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What Is an India Form 15G?
In India, form 15G plays a crucial role in managing tax deductions. This form is designed for individuals below 60 years of age, who need to request banks not to deduct tax at source (TDS) on interest earned on their investments, provided they fulfill certain conditions.
Importance 15G form India
The 15G form India is a self-declaration form in which an individual certifies that their total income is less than the taxable income. It's mainly used to ensure that TDS is not deducted from the interest income in case it's less than the minimum exempt income.
Kotak Mahindra Bank's role
As one of the leading banks in India, Kotak Mahindra Bank assists its customers by allowing them to download and submit their 15G forms online. It simplifies the process and ensures that customers can easily meet their tax obligations without visiting the branch.
How to Fill Out Bank of India 15G Form
Filling 15G form India can be a bit overwhelming for first-timers. Here's a step-by-step guide:
- Start by writing the 'Name of Assessee (Declarant)'. It is the name of the person who is submitting the form.
- Input your 'PAN of the Assessee'. This is your Permanent Account Number, a unique ten-digit alphanumeric number issued by the Indian Income Tax Department.
- Specify your 'Status'. This could be 'Individual' or 'HUF' (Hindu Undivided Family) etc. Choose the one corresponding to your legal status.
- Enter the 'Previous year (P.Y)'. This is the financial year for which you are filing the form.
- Choose your 'Residential Status' from 'Resident' or 'Non-resident'.
- In the 'Flat/Door/Block No.' field, input your house/flat number.
- Mention the 'Name of Premises', 'Road/Street/Lane', 'Area/Locality', 'Town/City/District', 'State', 'PIN', 'Email', 'Telephone No. with STD Code' and 'Mobile No'. All these details are related to your full permanent address.
- In 'Whether assessed to tax under the Income-tax Act, 1961' field, select 'Yes' or 'No'. If 'Yes', provide the latest assessment year for which assessed.
- Write down your 'Estimated income for which this declaration is made'. It’s the estimated income from sources that are subject to TDS and on which you seek relief.
- In 'Estimated total income of the P.Y.', provide the total income you anticipate receiving during the fiscal year.
- Fill in the 'Details of Form No. 15G other than this form filed during the previous year, if any'.
- Enter the 'Total No. of Form No. 15G filed' and 'Aggregate amount of income for which Form No. 15G filed'
- Provide 'Details of income for which declaration is filed', 'Identification number of relevant investment/account etc.', 'Nature of income Section under which tax is deductible', and 'Amount of income'.
- Finally, sign in the 'Signature of the Declarant' section, enter the 'