New form 15g

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CA AJAY KUMAR AGRAWAL (Querist)

03 April 2013 Can anybody provide guidance on filling up new Form 15G plz..as some columns are not clear, what to filled up therein.

CA. RAGHAV GARG

CA. RAGHAV GARG (Expert)

03 April 2013 if you can provide which coloumns are not clear that could help

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

04 August 2024 Certainly! Form 15G is used to ensure that income is not subject to tax deduction at source (TDS) if the total income is below the taxable limit. It is generally used by individuals who do not have any tax liability and wish to ensure that their income, like interest, is not subject to TDS.

Here’s a step-by-step guide to filling out Form 15G:

### **Form 15G - Step-by-Step Guide**

#### **1. **Form Layout**
- **Form 15G** consists of two parts:
- **Part I:** Details of the taxpayer
- **Part II:** Declaration by the taxpayer

#### **2. **Part I: Details of the Taxpayer**
- **Column 1: Name of the Assessee**
- Enter your full name as per official records.

- **Column 2: PAN of the Assessee**
- Enter your Permanent Account Number (PAN). Ensure it is correct to avoid issues.

- **Column 3: Status**
- Mention your status (e.g., Individual, HUF, etc.). Most individuals will select “Individual.”

- **Column 4: Previous Year**
- Enter the financial year for which you are submitting this form. For example, for FY 2023-24, you would enter 2023-24.

- **Column 5: Address**
- Provide your complete residential address including PIN code.

- **Column 6: Email ID**
- Mention your email address.

- **Column 7: Mobile Number**
- Enter your mobile number.

#### **3. **Part II: Declaration by the Taxpayer**
- **Column 1: Details of Income**
- Mention the type of income (e.g., interest income from bank deposits).

- **Column 2: Amount of Income**
- Enter the amount of income received from which TDS is to be avoided.

- **Column 3: Total Income**
- Mention the total income that you anticipate for the financial year. This is to confirm that your total income, including this income, will not exceed the basic exemption limit.

- **Column 4: Estimated Total Income**
- State the estimated total income for the current financial year.

- **Column 5: Tax Payable on Total Income**
- Mention the tax payable on the estimated total income. If your total income is below the taxable limit, this should ideally be zero.

- **Column 6: Details of Tax Paid**
- Enter any tax already paid or TDS deducted if any, related to this income.

#### **4. **Sign and Date**
- **Signature**
- Sign the form in the space provided.

- **Date**
- Enter the date on which you are filling out the form.

### **Additional Notes:**

- **Multiple Forms:** If you have multiple sources of income for which you are submitting Form 15G, you may need to submit separate forms for each source or one form for all sources, depending on the requirements of the payer.

- **Accuracy:** Ensure that all details are accurately filled out and cross-verify with official documents to avoid discrepancies.

- **Submission:** Submit the completed Form 15G to the person or institution responsible for deducting TDS, such as a bank or financial institution, where you have income.

### **Example Scenario:**

Let’s say you have earned ₹10,000 in interest from a fixed deposit, and your total estimated income for the financial year is ₹2,50,000. Since this amount is below the taxable limit (assuming the basic exemption limit is ₹2,50,000), you can fill out Form 15G as follows:

- **Column 1:** Interest Income from FD
- **Column 2:** ₹10,000
- **Column 3:** ₹2,50,000 (total income including this interest)
- **Column 4:** ₹2,50,000 (estimated total income)
- **Column 5:** ₹0 (as no tax is payable)
- **Column 6:** ₹0 (if applicable)

This ensures that the bank does not deduct TDS on your interest income.

If you need further assistance or have specific issues, please feel free to ask!

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