The Form 15g: What You Need To Know
None of us likes to see our money wasted. There are bills to fulfill, taxes to be filled and we also have to run the family with whatever money we earn. In such cases, waiting or tax returns or watching your money get away through TDS (Tax Deducted at Source) can be frustrating.
Tax solutions with Form 15g
Nevertheless, there is a way to check if there is a problem in the system, regarding your taxes. The form 15g is here for the solution. Most people use the form 15g and form 15h to avoid TDS.
TDS can be avoided if your income is below a given limit. There have been some changes made in these conditions by the Income Tax Department of India and they will applicable from 2013 onwards itself.
Where is TDS applicable?
TDS is applicable when the interest which is above Rupees 10,000 in investments and processes. You have to submit this form in every branch where you have done deposits, so make sure you print enough copies. If you are below the age of 60 years, you can make use of the form 15g and otherwise, you have to go for the form 15h. As mentioned earlier, if you interest is below the given amount (rupees 10,000) then you must submit this form for your fixed deposits so that the TDS is not deducted by your bank.
Points to remember
You must remember these points when you are dealing with matters of forms 15g or 15h and taxes and TDS-
- Make sure that you are eligible to apply b) NRIs can’t apply for either form.
- Residents and people above the age of 60 years are the only individuals who can apply through the form 15H.
- The forms are valid for 1 year only. Therefore, if you have submitted form 15g last year in your banks, you have to do it again this year.
You can downlaod and get a print out of the form 15g from here- http://incometaxreturnindia.com/Downloads/Income_tax_Form_15G.pdf