Form 15G Download in Word Format & PDF Format

Form 15G is a form that is used by Indian residents to avoid Tax Deduction at Source (TDS) on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits. In this article, we will discuss on Form 15G Download in Word Format & PDF Format and how to fill it and submit to your bank.

This form is applicable to individuals who are below 60 years of age and have an income below the taxable limit. The form needs to be submitted to the bank or financial institution where the deposit has been made, and it needs to be submitted every year to avail the benefit of TDS exemption.

Form 15G is a simple form that can be easily downloaded from the internet in Word format. This article will guide you through the process of downloading Form 15G in Word format, filling it up correctly, and submitting it to the relevant authorities.

Form 15G Download in Word Format

Step 1: Open your internet browser and go to the Income Tax Department’s website. The website URL is www.incometaxindia.gov.in.

Step 2: On the homepage of the website, click on the “Forms/Downloads” option, which is present in the main menu bar.

Step 3: You will be redirected to a new page where you will see a list of forms. Look for “Form 15G” in the list and click on it.

Step 4: You will be directed to a page where you can download Form 15G in PDF format. However, we need to download it in Word format. Scroll down to the bottom of the page, and you will find a link to download the form in Word format.

Step 5: Click on the link, and the form will be downloaded to your computer. Once the download is complete, open the file in Microsoft Word or any other word processing software.

How to Fill Form 15G

Now that you have downloaded Form 15G in Word format, you need to fill it up correctly. The form consists of two parts, Part I and Part II. Part I needs to be filled up by the individual who is claiming TDS exemption, and Part II needs to be filled up by the person responsible for deducting TDS.

Here are the steps to fill up Form 15G correctly:

Step 1: Start by filling up the basic details such as name, address, and PAN number.

Step 2: In the next section, you need to mention the financial year for which you are submitting the form. For example, if you are submitting the form in the year 2023-24, then you need to mention 2023-24.

Step 3: In the next section, you need to mention the name of the bank or financial institution where the deposit has been made.

Step 4: In the next section, you need to mention the amount of interest income you are expecting to earn from the deposit. This amount should be the total interest income you are expecting to earn from all the deposits you have made in that bank or financial institution.

Step 5: In the next section, you need to mention whether you have submitted Form 15G or 15H during the previous year. If yes, then you need to mention the date of submission and the total income for which the form was submitted.

Step 6: In the next section, you need to mention your estimated total income for the financial year. This includes all sources of income, such as salary, rental income, business income, etc.

Step 7: In the next section, you need to mention your tax liability for the financial year. This is the amount of tax you are liable to pay for the financial year.

Step 8: In the next section, you need to mention whether you are an individual, HUF, or firm.

Step 9: In the next section, you need to mention your residential status, which can be either resident, non-resident, or not ordinarily resident.

Step 10: In the next section, you need to mention the reasons why you are eligible for TDS exemption. This can be due to your income being below the taxable limit or due to any other reason specified in the Income Tax Act.

Step 11: Finally, you need to sign and date the form to confirm that all the information provided by you is true and correct.

Understand each point in Part 1 of form 15G

  • Name of the Assessee : Name as per PAN card of the declarant
  • PAN of the assessee: PAN card number of the declarant
  • Status : Are you an individual or an organisation
  • PY : Previous Year (Financial year)
  • Residential Status : Indian or Other
  • Address : Your current communication address
  • Email and Mobile Number: Update your current email and mobile number
  • Whether assessed to tax under Income tax act 1961: Mark “Yes” if you are assessed under IT act 1961
  • Estimated income : Your estimated income the year for which this declaration is given
  • Estimated total income of PY: Your last financial year’s total income
  • Investment Account No: Provide your PF Number
  • Nature of Income : EPF Withdrawal
  • Section : 192A
  • Amount: Total withdrawal amount (Employee + Employer)

Submitting Form 15G

Once you have filled up Form 15G correctly, you need to submit it to the bank or financial institution where the deposit has been made. Here are the steps to submit Form 15G:

Step 1: Take a printout of the form after filling it up correctly.

Step 2: Visit the bank or financial institution where the deposit has been made.

Step 3: Submit the form to the bank or financial institution.

Step 4: The bank or financial institution will verify the information provided by you and, if everything is in order, they will update their records and exempt TDS on your interest income.

Form 15G for EPFO Withdrawal

Form 15G is a form that is primarily used to avoid TDS on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits. However, it can also be used for PF withdrawal in certain cases.

Employees’ Provident Fund (EPF) is a retirement savings scheme that is mandatory for salaried employees in India. When an employee leaves their job and wishes to withdraw their PF balance, they need to fill up a withdrawal form and submit it to the EPFO (Employees’ Provident Fund Organization). In some cases, TDS may be deducted from the PF withdrawal amount if the withdrawal amount is above a certain threshold.

