Form No. 15G: Income Declaration for Tax Exemption
Form No. 15G is used for individual or persons (not being a company or firm) claiming certain incomes without deduction of tax. Assessee should provide details including PAN, residency status, estimated income and tax declaration. Part II is filled by the person responsible for paying the income.
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How do I fill this out?
To complete Form No. 15G, the declarant must accurately fill out their personal and income details. Be prepared to include your PAN, income estimates, and any previous Form 15G submissions. The individual paying the income will fill out Part II.
How to fill out the Form No. 15G: Income Declaration for Tax Exemption?
1
Enter your name, PAN, and residential status.
2
Provide your address and contact information.
3
Declare if you have been assessed to tax previously.
4
Include your estimated income and previous Form 15G details if any.
5
Sign the form and have the person paying the income fill out Part II.
Who needs the Form No. 15G: Income Declaration for Tax Exemption?
1
Individuals whose total income is below the taxable limit.
2
Persons who receive interest income from banks.
3
Senior citizens investing in fixed deposits.
4
Individuals receiving rental income.
5
Taxpayers needing to avoid TDS deductions.
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What are the instructions for submitting this form?
To submit Form No. 15G, ensure all mandatory fields are filled accurately. You can send the completed form via email to the concerned department, submit it online through the designated portal, or mail it to the specified income tax office address. Make sure to retain a copy for your records. It's advised to check for deadlines and submit before the end of the relevant financial year.
What are the important dates for this form in 2024 and 2025?
For the year 2024 and 2025, ensure to submit Form No. 15G by March 31st of the relevant financial year to avoid TDS deductions.
What is the purpose of this form?
Form No. 15G serves the purpose of allowing individuals and certain non-corporate entities to declare their estimated total income for a financial year. The main goal is to ensure that if the total estimated income remains below the taxable threshold, the income is not subject to Tax Deducted at Source (TDS). By submitting this form, taxpayers can prevent unnecessary tax deductions on their interest incomes, rental incomes, and other earnings.
Tell me about this form and its components and fields line-by-line.
- 1. Name of Assessee (Declarant): Full name of the individual filing the form.
- 2. PAN of the Assessee: Permanent Account Number, mandatory for submission.
- 3. Status: Indicate if you are an individual or a non-firm entity.
- 4. Previous year(P.Y.): The financial year for which the form is being filed.
- 5. Residential Status: Residency status as per the Income-tax Act, 1961.
- 6. Address and Contact Information: Details of residence including address, email, and telephone number.
- 7. Tax Assessment Status: Indicate past tax assessments and latest assessment year.
- 8. Estimated Income: Declare estimated income for the relevant financial year.
- 9. Form 15G Details: Previous Form No. 15G submissions if any.
- 10. Income Details: Specific details about the income such as identification number, nature of income, etc.
- 11. Signature of Declarant: Signature to validate the declarations made.
- 12. Details by the Payer: Details filled by the person responsible for paying the income, including name, PAN, TAN, and signature.
What happens if I fail to submit this form?
Failing to submit Form No. 15G when required results in unnecessary TDS deductions from your income.
- Unnecessary TDS Deductions: Excessive tax may be deducted at source from your incomes.
- Income Reduction: Receive a reduced net income due to TDS.
- Recovery Delay: Delayed refund process to recover the deducted tax.
How do I know when to use this form?
- 1. Interest Income: Use for declaring interest income from bank deposits.
- 2. Fixed Deposits: Applicable for seniors with Fixed Deposits.
- 3. Rental Income: Use for declaring rental income to avoid TDS.
- 4. Dividend Earnings: For declaring non-taxable dividend earnings.
- 5. Other Incomes: For any other income that may fall below the taxable limit.
Frequently Asked Questions
What is Form No. 15G?
Form No. 15G is used by individuals to declare incomes without Tax Deducted at Source (TDS).
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Is it possible to sign Form No. 15G on PrintFriendly?
Yes, you can digitally sign Form No. 15G using our e-signature tool.
Who needs to fill Part II of Form No. 15G?
The person responsible for paying the income will fill out Part II.
Can I share the edited Form No. 15G?
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What details are required in Form No. 15G?
Personal details, PAN, income estimates, and previous Form 15G details.
How do I ensure the information in Form No. 15G is correct?
Review all details and confirm accuracy before submission.
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