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Form 15g Download PDF 2023 : When it comes to taxation in India, individuals are often confronted with a plethora of forms and documents that can sometimes seem confusing and daunting. One such document is Form 15G. Often used by individuals seeking to prevent tax deduction at source (TDS) on their income, Form 15G serves as a tool to inform financial institutions that they are eligible for non-deduction or lower deduction of TDS on certain types of income. In this article, we delve into the intricacies of Form 15G, shedding light on its purpose, eligibility criteria, and the process of filing.
Form 15G For PF Withdrawal PDF | Form 15g Download
Form 15G is essentially a self-declaration form provided under section 197A of the Income Tax Act, 1961. It allows individuals, mainly those below a certain income limit, to declare that their total income is below the taxable limit and hence, no need for TDS on certain types of income.
How to Download Form 15G PDF 2023
How to fill Form 15G How to fill out form 15g download
Follow the steps given below to fill Form 15G PDF –
- First of all, you have to download Form 15G PDF from any of the above link.
- After this, read the instructions and guidelines given along with Form 15G carefully.
- Fill in the necessary personal details like your name, address and contact information in Form 15G.
- Provide your Permanent Account Number (PAN) as it is mandatory for Form 15G.
- Specify the financial year for which Form 15G is being filed.
- Enter the details of your income, including interest received, along with the nature and source of income.
- Declare that your estimated total income for the financial year, including the income mentioned in the form, is less than the taxable limit.
- Sign the form in the appropriate section indicating your consent and the accuracy of the information provided.
- Now submit the last filled Form 15G along with any required supporting documents to the concerned authority.
Strike out whatever is not applicable in Form 15G.
- As per provisions of section 206AA(2), the declaration under section 197A(1) or 197A(1A) shall be invalid if the declarant fails to furnish his valid Permanent Account Number (PAN).
- Declaration can be furnished by an individual under section 197A(1) and a person (other than a company or a firm) under section 197A(1A).
- 3The financial year to which the income pertains.
- Please mention the residential status as per the provisions of section 6 of the Income-tax Act, 1961.
- Please mention Yes if assessed to tax under the provisions of Income-tax Act, 1961 for any of the assessment year out of six assessment years preceding the year in which the declaration is filed.
- Please mention the amount of estimated total income of the previous year for which the declaration is filed including the amount of income for which this declaration is made.
- In case any declaration(s) in Form No. 15G is filed before filing this declaration during the previous year, mention the total number of such Form No. 15G filed along with the aggregate amount of income for which said declaration(s) have been filed.
- Mention the distinctive number of shares, account number of term deposit, recurring deposit, National Savings Schemes, life insurance policy number, employee code, etc.
- Indicate the capacity in which the declaration is furnished on behalf of a HUF, AOP, etc.
- Before signing the declaration/verification, the declarant should satisfy himself that the information furnished in this form is true, correct and complete in all respects. Any person making a false statement in the declaration shall be liable to prosecution under section 277 of the Income-tax Act, 1961 and on conviction be punishable-
- n a case where tax sought to be evaded exceeds twenty-five lakh rupees, with rigorous imprisonment which shall not be less than six months but which may extend to seven years and with fine;
- in any other case, with rigorous imprisonment which shall not be less than three months but which may extend to two years and with fine.
- The person responsible for paying the income referred to in column 16 of Part I shall allot a unique identification number to all the Form No. 15G received by him during a quarter of the financial year and report this reference number along with the particulars prescribed in rule 31A(4)(vii) of the Income-tax Rules, 1962 in the TDS statement furnished for the same quarter. In case the person has also received Form No.15H during the same quarter, please allot separate series of serial number for Form No.15G and Form No.15H.
- The person responsible for paying the income referred to in column 16 of Part I shall not accept the declaration where the amount of income of the nature referred to in sub-section (1) or sub-section (1A) of section 197A or the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the previous year in which such income is to be included exceeds the maximum amount which is not chargeable to tax. For deciding the eligibility, he is required to verify income or the aggregate amount of incomes, as the case may be, reported by the declarant in columns 16 and 18.
Form 15G Eligibility Criteria | Form 15g Download PDF 2023
To be eligible to submit Form 15G, an individual must meet the following criteria:
- Resident Status: Only resident individuals and Hindu Undivided Families (HUFs) are eligible to submit Form 15G. Non-resident individuals and other entities cannot use this form.
