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 \u2013 right from the start of the financial year.<\/p>\n
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.<\/p>\n
Form 15G download: Procedure<\/b><\/strong><\/p>\n For Form 15G download, here is what you need to do \u2013<\/p>\n Step 1<\/b><\/strong>: Visit the official website of Income Tax Department.<\/p>\n Step 2<\/b><\/strong>: Navigate to \u2018Frequently Used Form\u2019 \u2013 search for Form 15G from the list of options.<\/p>\n Step 3<\/b><\/strong>: 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.<\/p>\n Instructions to fill out Form 15G<\/b><\/strong><\/p>\n Form 15G is filled out in 2 sections \u2013 the first part is filled by the individual claiming no-deduction of TDS. After Form 15G download<\/u><\/a>, follow the instructions below to fill out the form \u2013<\/p>\n Step 1<\/b><\/strong>: 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.<\/p>\n Step 2<\/b><\/strong>: Keep in mind, Form 15G declarations is only individuals and not for company or LLPs.<\/p>\n Step 3<\/b><\/strong>: You have to select the previous financial year for which the no-deduction of TDS is claimed.<\/p>\n Step 4<\/b><\/strong>: Only Indian residents can benefit from Form 15G or 15H for fixed deposits.<\/p>\n Step 5<\/b><\/strong>: Provide a valid email ID and mobile number.<\/p>