Are you tired of having your interest payments taxed? If you’re a senior citizen or a student, you can fill out Form 15G to exempt yourself from paying taxes on your interest income. In this blog post, we’ll show you how to fill out Form 15G so that you can save yourself some money come tax season.
What is Form 15G?
What are the benefits of filling out Form 15G?
Form 15G is a self-declaration form that an investor can submit to their bank or financial institution, to ensure that they do not deduct any taxes on interest earned on their investments.
To be eligible to fill out Form 15G, the investor must meet all of the following criteria:
-The investor’s age must be below 60 years old (if they are a senior citizen, then their age must be below 80 years old).
-The interest income for the financial year must be less than the basic exemption limit, which is currently Rs 2.5 lakhs.
-The taxpayer must not have any other sources of income that are taxable.
-The form must be filled out and submitted before the start of the financial year in which the interest income will be earned Gratuity Meaning.
There are several benefits to filling out Form 15G:
-It helps investors save on taxes, as no taxes will be deducted from the interest earned on their investments.
-It is a simple and straightforward process and does not require taxpayers to keep track of complex investment records or submit multiple tax forms.
-Once Form 15G is submitted, investors do not need to take any further action in order to enjoy tax exemption on their interest income – their bank or financial institution will automatically deduct no taxes from their interest earnings.
How to fill out Form 15G.
In order to fill out Form 15G, you will need to provide some personal information. This includes your name, date of birth, pan number, and address. You will also need to provide the name and address of your bank or financial institution.
Step 2: Tick the right boxes.
There are a few boxes that you will need to tick on Form 15G. The first is to declare that you are below the age of 60 years old (or 55 years old if you are a resident of India). The second box is to declare that the total interest income from all your accounts (including Fixed Deposits) does not exceed ₹10,000 in a financial year.
Step 3: Include your bank account details.
You will need to provide your bank account details in order to fill out Form 15G. This includes your account number, IFSC code, and branch name & address. You will also need to sign the form before submitting it to your bank or financial institution.
There are a few key things to keep in mind when filling out Form 15G:
-Make sure you enter your personal information correctly. This includes your name, address, date of birth, and PAN number.
-Tick the right boxes in section 2. This will ensure that the form is filled out correctly and completely.
-Include your bank account details in section 3. This is so that the interest earned on your account can be deposited directly into it.
By following these simple steps, you can ensure that Form 15G is filled out correctly and efficiently.
Form 15G is a self-declaration form used to claim exemption from TDS (tax deducted at source). It can be filled by individuals who are eligible to receive interest income without deduction of tax. Filling out Form 15G is simple and straightforward. Here are the key steps:
First, enter your personal information including your name, date of birth, PAN number, and address.
Second, tick the right boxes to indicate that you meet the eligibility criteria for filling out Form 15G.
Third, include your bank account details so that the interest income can be deposited directly into your account.
By following these steps, you can easily fill out Form 15G and avoid paying TDS on your interest income.