Form 15G is a self-declaration form that can be submitted by individuals to their banks in order to avoid the deduction of taxes on interest earned on their deposits. It is beneficial to submit Form 15G because it helps save on taxes. In this blog post, we will show you how to fill out and submit Form 15G.
What is Form 15G?
Form 15G is a declaration that is to be furnished by an assessee who is eligible to receive certain incomes without deduction of tax thereon. The declaration has to be furnished in duplicate in the prescribed form duly signed by the assessee.
The person who furnishes Form 15G, hereinafter referred to as the declarant, shall be solely responsible for the correctness of the particulars furnished therein and of the consequences arising out of such furnishing.
A declarant who knowingly or willfully makes a false declaration or furnishes incorrect particulars shall be liable to prosecution under
perjury (Section 193 of the Indian Penal Code) and shall also be liable to a penalty under the Income-tax Act.
What are the benefits of submitting Form 15G?
Form 15G is submitted to avoid TDS (Tax Deducted at Source). TDS is a system introduced by Income Tax Department, wherein taxes are deducted at source from the income earned by an individual and deposited with the government Gratuity Meaning. This way the burden of paying taxes is divided between the payer and receiver of income.
The person who deducts TDS is called a deductor and the person from whose income TDS has been deducted is called deduced.
How to fill out Form 15G.
In order to fill out Form 15G, you will need to provide your personal information. This includes your name, date of birth, pan number, and address. You will also need to provide your bank account details so that the TDS can be deducted from your account.
Part 2: Income Details.
Income details include your income from salaries, interest, dividends, and rental income. You will need to provide the total amount of income earned from these sources in order to calculate the TDS that is applicable on this income.
Part 3: Bank Account Details.
You will need to provide your bank account details in order to have the TDS deducted from this account. The bank account details required are your account number and IFSC code.
How to submit Form 15G.
To submit Form 15G online, you will need to log into your account on the Income Tax Department website. Once you are logged in, you will be able to fill out the form and submit it electronically.
Offline Method.
If you prefer to submit Form 15G offline, you can do so by mailing it to the Income Tax Department. Be sure to include all required information and supporting documents, and keep a copy of the form for your records.
Conclusion
Form 15G is a self-declaration form that can be submitted by an individual to their bank or income tax department in order to avoid deduction of taxes at source on interest earned. The form can be used for both fixed and recurring deposits.
Individuals who are eligible to submit Form 15G include those who are below the age of 60 and whose total income does not exceed the taxable limit. Those who submit Form 15G will not have any taxes deducted from their interest earnings, making it an advantageous option for many taxpayers.
To fill out Form 15G, taxpayers will need to provide their personal information, income details, and bank account details. Once the form is complete, it can be submitted online or offline to the relevant authorities.
Submitting Form 15G is a simple process that can save taxpayers a significant amount of money on their interest earnings. For anyone who is eligible to submit the form, it is well worth taking the time to do so.