However, if the employee’s income is below the taxable limit, they can submit Form 15G to the EPFO to avoid TDS on their PF withdrawal amount. Here’s how to fill up Form 15G for PF withdrawal:

Step 1: Download Form 15G from the Income Tax Department’s website in Word format.

Step 2: Fill up the basic details such as name, address, PAN number, and EPF account number.

Step 3: In the section where you need to mention the estimated income for the financial year, mention only the income earned from the EPF account. This includes the PF balance, interest earned, and any other amount credited to the EPF account during the financial year.

Step 4: In the section where you need to mention your tax liability for the financial year, mention zero as your tax liability since your income is below the taxable limit.

Step 5: In the section where you need to mention the reasons why you are eligible for TDS exemption, mention that your income is below the taxable limit and you are submitting the form to avoid TDS on your PF withdrawal amount.

Step 6: Finally, sign and date the form to confirm that all the information provided by you is true and correct.

Once you have filled up Form 15G correctly, you need to submit it along with the PF withdrawal form to the EPFO. The EPFO will verify the information provided by you and, if everything is in order, they will process your PF withdrawal without deducting any TDS.

In conclusion, Form 15G can be used for PF withdrawal if your income is below the taxable limit. By submitting this form, you can avoid TDS on your PF withdrawal amount and receive the full amount without any deductions.

Download Form 15G for PF Withdrawal

As a language model, I do not have the capability to download forms, but I can guide you through the process of downloading Form 15G for PF withdrawal.

Step 1: Go to the Income Tax Department’s website at www.incometaxindia.gov.in.

Step 2: Click on the “Forms/Downloads” option from the menu bar at the top of the homepage.

Step 3: Select “Forms” from the drop-down menu and scroll down to the “Income Tax Returns” section.

Step 4: Click on “Forms (Other than ITR)”.

Step 5: Select “Form 15G” from the list of forms available for download.

Step 6: Download the form in Word format.

Once you have downloaded Form 15G for PF withdrawal, you can fill it up with the necessary details and submit it along with the PF withdrawal form to the EPFO to avoid TDS on your withdrawal amount.

Form 15G Download in Word Format & PDF Format

Here is the direct link for downloading Form 15G for Interest declaration and for PF Withdrawal as well.

Form 15G word format download

FAQs on Form 15G

What is Form 15G used for?

Form 15G is a self-declaration form that is used to avoid TDS on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits.

What is the taxable limit for the financial year 2022-23?

The taxable limit for the financial year 2022-23 is Rs. 2.5 lakhs for individuals and Rs. 3 lakhs for senior citizens (above 60 years of age).

Who can fill up Form 15G?

Any individual or Hindu Undivided Family (HUF) whose income is below the taxable limit can fill up Form 15G to avoid TDS on interest income.

What is the penalty for submitting a false Form 15G?

If an individual submits a false Form 15G to avoid TDS, they can be penalized under Section 277 of the Income Tax Act. The penalty can range from Rs. 10,000 to Rs. 1 lakh or imprisonment up to 7 years.

Is Form 15G applicable for all types of interest income?

No, Form 15G is applicable only for interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits. It is not applicable for interest income earned from savings accounts or any other type of income.

Can Form 15G be submitted online?

Some banks and financial institutions allow customers to submit Form 15G online through their net banking portal or mobile application. However, it is advisable to check with the bank or financial institution for their specific process.

Is Form 15G applicable for NRIs?

Yes, NRIs can also fill up Form 15G to avoid TDS on their interest income, provided their income is below the taxable limit and they satisfy other eligibility criteria.

How often do I need to submit Form 15G?

Form 15G needs to be submitted every year to the bank or financial institution where the deposit has been made to avoid TDS on interest income. However, if there is a change in the income status, a new form needs to be submitted immediately.

Conclusion

In conclusion, Form 15G is an important self-declaration form that can help individuals and HUFs avoid TDS on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits.

It is important to note that the form needs to be submitted every year and penalties can be imposed for submitting false information. The taxable limit for the financial year 2022-23 is Rs. 2.5 lakhs for individuals and Rs. 3 lakhs for senior citizens.

It is advisable to check with the bank or financial institution for their specific process of submitting Form 15G, and NRIs can also fill up the form if they meet the eligibility criteria. Overall, by properly filling and submitting Form 15G, individuals can minimize the impact of TDS on their interest income and increase their savings.

Hope this information on Form 15G Download in Word Format & PDF Format is helpful. Download the forms in word or PDF format and fill it as per the instructions given above.

Form 15G is an important self-declaration form that can help individuals and HUFs avoid TDS on interest income earned from fixed deposits, recurring deposits, or any other interest-bearing deposits.

The new Form 15G in Word format and PDF format is a user-friendly and easy-to-use form that requires additional details about the PAN, the name of the deductor, and the TAN of the deductor. By properly filling and submitting Form 15G, individuals can minimize the impact of TDS on their interest income and increase their savings.

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