Even if you earn pretty good money, you would always try to save a single penny, if possible. The 15G form is one of the ways that allows you to keep your deduction amount from your salary.
So, as much as it is essential to fill form 15G, it is equally important to know how to fill form 15G correctly. And, I’m sure you are here to learn the correct way to fill the 15G form.
Before learning to fill the 15G form, let’s have a glance over the 15G form and other basic details.
Table of Contents
What is Form 15G?
When an individual’s interest income is more than INR 10,000, the bank deducts TDS, i.e., Tax Deducted at Source. But, in case the individual’s total income is below the taxable limit, they can submit the 15G form to the bank. With this form, they are requesting the bank not to deduct TDS on the interest that they have received in a financial year. An interest income is a capital earned by holding a significant amount in any of your saving accounts.
To apply for the 15G Form, PAN is mandatory. Some banks allow you to download these forms through their official bank websites. Else, you can get the documents by visiting the branch. Please take note that the 15G forms are valid for a single financial year. Thus, you need to submit it every year. It is suggested that you offer the 15G form at the starting of the financial year to prevent any other deduction by your bank.
Who can fill 15G form?
It’s an obvious question; who can fill the 15G form?
So, let me help you with your doubt. If you were in 5 a service for 5 years and, currently, you wish to withdraw your EPF amount of more than 50,000, you are eligible to submit For 15G or 15H. This also means that your tax will be nil on your total income involving EPF balance. Of course, you should fulfill some conditions to apply for this form.
Moving with the conditions required to submit Form 15H, you should be successfully meeting these conditions.
1. You can be a Trust, an individual, or Hindu Undivided Family (HUF), and you can’t be a firm or a company.
2. You should be an Indian Resident.
3. Your age should be less than 60 years.
4. The estimated income tax should be nil.
5. Your yearly interest income should not exceed the basic exemption limit of the particular year, i.e., 2,50,000.
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Components of Form 15G
Let’s see the features of the 15G Form.
Form 15G includes two parts, Part A and Part B.
Part A consist of:
1. Your Name and PAN details
2. Information about the financial year
3. Contact details
4. Address details
5. Income details. Also, mention the section under which it is deductible and the nature of income.
6. And a self-declaration that says the providing information is correct and not fake.
Part B consists of:
1. Name of the person
2. Tax liability
3. PAN details
4. Aadhaar Card number
5. Address details
6. Contact details
7. Amount of income paid, etc.
Points to remember while filling Form 15G
Precautions are a must. So, have a look at the critical points that you should not avoid while filling the 15G Form.
1. Make sure your age doesn’t exceed 60 years.
2. Recheck your duly filled details
3. Check the correct assessment year
4. Don’t overdraw your calculated income
5. You need to attache your PAN card copy with form 15G
Note: Once the form is submitted, don’t forget to take an acknowledgment slip.
Form 15G Sample
You can download the generic version of the form that is available on the Income Tax portal. However, most financial institutions and banks use their own version the form. The below image is a screenshot of the first page of form that is available on the IT Department portal.
How to fill 15G Form?
Let’s move ahead with how to fill the form 15G. Follow the instructions to learn how to fill the 15G form.
1. Name of Declarant: Fill up your name as per the income tax record. Also, enter your PAN number.
2. Status: Enter your status among HUF or an individual
3. Previous year: Enter the details of current financial information for which you are applying
4. Residential information: Check out your residential status. As this form is only applicable to the residents.
5. Enter your address details with PIN code, telephone number, and email address.
6. Whether assessed to tax under the income tax act, 1961? – Mark YES, If, in the case of the last six years, your income was more than the taxable limit.
7. If yes, the latest assessment year for which assessed: Mention the recent year, where your income was more than the taxable limit.
8. Estimated income for which declaration is made: Enter estimated income or other income for which the TDS is not deducted.
9. Estimated total income of the previous year in which income mentioned in column 16 to be included: Estimate the total income you earned during the year, i.e., from salary, the interest income, stipend, and other sources.
10. Details of Form 15G other than this form filed during the previous year, if any: Enter the total number of 15G forms that you pointed in the particular year.
11. Fill out the average income and total income with the 15G Form.
12. Fill in details of income for which declaration is filed; In this section, provide the following information.
- Identification number of applicable account or investment.
- Nature of your income
- The Tax deduction section
- Amount of income
- Fix deposit account number
- Details of recurring deposit
- Details of NSCs
- LIC number, etc.
13. Signatures.
How to fill Form 15G online?
Have a look at the method of how to fill the form 15G online?
1. Download Form 15G from your bank’s official website. Else, you can fill the form 15G from the website itself.
2. Find the below sections in the form.
- Name of Declarant
- PAN Card Details
- Status
- Previous Year
- Residential Status
- Address details
- Option A – Whether assessed to tax under the Income Tax Act, 1961?
