However, these are legitimate variations, and there is absolutely no need to panic. It could be a bit confounding to see different versions of the given form on the various websites of major banks in the country. The websites of major banks in India also have the option to submit the duly filled form online. Besides, one can even visit the website of the Income Tax Department to download the same –. Websites of all major banks in India make the above-mentioned form downloadable on their respective websites. For new undertakings, this form needs to be submitted before investment attracts any interest for the first time. 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.This form is used only by senior citizens. Any person above 60 years needs to fill out Form 15H which is quite similar to Form 15G. Form 15G can be used by taxpayers below 60 years of age.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).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.All the rules and regulations of this self-declaration form are written under Section 197A provision of the Income Tax Act, 1961.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.Features of Form 15G Key features of Form 15G are:. The present threshold for determining the same is INR 40,000 in a given financial year. From the financial year 2019-20 onwards, the Government has increased the limit for determining an account subjection 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. This is done to ensure that the interests earned on the particular deposit account are not subjected to TDS deductions. What is Form 15 G?įorm 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.
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”. This usually happens in the form of Tax Deduction at Source(TDS). No one would want to see their hard-earned thoughtful investments slipping out of their hands.
However, the commercial advantage that banks have to pertain to the area of interest provisions. As a primary repository for the hard-earned fruits of our labour, banks play the most foundational role in the economy.
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