What are the two conditions for submitting Form 15G?

Both must be met: (1) tax on estimated total income is nil, and (2) total interest income does not exceed the basic exemption limit (₹2.5 lakh for below-60 individuals).

Form 15G — TDS Exemption Declaration

Q: When should Form 15G be submitted to the bank?

Submit at the start of the financial year (April 1) or when opening an FD, before the first interest payment. It must be renewed every financial year.

Q: Can Form 15G be submitted for EPF withdrawal?

Yes, when withdrawal exceeds ₹50,000 and service is below 5 years, Form 15G can be submitted to EPFO if total income is below the taxable threshold.

Q: What happens if TDS is deducted despite submitting Form 15G?

The excess TDS can be claimed as a refund by filing the income tax return for the relevant year. TDS will appear in Form 26AS and AIS for reconciliation.

Q: Is Form 15G valid across all banks?

No. A separate Form 15G must be submitted to each payer. The estimated total income on each form must reflect aggregate income from all sources.

Complete Guide to Form 15G — Who Can Submit It, When, and How to Avoid TDS on Interest and Other Income

Form 15G is a self-declaration form that an individual or HUF (Hindu Undivided Family) submits to a payer — such as a bank, post office, company, or EPF authority — requesting that Tax Deducted at Source (TDS) not be deducted from interest income, dividend income, EPF withdrawal, or other specified payments, on the grounds that the declarant's total income is below the taxable threshold for the financial year.

Form 15G is available to resident individuals below 60 years of age, HUFs, and certain trusts. For senior citizens (aged 60 and above), the corresponding form is Form 15H. Submitting a false Form 15G declaration is a penal offence under Section 277 of the Income Tax Act. Our services assist individuals, HUFs, and organisations in correctly assessing Form 15G eligibility and submitting declarations in the proper form and within the right timelines.

Our Form 15G Advisory Services

Eligibility Assessment

Assessment of whether the individual or HUF meets both conditions for valid Form 15G submission — tax on estimated total income being nil, and total interest income not exceeding the basic exemption limit.

Form 15G Preparation

Accurate preparation of Form 15G with correct income estimates, PAN details, and declaration details — ensuring the form is complete, correctly filled, and ready for submission to each payer.

Multi-Payer Submissions

Assistance with submitting Form 15G to multiple payers — banks, NBFCs, companies, EPF authority — where the declarant has income from several sources and must ensure each payer receives the declaration before the first payment of the year.

EPF Withdrawal 15G

Specific advisory and assistance with Form 15G submission to the EPFO for EPF withdrawals where the withdrawal amount is taxable but the individual's total income is below the exemption limit.

TDS Refund Claims

Where TDS has already been deducted despite eligibility for Form 15G, assistance with claiming TDS refund through the income tax return or rectification request — ensuring the excess tax is recovered.

ITR Filing Support

Filing of income tax returns for individuals who have submitted Form 15G, ensuring all interest and investment income is correctly disclosed, TDS credits are reconciled, and refunds are claimed where applicable.

Key Facts About Form 15G

Form 15G can be submitted by resident individuals below 60 years of age, HUFs, and certain trusts and associations
Two conditions must both be satisfied: (1) tax on estimated total income is nil, and (2) total interest income does not exceed the basic exemption limit (₹2.5 lakh for below 60)
Form 15G must be submitted at the beginning of each financial year — before the first interest or income payment is made by the payer
The payer must report all Form 15G declarations received to the Income Tax Department on a quarterly basis
Submitting a false Form 15G is a punishable offence under Section 277 — carrying imprisonment of 3 months to 2 years and a fine
Form 15G applies to: bank FD interest, recurring deposit interest, post office deposit interest, dividend income, EPF withdrawals, and rent payments (Section 194I)
NRIs cannot submit Form 15G — the form is available only to resident Indians; NRIs must explore DTAA benefits for TDS relief

Frequently Asked Questions

What are the two conditions that must be satisfied to submit Form 15G?

Both conditions under Section 197A must be satisfied simultaneously: (1) the tax on the person's estimated total income for the financial year must be nil — meaning after all deductions and exemptions, no income tax is payable; and (2) the total interest income (or other specified income) received or receivable in the financial year must not exceed the basic exemption limit — which is ₹2.5 lakh for individuals below 60. If either condition fails, submitting Form 15G is not valid and TDS must be deducted by the payer.

When should Form 15G be submitted to the bank?

Form 15G should be submitted at the start of the financial year — April 1 — or at the time of opening a fixed deposit. It must be submitted before the bank makes the first interest payment for the year. If submitted mid-year, TDS already deducted before the form was received cannot be reversed by the bank; the declarant would need to claim a refund in the income tax return. Form 15G is valid only for the financial year in which it is submitted and must be renewed every year.

Can Form 15G be submitted for EPF withdrawal?

Yes. TDS is deducted on EPF withdrawals where the withdrawal amount exceeds ₹50,000 and the member has completed less than 5 years of continuous service. If the member's total income for the year (including the EPF withdrawal) is below the taxable threshold and tax on estimated income is nil, Form 15G can be submitted to the EPFO to prevent TDS deduction. The form must be submitted along with the EPF withdrawal application. Members with more than 5 years of continuous service are exempt from TDS regardless of Form 15G.

What happens if TDS is deducted despite submitting Form 15G?

If TDS is deducted by a payer despite receiving a valid Form 15G, the declarant can claim a refund of the excess TDS by filing their income tax return for the relevant assessment year. The TDS deducted will be reflected in Form 26AS and AIS, and the declarant should ensure it is included in the ITR. If the deduction was made in error and the declarant believes the payer is at fault, they can also approach the payer to seek correction in the TDS return — though recourse through the ITR refund route is simpler.

Is Form 15G valid across all banks and payers?

Form 15G is not transferable between payers. A separate Form 15G must be submitted to each bank, NBFC, company, or institution from which the declarant receives interest or other covered income. For example, if you have fixed deposits with three different banks, you must submit a separate Form 15G to each bank. The total income estimated in each form should be the aggregate of all income from all sources — not just the income from that specific payer — to ensure the declaration is accurate and both conditions are met on an overall basis.

Submit Form 15G Correctly — Avoid Unnecessary TDS

Expert eligibility assessment and Form 15G preparation for individuals, HUFs, and organisations with interest and investment income.