Have you ever wondered what Form 15G sample looks like and how to follow the process of form 15G download? Form 15G is helpul declaring tax-free income. This form is beneficial for people with a taxable income below the limit set by the Income Tax Department.
In this post, we will explain everything about Form 15G downloads. Plus, we will provide a handy guide and take you through the entire process of downloading and filling out PF Form 15G. We will also provide you with a filled Form 15G sample and give you access form 15G sample PDF download for your reference.
What is Form 15G?
Form 15G is an essential document for every Indian citizen whose income is below the taxable limit. It helps notify the government that our income is eligible for tax exemption, which means we will not have any taxes withheld from our wages or profits. This applies to those individuals who fulfil specific criteria mentioned in Section 197A of the Income Tax Act 1961.
However, there are specific rules for this particular self-declaration form. One of them is that an individual must indicate whether they seek deduction or non-deduction of TDS on respective incomes.
Once you find form 15G download in a word format from the official website of the Income Tax Department or the Central Board of Direct Taxes, you need to visit the “Downloads” section and then scroll down to the area where you can easily find the PF form 15G download sample. All you need to do is download and fill out the form.
Once done, you must submit it to your bank or financial institution for processing. This process is convenient and involves minor hassle. It is important to note that you need to submit the sample filled form 15G for PF withdrawal each year to continue receiving the benefits this program offers. Individuals who do not submit the form may be subject to taxes on their income for that specific year.
- A person submitting Form 15G must be below the age of 60 and a citizen of India
- Individuals above 65 years of age and are citizens of India must fill out Form 15H
- If you miss out on submitting Form 15G, the bank can’t refund the deductions made. The only way out is to file an income tax return so that they might process our claim request after verification from the Income Tax Department
- There is a penalty for submitting a false 15G declaration
How to Download Form 15G
Follow the steps given below for Form 15G download:
1: Visit the income tax department website and search for the e-Filing portal
2: Go to the “Downloads” under the login button, click on the ‘offline utilities,’ and select the ‘Other Forms Preparation Utilities.’
3: Next, press the ‘Download’ link located under the ‘Utility’ column and extract the download ZIP file.
4: Update all the necessary fields, then click ‘Generate XML’ situated at the upper-middle section of the utility and save the XML on your desktop.
5: Once you have saved the generated XML, upload it to the e-Filing website.
6: Further, go to the e-File menu located at the top left side of the page and click on ‘Submit form 15G’.
7: Select ‘Form Name,’ ‘Financial Year,’ ‘Quarter,’ and ‘Filing Type’ from the dropdown list and click validate.
8: Attach the DSC and XML at the option ‘Attach the XML file’ and then click on ‘submit.’
Key Features of Form 15G
- Form 15G is a self-declaration form. It helps seek non-deduction of tax deducted at source (TDS) if the individual’s annual income is less than the exemption limit.
- Section 197A of the Income Tax Act contains he rules and regulations regarding this form.
- The structure of this form has undergone significant changes in 2015 to ease the burden and cost for both tax deductee and tax deductor.
- The present structure of Form 15G is introduced by the Central Board of Direct Taxes
- Form 15G is applicable for people under the age of 60 since individuals above the age of 60 falls under the category of senior citizens.
- You need to submit this self-declaration form by the first quarter of the financial year in order to avail of the benefits.
Eligibility Criteria for Submitting Form 15G
The following persons are eligible for tax exemptions and can submit Form 15G:
1. The person or individual must not be an employee of any company or firm.
2. The person must be an Indian citizen.
3. The person must not be above 60 years of age.
4. The person’s tax liability for the fiscal year should be zero.
The Process of Filling out Form 15G
Form 15G is a declaration for individuals who has met the eligibility criteria and needs to save the tax. The taxpayer submits this form to the deductor, the person responsible for deducting tax, before the beginning of the financial year to avoid tax deduction at source of their income.
The following details need to be furnished in Form 15G:
- Name, address, and PAN of the taxpayer.
- Nature of income (interest income, dividends, etc.) on which tax is not to be deducted.
- Estimated total income of the taxpayer for the financial year.
- A declaration by the taxpayer that estimated income for the financial year will not exceed the basic exemption limit.
- Another declaration is that the taxpayer has not filed Form 15G for any other deductor during the financial year.
