This is the form which an individual needs to submit to prevent TDS Deduction on the income earned for which some conditions need to be fulfilled. This form is valid for one financial year which needs to be submitted at the beginning of every year. After submitting this, the concerned deductor will not deduct TDS on the interest income.
This is the form which an individual needs to submit to prevent TDS Deduction on the income earned for which some conditions need to be fulfilled. This form is valid for one financial year which needs to be submitted at the beginning of every year. After submitting this, the concerned deductor will not deduct TDS on the interest income.
Conditions which need to be fulfilled:
1. An individual/ HUF/Trust or any other assessee can avail this, not any company or firm.
2. An assessee must be less than 60 years in his age.
3. Tax calculated on the Total income is Nil.
4. The total interest income for the year is less than the basic exemption limit of that year which is Rs. 2.5 lakhs for F/Y 2019-2020.
Purposes for which it can be submitted
These forms can be submitted at other places too which includes:
1. TDS on EPF Withdrawal- TDS is deducted on EPF balance if withdrawn before 5 years of continuous service. If you have had less than 5 years of service and plan to withdraw your EPF balance of more than Rs.50,000 you can submit Form 15G. However, you must fulfill conditions (listed above) to apply for these forms. It means the tax on your total income including EPF balance withdrawn should be nil.
2. TDS on Rent
TDS is deducted on rent exceeding Rs 2.4 lakh annually. If the tax on your total income is nil, you can submit Form 15G to request the tenant to not deduct TDS.
3. TDS on Insurance Commission
TDS is deducted on insurance commission if it exceeds Rs 15000 per financial year. However, insurance agents can submit Form 15G for non-deduction of TDS if the tax on their total income is nil.
How to fill form 15G?
Note:
1. Do not submit the form if such income has to be Clubbed with the income of another person.
2.PAN of the depositor is mandatory.
3. You don’t need to submit these forms directly to the income tax department. Just submit them to the deductor, and they will prepare and submit these forms to the income tax department.
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