Tax

Form 15G

Also known as: TDS Exemption Form, No Tax Declaration

Self-declaration form used by non-senior citizens to avoid TDS deduction when total income is below exemption limit.

Detailed Explanation

Form 15G is a self-declaration form that individuals below 60 years can submit to banks and financial institutions to avoid TDS deduction on interest income. It can only be used when the individual's total income for the year is expected to be below the basic exemption limit (₹2.5 lakhs) and they have no tax liability. Submitting this form when ineligible can lead to tax notices and penalties for false declaration.

Related Calculators

Fixed Deposit Calculator

deposits

Calculate fixed deposit maturity amount, interest earned, and post-tax returns

Use Calculator→

Related Terms

TDS

Tax Deducted at Source - Tax collected by the payer before making payment to the payee.

→

Form 15H

Self-declaration form used by senior citizens (60+) to avoid TDS deduction when total income is below exemption limit.

→

← Back to Glossary Explore Knowledge Hub →