Form 15G
A self-declaration form submitted to banks by individuals under 60 to prevent TDS deduction on FD interest when total income is below the taxable limit.
Form 15G is prescribed under Section 197A of the Income Tax Act. By submitting it, you declare that your estimated total income for the financial year will be below the basic exemption limit, and therefore no tax should be deducted on your interest income. It must be submitted at the beginning of each financial year to every bank where you hold FDs. Conditions: you must be an Indian resident, below 60 years of age, and your estimated tax liability for the year must be nil. If you have income from multiple sources that pushes you above the taxable limit but still submit Form 15G, it's a false declaration punishable under the IT Act. Most banks accept Form 15G online through net banking. You need to provide your PAN, estimated income, and estimated interest from FDs at that bank. A separate form is needed for each bank.