Otherwise, officials find any false declaration to avoid TDS can lead to a fine or even imprisonment under Section 277 of the Income Tax Act, 1961.Am a bit confused on the clause of 5 years of continuous service. Therefore applicants have to provide the correct information in this form.
To save or decrease the TDS burden on the interest income. However, Form 15G is very useful and helpful for fixed deposit holders. Your total interest income earned for the year is less than the basic exemption limit of that particular year.The income tax considered on your total income is nil.Applicant must be individual (and Resident Indian) or HUF or trust Applicant age must be less than 60 years old.This can be used to prevent TDS deduction on interest earned.What is Form 15G? It is self-declaration for the fixed deposit holders. Finally, make a signature on the space provided.Identification number of the relevant income/account: applicants have to provide the investment account number (term deposit/ life insurance policy number/ employee code etc.(19) Details of income for which the declaration is filed: this field has 4 subdivisions such as Then the mention the details of the previous declaration along with a total income need to be mentioned in the present declaration. 15G other than this form filed during the last year, if any: here declarants have to fill in the details about previous Form 15G anytime during the financial year. (17) Estimated total income of the previous year in which income mentioned in column 16 to be included: Total expected income for the financial year (which contains all the income) (16) Estimated income for which this declaration is made: applicants have to specify the estimated income for which they are making a declaration (b) If yes, latest assessment year for which assessed: write the latest assessment year for which the returns were assessed. (13-14) Email id and phone number along with STD code: give your valid email ID and working mobile number for further communications.ġ5 (a) whether assessed to tax under the Income-tax Act, 1961: make a tick mark ‘’Yes’’ if you were assessed to tax under the given provisions of Income Tax Act, 1961 for any of the previous assessment years.
(6-12) Address: so specify your communication address properly along with the PIN code. Because NRI is not eligible to submit Form 15G. (5) Residential Status: Indicate your residential status as a resident individual. (4) Previous Year (for which declaration is to be made): here applicant has to select the previous year as the financial year for which you are requesting the non-deduction of TDS. (3) Status: Your income tax status which can be Hindu Undivided Family (HUF)/ Individual/AOP If you don’t have a valid PAN card then your declaration will be considered invalid. (2) PAN number of the Assessee: Valid PAN card is mandatory to submit Form 15G.
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