If you want to download the Indian Bank 15G Form PDF, then you have come to the right website. In this post, you can download the Indian Bank 15G Form through the link given inside this article. Form 15G for reduction in TDS burden can be downloaded for free from the website of all major banks in India. However, this form can also be downloaded from the Income Tax Department website.
Form 15G is a declaration that can be filled out by bank fixed deposit holders (individuals less than 60 years of age and HUF) to ensure that no TDS (tax deduction at source) is deducted from their interest income for the fiscal. Under existing income tax rules, banks are required to deduct tax at source in case interest on your fixed deposit, recurring deposit, etc. exceeds Rs. 10,000 in a financial year.
Eligibility Criteria for Submitting 15G Form
One must fulfil the following eligibility criteria to submit Form 15G:
- You are an Individual or a person (other than company or a firm).
- You must be a resident Indian for the applicable FY
- Your age should not be more than 60 years
- Tax liability calculated on the total taxable income for the FY is zero
- Your total interest income for the financial year is less than the basic exemption limit.
How to Fill Indian Bank Form 15G
- Name as mentioned on your PAN Card.
- Permanent Account Number. Valid PAN card is mandatory to file Form 15G. If you fail to furnish valid PAN details, your declaration will be treated as invalid.
- Declaration in Form 15G can be furnished by an individual but not by a firm or company.
- Previous year has to be selected as the financial year for which you are claiming non-deduction of TDS.
- Mention your residential status as resident individual because NRI are not allowed to submit Form 15G.
- Mention your communication address correctly along with PIN code.
- Provide valid email ID and contact number for further communications.
- Tick mark ‘’Yes’’, if you were assessed to tax under the provisions of Income Tax Act, 1961 for any of the previous assessment years.
- Mention the latest assessment year for which your returns were assessed.
- Estimated income for which you are making declaration needs to be mentioned
- Total estimated income for the financial year (which includes all the income)
- If you have already filed Form 15G anytime during the financial year, then the details of previous declaration along with aggregate amount of income needs to be mentioned in the present declaration.
- Last part of the section 1 talks about the investment details for which you are filing declaration. You need to furnish the investment account number (term deposit/ life insurance policy number/ employee code etc)
- After filling the entire field, re-check all the details to ensure there is no error.
When can Form 15G be submitted?
Declaration in Form 15G can be submitted for reduction of TDS burden in the following cases:
- TDS on interest income from Bank Deposits: Banks are supposed to deduct TDS if the interest amount on fixed deposit or recurring is more than Rs. 10,000 in a year (As of FY 2019-20, this threshold has been increased to Rs. 40,000 annually). Important point to note here is that banks deduct TDS based on the provisional interest not on the basis of the actual interest pay out. Hence, even if the tenure of a fixed deposit is more than one year, you need to submit Form 15G to avoid deduction of TDS.
- TDS on Employee’s Provident Fund Withdrawal: If employee’s provident fund is withdrawn prior to completing service tenure of 5 years with the current organisation, TDS is applicable on the proceeds. But even in that case, if your total taxable income including the provident fund withdrawal balance is zero, then you can submit Form 15G for non-deduction of TDS.
- TDS on interest from post office deposits: If you fulfil all the conditions to submit Form 15G, post office which provides deposit service also accept Form 15G declarations for your post office deposits and national savings schemes.
- TDS on income from corporate bonds and debentures: Income from corporate bonds exceeding Rs. 5000 for a financial year is subjected to tax deducted at source. In such cases, if you are eligible to submit Form 15G, you can do so and request the issuer of bonds to not deduct TDS.
- TDS on proceeds from Life Insurance Policy: Under the provision of Section 194DA of the Income Tax Act, 1961, if the maturity proceeds from life insurance policy exceeds Rs. 1 lakh, such proceeds are subjected to tax deductions at source. However, if all conditions mentioned in Form 15G declarations are satisfied, the tax payer can submit Form 15G to life insurance company to prevent TDS deduction.
- TDS on Rental income:If your rental income for the financial year exceeds Rs. 8 lakh, such income is subject to tax deductions at source. However, if the taxable income is lower than the basic exemption limit, and then you can submit Form 15G for non-deduction of TDS.
Download Indian Bank 15G Form PDF
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