form 15G is a self-declaration form that an individual below the age of 60 years or a Hindu Undivided Family (HUF) can submit to their bank or financial institution to request them not to deduct TDS on their interest income. This is because if your total income is below the basic exemption limit (Rs.2.5 lakh for FY 2020-21), you are not liable to pay any tax on your income, and hence TDS is not required. By submitting Form 15G, you declare that your tax liability on your total income is nil, and your interest income from a particular source is less than the basic exemption limit.
Eligibility criteria for submitting Form 15G
Before you submit Form 15G, you need to check whether you meet the following eligibility criteria:
You are an individual below the age of 60 years or a HUF.
You are a resident of India for tax purposes.
Your tax liability on your total income is nil.
Your interest income from a particular source is less than the basic exemption limit.
If you do not meet any of these criteria, you cannot submit Form 15G. For example, if you are a senior citizen (above the age of 60 years), you need to submit Form 15H instead of Form 15G. Similarly, if your interest income from a particular source exceeds the basic exemption limit, you cannot submit Form 15G for that source.
How to fill and submit Form 15G online
The easiest and fastest way to submit Form 15G is online through the website or mobile app of your bank or financial institution. You need to have internet banking or mobile banking facility enabled for this purpose. Here are the steps to fill and submit Form 15G online:
Login to your internet banking or mobile banking account using your credentials.
Go to the section where you can view your fixed deposit or recurring deposit accounts.
Select the account for which you want to submit Form 15G.
Click on the option to generate Form 15G or download the form if already generated.
Fill in the required details in the form, such as your name, PAN, address, email, phone number, etc.
Check the declaration box and verify the form using your OTP or digital signature.
Submit the form and take a printout or save a copy for your records.
You can also check the status of your Form 15G submission online by logging into your account and viewing the TDS details of your interest income.
How to fill and submit Form 15G offline
If you do not have internet banking or mobile banking facility, or if you prefer to submit Form 15G offline, you can do so by visiting your bank branch or financial institution. Here are the steps to fill and submit Form 15G offline:
Download the Form 15G from the website of your bank or financial institution, or get a copy from the branch.
Fill in the required details in the form, such as your name, PAN, address, email, phone number, etc.
Sign the declaration and verification sections of the form.
Attach a copy of your PAN card and Aadhaar card with the form.
Submit the form to your bank branch or financial institution and get an acknowledgment receipt for your records.
You can also check the status of your Form 15G submission offline by visiting your branch and asking for the TDS details of your interest income.
Benefits of submitting Form 15G
By submitting Form 15G, you can enjoy the following benefits:
Avoid TDS on interest income from bank deposits
If you have fixed deposits or recurring deposits with a bank, the bank will deduct TDS on your interest income if it exceeds Rs.40,000 in a financial year (Rs.50,000 for senior citizens). However, if you submit Form 15G to your bank, you can avoid TDS on your interest income if your total income is below the basic exemption limit. This way, you can save tax and get the full amount of interest credited to your account.
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Avoid TDS on interest income from post office deposits
If you have post office deposits such as savings account, time deposit, recurring deposit, monthly income scheme, senior citizen savings scheme, etc., the post office will deduct TDS on your interest income if it exceeds Rs.10,000 in a financial year. However, if you submit Form 15G to your post office, you can avoid TDS on your interest income if your total income is below the basic exemption limit. This way, you can save tax and get the full amount of interest credited to your account.
Avoid TDS on interest income from EPF withdrawal
If you withdraw money from your Employees' Provident Fund (EPF) account before completing five years of continuous service, the EPF authority will deduct TDS on your withdrawal amount if it exceeds Rs.50,000. However, if you submit Form 15G to the EPF authority, you can avoid TDS on your withdrawal amount if your total income is below the basic exemption limit. This way, you can save tax and get the full amount of withdrawal credited to your account.
Things to keep in mind while submitting Form 15G
While submitting Form 15G can help you save tax on your interest income, there are some things that you need to keep in mind:
Validity and renewal of Form 15G
Form 15G is valid only for one financial year. You need to submit a fresh form every year at the beginning of the financial year (April) to avoid TDS on your interest income. If you fail to submit Form 15G in time, or if there is any change in your income or tax status during the year, you may end up paying TDS unnecessarily or incorrectly.
PAN and Aadhaar details in Form 15G
It is mandatory to provide your PAN and Aadhaar details in Form 15G. If you do not have a PAN or Aadhaar card, you need to apply for them and get them before submitting Form 15G. If you provide an invalid or incorrect PAN or Aadhaar number in Form 15G, your form may be rejected or you may face a higher rate of TDS (20%) on your interest income.
Declaration and verification in Form 15G
By signing the declaration and verification sections of Form 15G, you are confirming that the information you have provided in the form is true and correct to the best of your knowledge and belief. You are also authorizing the bank or financial institution to share your Form 15G details with the income tax department. Therefore, you should be careful and honest while filling and submitting Form 15G. If you make any false or incorrect declaration in Form 15G, you may face penal consequences under the Income Tax Act, 1961.
Frequently Asked Questions (FAQs) about Form 15G
Q1. What is the difference between Form 15G and Form 15H?
A1. Form 15G and Form 15H are both self-declaration forms to request the bank or financial institution not to deduct TDS on interest income. The difference between them is that Form 15G is for individuals below the age of 60 years or HUFs, while Form 15H is for senior citizens (above the age of 60 years). Another difference is that Form 15G requires that the interest income from a particular source is less than the basic exemption limit, while Form 15H does not have this condition.
Q2. Can I submit Form 15G for more than one bank or branch?
A2. Yes, you can submit Form 15G for more than one bank or branch, as long as you meet the eligibility criteria for each of them. However, you need to submit a separate form for each bank or branch, and mention the details of all your interest income sources in each form. You also need to mention the aggregate amount of interest income for which you have submitted Form 15G in the previous year and the current year.
Q3. What are the consequences of submitting false or incorrect Form 15G?
A3. If you submit false or incorrect Form 15G, you may face the following consequences:
You may be liable to pay tax on your interest income along with interest and penalty.
You may be prosecuted for making a false statement or declaration under section 277 of the Income Tax Act, 1961, which can lead to imprisonment and fine.
You may be disqualified from submitting Form 15G in the future.
Q4. How can I check the status of my Form 15G submission?
A4. You can check the status of your Form 15G submission by logging into your internet banking or mobile banking account and viewing the TDS details of your interest income. You can also visit your bank branch or financial institution and ask for the TDS details of your interest income. Alternatively, you can check your Form 26AS online, which is a consolidated statement of all your TDS transactions in a financial year.
Q5. Can non-residents submit Form 15G?
A5. No, non-residents cannot submit Form 15G, as one of the eligibility criteria for submitting Form 15G is that you are a resident of India for tax purposes. Non-residents can claim relief from TDS on their interest income by submitting other forms such as Form 10F, DTAA certificate, etc., depending on their country of residence and tax treaty with India.
I hope this article has helped you understand how to download and submit Form 15G to save TDS on your interest income. If you have any queries or feedback, please feel free to comment below. 44f88ac181
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