What is Form 15G? How to Download & Fill Form 15G Online in India?

As per the latest Interim Budget, the TDS (tax deduction at source) threshold has been raised to Rs. 40,000 from Rs. 1,00,000 for financial institutions and NBFCs. If your income earned from interest exceeds this amount, you need to submit Form 15G or Form 15H download to avoid TDS – right from the start of the financial year.

You need to fill out the Form 15G (if below 60 years of age) or Form 15H (if more than 60 years of age.) These forms will make the financial institution offering you the fixed deposit not to deduct taxes from the interest income generated.

Form 15G download: Procedure

For Form 15G download, here is what you need to do –

Step 1: Visit the official website of Income Tax Department.

Step 2: Navigate to ‘Frequently Used Form’ – search for Form 15G from the list of options.

Step 3: Click on the PDF icon and download the 15H form. Once you have downloaded the application form, take a look at how to fill and submit it correctly.

Instructions to fill out Form 15G

Form 15G is filled out in 2 sections – the first part is filled by the individual claiming no-deduction of TDS. After Form 15G download, follow the instructions below to fill out the form –

Step 1: Name as mentioned on the PAN card. A valid PAN card is mandatory to file Form 15G. Failing to furnish PAN details will lead to your declaration treated as invalid.

Step 2: Keep in mind, Form 15G declarations is only individuals and not for company or LLPs.

Step 3: You have to select the previous financial year for which the no-deduction of TDS is claimed.

Step 4: Only Indian residents can benefit from Form 15G or 15H for fixed deposits.

Step 5: Provide a valid email ID and mobile number.

Step 6: Mention the last assessment year for which you are assessing returns.

Step 7: Mention your total income for the financial year for which you are declaring.

Step 8: If you have already performed Form 15G download and filed it anytime during the fiscal year, the details of your previous declaration along with income amount must be mentioned in the current declaration.

Step 9: Provide the fixed deposit account number.

Step 10: Now, recheck all the necessary details and submit.

The second section of Form 15G is filed by the deductor, who will deposit the TDS to the IT department on behalf of the tax assesse.

When is Form 15G submitted?

This tax-saving instrument is submitted to reduce TDS burden in cases like –

• TDS on interest income earned from FDs.
• TDS on EPF corpus withdrawal.
• TDS on interest from POD (post office deposits.)
• TDS on income earned from government and corporate bonds.
• TDS on rental income earned.

In case one forgets to go ahead with a Form 15G download and submit it on time resulting in the deduction of TDS, here is what one can do –

1. Claim TDS refund by filing IT return.
2. Submit Form 15G for avoiding further deductions for the present fiscal year.

As Form 15G is valid only for one fiscal year, you are required to download and submit a new form in the next fiscal year to attain NIL or reduced TDS. Make sure you can enjoy the maximum assured returns on your FD by starting with a smaller deposit sum, and ladder your investments gradually to earn better returns.

Usually, financial institutions deduct TDS at every quarter when interest is calculated on FD. Thus, it is advisable to submit this form as soon as possible to avoid any additional deductions for the present fiscal year.

Now that you know how to perform Form 15G download, file and submit it – you can invest in Bajaj Finance Fixed Deposit and earn higher returns. You would not only enjoy an attractive interest rate of up to 8.75% but also enjoy fixed guaranteed returns at the end of the maturity period. You can also choose a flexible tenor as per your requirements and even draw a loan against FD in case of monetary crunches.

Also Read: How can i withdraw my interest money from fixed deposit (FD)?