When you hold money in your savings account, the banks levy taxes on the interest earned from it. When the interest earned is below the taxable limit you can submit Form 15G. This form will be a request to the bank to not deduct TDS on the interest gained in that financial year. This is should clarify what is Form 15G. Now let me also tell you who is eligible to submit Form 15G.
Who can submit this form?Now that you are aware what is the 15G form, let me tell you who qualifies to submit it.
An individual, HUF or trust
A resident of India
An individual who is less than 60 years of age
The income tax calculation of the individual must be NIL
The total interest income should be below the exemption limit
So far you have learnt what is the form 15G and who can submit it, now let me take you through its components. Form 15G comes in 2 parts - Part A and Part B.
Part A details:PAN details
Financial year
Address and contact details
Income details and its nature
Declaration for information provided being accurate and complete
Name of the taxpayer
PAN and TAN details
Aadhaar Number
Address and contact details
Amount of income
I hope your doubts about what is Form 15G are clear now.
Read more: How to fill Form 15G? Is Form 15G mandatory for PF withdrawal? How to download Form 15G for PF withdrawal?Your Feedback Matters! How was this Answer?
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What is Form 15G?
Piyush
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2022-03-28T09:55:34+00:00 2022-03-28T09:55:35+00:00Comment
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