So welcome back guys this is a continuation to my tutorial on income tax. Little do with Finance but still it's very important so in this tutorial we're learning on what is formed 15 G in fact form 15 G and also that will determine what is form 15 edge. The only difference is one is applicable for people below sixty years and one is applicable for people above sixty years in India we call that as senior citizen so like a senior citizen is a person who is above sixty years. In this particular case like I will be telling you all about the declaration to be furnished to the banks, but it's not only banks form 15 G can be used to declare your declarations to even you know the postal offices or any other place where your investments can be subjected to tedious that is tax deducted at source. Now imagine you having in the state one hundred rupees in the bank okay the bank gives you an annual rate of interest 10% annual implying a yearly interest so at the end of the year you are expecting something around one hundred and ten rupees but what happens is the bank deducts 10 percent tax that is one rupee and gives you nine rupees, so the bank gives you one hundred and nine basically of the 10 rupees interest with the bank is supposed to give you the bank detects one rupee as a tax deducted at source that is a ten percent in case if you have deposited to a banker sorry I forgot to mention that in case you have not deposited a pan card with the bank then the bank detects 20 percent like off the ten it would then deduct to person that...
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What you should know about FORM 15G
- Form 15G is applicable for individuals seeking tax exemption.
- Submission of Form 15G is mandatory for specific income thresholds.
- Form 15G helps individuals avoid TDS deduction on certain incomes.
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About Form 15g Declaration
Form 15G is a declaration required to be submitted by individuals below the age of 60 and Hindu Undivided Families (HUFs) to prevent TDS (Tax Deducted at Source) on their income earned from interest on fixed deposits and recurring deposits in banks. This form can be filed by individuals who expect that their total income for the financial year is below the taxable limit, which is Rs 2.5 lakh. By filing Form 15G, these individuals can instruct banks not to deduct TDS on their interest income. This form needs to be submitted every financial year to the banks where deposits are held. In case of any changes in their income status, individuals need to submit a fresh Form 15G. However, this form is not applicable for senior citizens (above 60 years of age) and is replaced by Form 15H.
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