- Estimated income for which declaration is made
- Estimated total income of the previous year in which income mentioned in column 16 to be included
- Details other than Form 15G
- Details of income for which declaration is filed
3. Fill out the details carefully. And, once it is done, you can submit the form after confirmation.
4. This is how to fill form 15g online.
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How to fill 15g Form online SBI?
I’m sure, being an SBI account holder, you want to learn how to fill 15g form online SBI. So, here I move with the stages.
Note that the person holding an SBI account can submit a 15H or 15G form through net banking between 8 AM-8 PM.
Would you please follow the below steps to fill 15g form online SBI?
1. Visit www.onlinesbi.com
2. Using your credentials login to your account
3. After logging in, under the ‘e-service’ section, select ‘Form 15G/Form 15H.
4. Select the CIF number in the newly opened tab and click on submit. (You can cross-check the CIF number from your bank passbook’s first page.)
5. Click on submit, followed by selecting the branch code where the form is to be submitted.
6. In the part-I section of Form 15G, there will be the details, such as name, address, and PAN number. Ensure that you filled in the information correctly. Especially check the PAN number and previous year.
7. Click submit once you are sure about the mentioned details in part-I. A new tab will be open, where you have to recheck the details once and then click confirm.
8. Enter the OTP that is sent to your registered mobile number and click confirm.
9. When you successfully submit the form, the UIN number will be generated.
10. You can download a copy of the document from the hyperlink shown on the computer screen.
How to fill Form 15G for PF withdrawal 2021?
Now, when you have understood the essential details about the 15G form, let’s move towards filling the 15G form for PF withdrawal 2021.
1. Log in to EPFO UAN Portal.
2. Hit the Online Services Option.
3. Verify the last four digits of your bank account. See the tab, ‘I want to apply for’ and upload the 15G form.
After the basic steps, follow the instructions on filling 15G form for PF withdrawal, field-wise. The 15G form is divided into two parts where. The first part is for the person who wants to claim No deduction TDS on their income.
In the form, you will have to fill up the fields correctly from 1 to 19. Be attentive while filling up the information stepwise. The process to fill in the details are as same as filling up the form online.
Make sure you cross-check the complete details when you are done with entering the details. The steps of how to fill 15G form online will guide you entirely to understand how to fill 15g form for PF withdrawal. This is how to fill form 15G for pf withdrawal 2021.
How to fill up 15G Form for Fixed Deposit?
So, it’s time to learn how to fill up a 15G form for a fixed deposit. Before moving with the process, you should know the basic information about the same.
You can submit the form offline. Else, you also have an option to fill it electronically, through which an investor receives a Unique Identification Number or UIN. If the investor has numerous deposits in the different banks or the different branches of the same bank, they will still need to submit the form at each end.
If the investor gets late, the bank will reduce the TDS but allow the TDS certificate.
Moving towards the 15G Form filling process for fixed deposit, the method is the same as filling form 15G online. You can also find the new form 15 G-filled sample for your reference so that you don’t struggle to submit the form.
Difference Between Form 15G and 15H
Talking about the main difference between the 15G form and the 15H form is the senior citizens are only eligible to apply for the 15H Form. The reason behind this is because the interest rate is different for ordinary individuals and senior citizens.
Those who are below 60 years can submit the 15G Form, whereas those who crossed their 60 years can submit the 15H Form, in case they are eligible for TDS. Note that the maximum limit for senior citizens for the financial year 2017-18 and 2018-19 is 3 Lakh.
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Frequently Asked Questions
1. How to fill form 15G new format?
If you want to fill Form 15G, you get an option to fill it via net banking or through the mobile app of the respective bank. At the same time, many banks offer an individual to fill the form online.
2. Can I fill 15G form online?
If you fall under the eligibility criteria to submit the 15G Form, you can fill the form, online or offline, and submit it to your respective bank. Instead of that, you can go with the online mode to fill form 15G, as the banks like SBI or ICICI bank allow their account holder to submit the form through mobile banking.
3. Should I submit Form 15G and Form 15H to the income tax department?
No, you don’t need to submit Form 15G and Form 15H directly to the income tax department. Either, you can submit these forms to the deductors. And they will send the case further to the process and submit it to the income tax department.
4. Do I require to submit Form 15G or Form 15H at all the bank branches?
Yes, you have to submit one form at each bank branch from where you receive the interest money only when the interest exceeds Rs.10,000 as interest from each chapter.
5. Where can I submit Form 15G?
You can submit Form 15G at the places listed below for non-deduction of TDS.
- Banks
- To Insurance companies by insurance agents
- EPFO at times of premature withdrawal of PF
- Post office for deposits
- Corporate bond issuing companies, etc.
Final Thoughts
In the above texts, I have tried to guide you on filling the form 15G in each way, whether online, offline, for PF withdrawal 2021, or fixed deposit. It would help if you were so attentive while filling up the 15G Form or 15H Form. Your one mistake can make your form invalid for further process. I hope I have resolved your issue on filling form 15G by guiding you stepwise. I also mentioned some FAQs that are commonly asked about 15G forms and 15H forms.
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