Form 15G

Mr. Ram, aged 43 years and residing in Delhi has an annual income of Rs 1.2 lakh from his job and he also earns Rs 60,000 as interest from various deposits, making his total income Rs 1.8 lakh. He is eligible for deductions worth Rs 1 lakh, taking his total income after deductions to Rs 80,000. He can use Form 15G to avoid TDS on the interest as his total income prior to deductions falls under the exemption limit according to the tax slabs.

Components of Form 15G:

Form 15G is simple and straightforward to understand, containing provisions for the following elements. Part 1 of the form consists of the following:

• Name and PAN details of individual
• Details about the financial year
• Address and contact details
• Details about income – including nature of income and section under which it is deductible
• Declaration stating that the information provided is accurate and not misleading

Part 2 of the form has the following components:

• Name of individual with tax liability
• PAN details
• Unique Identification number
• Address and contact details
• TAN details
• Amount of income paid

Things to remember while filling Form 15G:

Individuals filing Form 15G should keep the following points in mind.

• Check eligibility
• Ensure all details are entered correctly, misleading information could cause problems later
• Mention the right assessment year while filling the form
• Do not over/underestimate the estimated income you can expect
• Only fill Part 1 of the form. Part 2 should not be filled
• This form is not a replacement for your income tax return and you need to file it
• Attach a copy of your PAN card with the form
• Ensure to take an acknowledgment after submitting this form

Where should you submit Form 15G?

It can happen that you are at a loss after filling the form, unsure as to where to submit it. These forms need not be directly submitted to an income tax office. Forms can be submitted to your bank, post offices or the company you work for.

For how long is Form 15G valid?

The validity of Form 15G is limited to the financial year in which an individual has filed and furnished this form. It is valid for 1 financial year only and an individual is expected to furnish a new form for a different year.