Form 15 G

This query is : Resolved 

05 March 2009

I have opened a new savings account in a nationalised bank. Is it mandatory that I have to fill From 15G? What is the purpose of Form 15G? When is Form 15 G used and the benefits one can derive from it? What is the Banks interest in the Form 15 G?

CA Nitin Wadhwani (Expert)
05 March 2009

Form 15G is given by an individual to a bank for no deduction of TDS on interest paid since the income of account-holder is below the income chargeable to tax.

05 March 2009

Form 15G is a kind of intimation for not deducting TDS it's not mandatory for new opening of A/c unless you earn some income like Interest on deposit etc,
Form 15G is issued by a person whose income is below the basic threshold limit
by giving this form one can avoid TDS on his income,The Bank Interest behind demanding this form is claiming the expences/payment as deduction for their income computation

Shabu (Querist)
05 March 2009

Form 15 G has many columns. While filling the form what are the columns which is to be filled if I don't have any investments other than an FD of 1 Lakh? Is it wise to fill the form 15 G at the time of opening the account to avoid TDS? If not when is it to be filled?

CA Tilak Raj Sharma (Expert)
06 March 2009

If you will provide PAN number and wants to deduct TDS on your interest income then there is no need to fill the form 15G.

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