After furnishing all the required details, the taxpayer must sign and submit it to the deductor. The deductor must maintain a record of all such declarations received from taxpayers.
When do you need to submit Form 15G?
If your estimated tax liability for the financial year is nil, one can submit Form 15G. You can also submit this form if your income does not exceed the basic exemption limit. It is important to note that if you are filing a return of income, you cannot submit Form 15G. Also, if you hold a share in a company or are a partner in a form, you cannot submit this form.
How can we get Form 15G for PF withdrawal?
In order to conduct the process for 15G download in word format, all we need to do is log in to our internet banking website using our User ID and Password. On the appropriate section of this page, we will find the option to download a sample or a PDF for Form 15G. Simply click that link to download and print it, fill up the details, and upload it back to the online site. This can be a fast and seamless process to download Form 15G for PF withdrawal.
When can form Form 15G be submitted?
Since form 15G is only valid for one year, it is advisable to submit it at the beginning of the financial year, i.e., the 1st of April. This will ensure that the bank does not deduct TDS from your interest income.
Pros and Cons of not Submitting Form 15G
If we forget to submit Form 15G, we may end up paying more tax than we need to since this form is useful in declaring that our income is below the threshold for the tax liability. So if we don’t submit it, the tax authorities may assume that we are liable to pay taxes on our entire income.
This could lead to a higher tax bill and possibly even penalties. To avoid this, make sure to Form 15G download and submit well before the deadline.
On the other hand, timely submission of a correctly filled Form 15G or Form 15H means we can enjoy the benefits of this program by paying zero taxes or taxes on a concessional rate.
Difference Between Form 15G and Form 15H
|Basis||Form 15G||Form 15H|
|Eligibility||HUFs and Indian residents below the age of 60 can submit Form 15G.||Indian residents above the age of 60 are eligible for Form 15H.|
|Issued Against||This is issued against the FD holder below 60 years of age.||Whereas this form is issues against the FD holder and recurring deposit holder over the age of 60.|
|Uses||You can use Form 15G for the non-deduction of TDS on EPF withdrawal, interest income from bank deposits, interest from rental income or life insurance, and interest from corporate bonds and debentures.||Form 15H is used for claiming non-deduction of TDS on the interest generated from FDs, rent, EPF withdrawal, post office, etc.|
How to fill Form 15G Online?
Almost all major banks allow users to complete and submit their Form 15G online. Let’s look at how you can fill out Form 15G online.
- Firstly, log in to your bank’s internet banking with your user ID and password.
2. Select the online fixed deposit tab, wherein you will see your FD details.
3. The same page will have the option to generate Form 15G. Click on the link to get the fillable form.
4. At last, start filling out the necessary information carefully. Also, it is important to mention the branch details of your bank wherein you have your fixed deposit and submit your form.
We’ve walked you through what Form 15G is and how to initiate form 15G download as well as the eligibility criteria for this form. Hopefully, you will now be able to download this important document with no trouble. In case you have any queries or need help, feel free to reach out to us. Our team is always happy to assist you in taking care of your tax paperwork and ensuring a smooth filing process.
Form 15G is an official and legal way to claim an exemption from tax for interest on fixed deposits and other investments. It can be filled out by individuals who want their income taxed at concessional interest rates.
If one tries to evade tax above Rs. 1lakh, they can be imprisoned for 6 months to 7 years.
The process of downloading the pdf of Form 15G online is simple. The form is available on the website of the Income Tax Department. The form can be downloaded and then printed out. The individual needs to fill out the required details and then submit it to their bank or financial institution.
Both Form 15H and Form 15G are self-declaration forms that you are supposed to submit to your bank once you open an FD. While 15G is for people who are below the age of 60 and come under HUF, Form 15H is for people over 60 years of age.
Form 15G Part 2 is to be filled in by the person or institution that pays interest on our investments. For example, an individual’s bank pays interest on a person’s fixed deposits.
The income that you have earned during the financial year is the estimated income on Form 15G.
In case you are withdrawing from your PF account before the completion of 5 years, you must fill out Form 15G to eliminate the TDS deduction. However, if the PF withdrawal is made after the completion of 5 years, then Form 15G is not required as the withdrawal will be tax-free.
Also Read: What is Form 16?