- Age Limit: Form 15G can be submitted by individuals below 60 years of age. For senior citizens (those aged 60 years or above) and super senior citizens (those aged 80 years or above), Form 15H is the equivalent form.
- Total Income: The total estimated income for the financial year should be below the taxable threshold limit. This includes all sources of income, such as interest income from fixed deposits, savings accounts, recurring deposits, etc.
- Tax on Total Income: The total tax liability on the estimated income should be nil after considering eligible deductions and exemptions.
Types of Income Covered | Form 15g Download PDF 2023
Form 15G is applicable to certain types of income, primarily interest income. This includes:
- Interest on Savings: Interest earned on savings accounts with banks, co-operative societies, and post offices.
- Fixed Deposits: Interest earned on fixed deposits in banks, financial institutions, and companies.
- Recurring Deposits: Interest income from recurring deposit accounts.
- Other Interests: Interest from certain bonds, debentures, and other investments.
Submitting Form 15G | Form 15g Download PDF 2023
Filing Form 15G involves a simple procedure:
- Form Availability: Form 15G can be obtained from the bank, financial institution, or post office where the individual holds the income-generating account.
- Accurate Details: The form must be accurately filled out, providing personal details such as name, PAN (Permanent Account Number), address, and relevant financial details.
- Declaration: By signing the form, the individual declares that their total income is below the taxable limit and hence, TDS should not be deducted.
- Submission: The filled and signed Form 15G must be submitted to the relevant institution holding the income-generating account. Many institutions also offer the option to submit this form online through their websites.
Form 15g 2023 Validity and Renewal | PF Withdrawal Form 15G
Form 15G is valid for a single financial year. If an individual’s circumstances change and their income no longer falls within the eligible criteria, it is essential to inform the institution and not submit Form 15G for that year.
Important Features of Form 15G | PF Withdrawal Form 15G PDF
Now that you are familiar with the meaning of Form 15G, here are some of the key features of this form:
- Form 15G can be submitted by individuals below the age of 60 years, Hindu Undivided Families (HUFs) and Trusts.
- The form must be submitted before the bank pays any interest on your deposit. If you are not able to submit it on time, the bank may deduct TDS.
- You will have to submit the form to all the banks and branches where you have interest deposits. If you are unable to do this, then TDS can be deducted.
- If your taxable income is within the maximum tax exemption limit in a financial year, you can submit Form 15G.
- Only resident Indians can avail this facility. Non-Resident Indians (NRIs) and Foreign Nationals cannot submit Form 15G.
- The total interest income received by you in the financial year should be less than the minimum taxable income of ₹ 2.5 lakh. If it exceeds this limit, then you will not be eligible to submit Form 15G.
Benefits of Submitting Form 15G | PF Withdrawal Form 15G PDF
Form 15G is a self-declaration form that can be submitted to the bank or any other institution deducting Tax at Source (TDS) on interest income. Here are some of the benefits of submitting Form 15G:
- Avoid TDS Deduction: One of the main benefits of submitting Form 15G is that it can help individuals avoid TDS deduction
- Saves time and hassle: If TDS is deducted from a person’s income, they must wait till the end of the financial year to claim the refund. This may take time and may cause unnecessary hassle. By submitting Form 15G, you can avoid this inconvenience and receive your income in full.
- Helps in Cash Flow: If TDS is deducted from a person’s income, it reduces the cash available to them. This can lead to cash flow problems, especially for people with limited income. By submitting Form 15G, individuals can avoid this problem and get their full income.
- Applicable for multiple sources of income: Form 15G can be submitted for multiple sources of income including fixed deposits, recurring deposits and savings bank accounts. This means that individuals can submit Form 15G for every source of income where TDS is not required to be deducted.
- Easy to submit: Form 15G is a simple and easy form that can be submitted to the concerned income provider. The form can be submitted online or offline depending on the choice of the individual.
Form 15g PDF Penalties for False Information:
It’s crucial to understand that providing incorrect information or falsely submitting Form 15G when ineligible can lead to penalties and legal consequences.
What is Form 15G and Form 15H?
Form 15G and 15H are two self-declaration forms used by an individual to request banks or other financial institutions not to deduct TDS from interest income as their income is not taxable or is less than the exemption limit. Form 15G is used for those whose age is less than 60 years and Form 15H is necessary for senior citizens i.e. people above 60 years of age.
Why is Form 15G necessary for PF withdrawal?
Any employee with more than 5 years of service can withdraw any amount tax-free from his PF account, but if the withdrawal is made before 5 years and the amount exceeds Rs 50,000, the withdrawal must be accompanied by Form 15G or 15 Must deposit H. Application for TDS on interest income.
