Form 15g is a form that can be filled by a person to state that his/her income is below the taxable limit and therefore no TDS should be deducted. Form 15G and 15H are valid for one economic year. So you have to submit these forms every year if income is below the taxable limit. Submitting them each rear as soon as the financial year begins will ensure that bank does not deduct any TDS on your interest income. Clauses you must accomplish to submit Form 15G include; You must be a Resident Indian,You are an individual or HUF, You should be less than 60 years old, Tax calculated on your Total Income is nil, The total interest earnings for the year is less than the basic exemption limit of that year. Form 15g PDF new format is available in many websites and can be downloaded easily.
Form 15g for PF
Form 15g for PF is filled by individuals willing to withdraw EPF before 5 years of service.If an employee has rendered service for less than 5 years and has a balance which is more than or equal to Rs. 50000, he has to submit form 15G or 15H along with PAN card to avoid TDS. Or else, TDS will be deducted at 10% if PAN is given and 20% if PAN is not given. There are many Form 15g and 15h new formats available on the internet that helps an individual to fill Form 15g and 15h on their own. Thus Form15 and Form 15h is only a Self-declaration by an individual so that no TDS amount should be deducted from your interest earnings since the tax on your total income is zero. Interest earnings from recurring deposits, fixed deposits, and corporate bonds are always taxable.