Income tax on Form 15G
Income tax on Form 15G A declaration known as Form 15G requests that interest payments be exempt from TDS. If the taxpayer's total income falls below the taxable threshold, they may employ this clause. This page provides a brief overview of Form 15G. Eligibility for Filing Form 15G A self-declaration form called Form 15G is used to claim TDS on specific types of income. The following conditions must be met in order to submit the form: Anyone under the age of 60 who is not a corporation or a firm may submit it. A permanent resident of India is required to file the claim. The individual who makes the claim is not liable for any taxes. The total interest income for the year is less than the basic exemption amount. Benefits of Submitting Form 15G Form 15G is used to achieve the following goals: To avoid TDS deductions by banks. Banks charge TDS if the interest on a fixed deposit exceeds Rs 10,000 in a particular financial year. Premature withdrawal of money from EPF (before...