Form 15G is a statement that can be filled out by bank fixed deposit holders. These holders are individuals below 60 years of age and HUF. This form is filled to ensure that no TDS (tax deduction at source) is withheld from their interest income for the financial tax.
The present income tax rules apply that banks are required to subtract tax at source in case interest on your recurring deposit, fixed deposit, etc. going above Rs. 10,000 in a fiscal year. In the Interim Budget 2019, this TDS limit has been augmented to Rs. 40,000 with effect from F.Y. 2019-20.
Various banks and financial institutions present their options of Form 15G, but, the general type of the form is provided on the official Income Tax Department website: https://www.incometaxindia.gov.in/.
How to Download Form 15G PDF for PF
Form 15G for the cutback in the TDS load can be downloaded for free of cost from the website of all chief banks in India. On the other hand, this form can also be downloaded from the Income Tax Department’s official website.
You also have the choice of submitting Form 15G online on the various banks’ websites in India.
Firstly, visit the official website of the Income Tax Department of India.
You will see ‘Forms/Downloads’ option at the top menu.
Next, tap on the ‘Forms/Downloads’ Option, you will get a list of forms.
Here, you click on the ‘Income Tax Forms’ Option. You will see several forms. Just go to Form 15G.
Then, on the right side of the 15g Form, you will get 2 choices: PDF & Fillable Form.
Click on the ‘PDF’ choice. This form will open up in Pdf format. Just click on the ‘Download’ arrow button given at the top to download the Pdf version of Form 15G.
Main Features of Form 15G
The following are the main features of Form 15G:
Form 15G is a self- assertion form for non-deduction of TDS on individual income as an annual income of the tax assessee is under the exemption limit.
The rules for this individual self-declaration form are declared under the provisions of Section 197A of the Income Tax Act, 1961.
The structure of Form 15G has undergone substantial change in 2015. The changes were made to lessen the observance load and cost for tax deductor and tax deducted.
The existing format of Form 15G and Form 15H (the senior citizens’ version for Form 15G) launched by CBDT (Central Board of Direct Taxes).
Form 15G can be submitted by persons less than the age of 60 years. Any person over 60 years falls in the category of senior citizens.
Form 15H, though alike in various ways to Form 15G, can only be used by senior citizens.
This announcement needs to be submitted in the first quarter of the fiscal year in case of present investments to avail the benefit. But, for new investments Form 15G can be submitted ahead of interest is accepted for the first time.