It can be said that the 15G Form prevents the interest income paying authorities from deducting TDS on interest.Previous Year Put the Current Financial year (F.Y) for which you are filing the form; 5.Residential Status If you are a resident individual, only then you can submit this form, so write as Resident Individual here; 6.
![]() TownCityDistrict Put the towncitydistrict details in this area; 11. Estimated income for which declaration is made Total of the interest income on which TDS should not be deducted; 17. Estimated total income of the previous year in which income mentioned in column 16 to be included Here put your total income from all sources such as salary, interest income, any other income that you have earned during the year including the interest income as mentioned in Column16 above; 18. Details of Form 15G other than this form filed during the previous year, if any This section is most crucial. Here put the total numbers of form 15G filed and the total amount of income for which Form 15G is filed; 19. Details of income for which declaration is filed Identification number of relevant investmentaccount, different types of income did you receive, under which section the income is taxable and finally the amount of income you earned; Signature of Declarant Finally put your signature here. You just need to follow the steps carefully to avoid any mistakes and submit it successfully. Section 192A of the I.T Act clearly stipulates that TDS10 needs to be deducted by the deductor on pre-mature EPF withdrawal. Submission of this 15G Form helps you in avoiding the TDS deduction. However, it is advisable not to submit a false declaration in 15G Form just for avoiding TDS. This may lead to a fine and even imprisonment under Section 277 of the Income Tax Act, 1961. But if no valid PAN is found TDS at the maximum marginal rate of tax 31.20 will be deducted. One can easily file his income tax return showing refund of the TDS so deducted on interest income, considering your total income does not exceed Rs. Lakh in a financial year including the income on which TDS was deducted for non-submission of valid 15G Form. ![]()
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