FAQ’s- Form 15g Download PDF 2023
Q: What is Form 15G?
Ans: Form 15G is a self-declaration form under Section 197A of the Income Tax Act, 1961. It allows individuals, primarily those with lower incomes, to declare that they are eligible for non-deduction or lower deduction of TDS on certain types of income.
Q: Who is eligible to submit Form 15G?
Ans: Resident individuals and Hindu Undivided Families (HUFs) below the age of 60 can submit Form 15G if their total estimated income for the financial year is below the taxable threshold, and the total tax on the income is nil after considering eligible deductions and exemptions.
Q: What types of income does Form 15G cover?
Ans: Form 15G is applicable to various types of interest income, including interest earned on savings accounts, fixed deposits, recurring deposits, and certain bonds or debentures.
Q: Can senior citizens use Form 15G?
Ans: No, senior citizens (individuals aged 60 years or above) and super senior citizens (individuals aged 80 years or above) should use Form 15H instead of Form 15G.
Q: Where can I get Form 15G?
Ans: You can obtain Form 15G from the bank, financial institution, or post office where you hold the income-generating account. Many institutions also offer the option to submit the form online through their websites.
Q: Is Form 15G valid for more than one financial year?
Ans: No, Form 15G is valid only for the specific financial year it is submitted for. If your circumstances change, and you no longer meet the eligibility criteria, you should not submit Form 15G for that year.
Q: What happens if I provide incorrect information on Form 15G?
Ans: Providing incorrect information or falsely submitting Form 15G when you are not eligible can lead to penalties and legal consequences. It’s important to provide accurate details.
Q: Can I submit Form 15G if TDS has already been deducted?
Ans: If TDS has already been deducted from your income, submitting Form 15G will not reverse the deduction. However, you can claim a refund when filing your income tax return.
Q: Do I need to attach any documents with Form 15G?
Ans: Generally, you do not need to attach any documents when submitting Form 15G. However, some institutions might have specific requirements, so it’s a good idea to check with them beforehand.
Q: Is Form 15G applicable to all types of income?
Ans: No, Form 15G is primarily applicable to interest income. It doesn’t apply to salary income, lottery winnings, capital gains, or other types of income.
Q: Can I submit Form 15G online?
Ans: Yes, many institutions offer the option to submit Form 15G online through their official websites. Check with your bank or financial institution for online submission options.
Q: Is professional assistance necessary to fill out Form 15G?
Ans: While you can fill out Form 15G on your own, seeking professional assistance from a tax consultant or financial advisor can be helpful, especially if you’re unsure about your eligibility or need guidance on correctly filling out the form.
Q: Is Form 15G mandatory for PF withdrawal?
Ans: No Form 15G is mandatory, only the person whose service is less than 5 years and withdrawal amount is more than Rs 50,000 need to fill the form to avoid TDS.
Q: How to get Form 15G?
Ans: Form 15G is available to download for free from all major bank websites, you can also download the form from the link given above.
Q: What happens when Form 15G is not submitted?
Ans: If Form 15G is not submitted during the PF withdrawal application, TDS of 10% is deducted from the total amount. If you do not have taxable income then you can claim TDS while filing ITR for that year.
Q: What is the difference between Form 15G and 15H?
Ans: Both Form 15G and 15H are self-description forms, 15G is for people below 60 years of age while Form 15H is for people above 60 years of age.
Q: Can I apply for Form 15G if I do not have a PAN card?
Ans: You cannot apply for Form 15G without PAN card. PAN is a mandatory requirement for submitting Form 15G as it acts as a unique identification number for the taxpayer.
Q: What is meant by “presumed income” in Form 15G?
Ans: In Form 15G, “presumptive income” means the total income from interest or other sources earned by a person during the financial year for which the declaration is made.
Q: After filling Form 15G for PF withdrawal, where do I submit the form?
Ans: You can submit the filled Form 15G for PF withdrawal to the concerned EPFO office or financial institution where you withdraw the PF amount.
Conclusion: Form 15g Download PDF 2023
Form 15G serves as a useful tool for individuals to ensure that TDS is not deducted from their interest income if they meet the necessary criteria. However, it’s essential to carefully evaluate your eligibility before submitting the form and to keep abreast of any changes in income or tax laws that might affect your eligibility. If in doubt, seeking professional advice from a tax consultant is always a prudent step to take.