Form 15G: What is it?

A self-declaration form called Form 15G is intended to assist people in avoiding Tax Deducted at Source (TDS) on specific income sources, such as interest from fixed deposits and withdrawals from an EPF.

Particularly, it applies to people under 60 whose total income is less than the taxable limit.

• Form 15G: EPF Withdrawals: In order to prevent TDS deductions, individuals may submit Form 15G when taking out more than ₹50,000 from their EPF account (if the account has been open for less than five years).
• Fixed Deposits: If an individual’s yearly interest income is less than ₹40,000 (₹50,000 for senior persons), the form lets them avoid TDS deductions on fixed deposit interest.
• Required Submission: A 10% TDS deduction, which may only be recovered when submitting an income tax return, may result from failing to complete Form 15G.

💡 Form 15G should ideally be filed at the beginning of the fiscal year, ideally in April, to prevent TDS deductions throughout the year. Better tax planning and avoidable delays in efficiently managing income are ensured by early submission.

The 15g form is available to whom?

• Age: Relevant to those under 60, including trust entities and Hindu Undivided Families (HUFs).
• Income Limit: The total amount of taxable income cannot be more than ₹2.5 lakh (or ₹3 lakh for those choosing the new tax regime).
• Residency: Form 15G can only be submitted by Indian residents.
• Tax Liability: For the fiscal year, the individual should not owe any taxes.
• Interest Income Threshold: The baseline exemption limit should not be exceeded by interest income. 

How to get the 15g form to download

• First, go to the official website.
• Start by typing incometaxindia.gov.in into the address bar of a web browser. To prevent mistakes or possible redirection to unofficial pages, it is imperative to visit the official website.
• Step 2: Go to the Section on Forms:The Income Tax Forms link can be found under the Quick Access section of the webpage by scrolling down. Upon clicking this link, viewers will be taken to a page that lists every form that is available.
• Step Three: Find Form 15G:Form 15G can be found by users using the search tool or by browsing the list. After identifying it, you can choose to download the form by clicking on its link.
  Step 4: Get the Form:Users of Mobile Devices: Usually, the form downloads as a PDF file automatically. Users of laptops or desktop computers: To save the form to a preferred folder on your computer, right-click on the PDF link and choose Download.
• Step 5: Complete the Form and Send It in
• The form should be filled out with the necessary information after downloading. To prevent needless TDS deductions, it can then be submitted for appropriate uses, such as EPF withdrawals.