![]() Form 15G can be submitted by individuals below the age of 60 years.The current format of Form 15G and Form 15H (the senior citizens variant for Form 15G) introduced by CBDT (Central Board of Direct Taxes).The format of Form 15G has undergone considerable change in 2015 intending to simplify the compliance burden and costing of both tax deductee and deductor.Rules regarding the Form 15G are mentioned under the provisions of Section 197A of the Income Tax Act, 1961.It is a self-declaration form for seeking non-deduction of TDS on specific income as an annual income of the tax assessee is less than the exemption limit.In this, the form can also be downloaded from the Income Tax Department website. 40,000 with effect from FY 2019-2020.įorm 15G for TDS deduction can be downloaded for free from the website of all the major banks in India. In the Interim Budget 2019, this TDS threshold has been increased to Rs. As per the income tax rules, banks are required to deduct TDS when interest earned on Recurring Deposit, fixed deposited is above Rs 10000 in a financial year. The motive of filling the form is to ensure that no TDS is deducted from their interest income for the fiscal. Form 15 G is a declaration fills by the bank fixed deposit holders whose ages are less than 60 years and are not HUF.
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