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Everything You Need to Know About Form 15 G
Banks deduct Tax Deducted at Source (TDS) when income earned by an individual is more than INR 10,000. Yet, assuming that your full payment is beneath that, you can submit Form 15G to the bank, asking them not to deduct any TDS on the interest you earned in a year (financial year).
Of late, the unified portal (EPFO) started a facility to submit EPF Form 15G, which allows the members of EPF to withdraw PF online. Later in this article, we will discuss filling out form 15G.
This structure can be downloaded on how to fill form 15G from the individual bank site or by the branch visit. A PAN is compulsory while applying for this structure. Structure 15G is legitimate for one financial year and must be presented yearly.
You should submit Form 15G towards the start of the financial year to avoid any allowances by your bank.
Who Can Submit Form 15G?
These are certain important points to be kept in mind when applying for a form 15G.
About the Form and How to Fill Form 15G
Form 15G is divided into two parts- Part A and part B.
Note - If you wish to make an early withdrawal of your PF account, you can apply for Form 15G. The amount should be Rs. 50,000 or above.
How to Fill Form 15G (Online)
Visit your bank’s website and download Form 15G, or you can fill it out online on the bank’s website. The following details are supposed to be filled in.
Important Points to Keep in Mind While Filling the Form
After understanding how to fill out form 5G, these are some important points to keep in mind while filling out the form.
Regarding saving on income tax, form 15G is considered helpful.
A major goal of Form 15G is to ensure that a person doesn’t have to face deductions/TDS on the income earned through interest. The answer to ‘how to fill Form 15G’ has been provided in this article.
Filling Form 15G is helpful to lighten the TDS burden for a lot of people. But, make sure there is no false information in your form. Providing false information can lead to serious consequences and even imprisonment under Section 277 of the Income Tax Act, 1961.
There’s also a second part of the form to be filled by the person filling the form (the deductor).
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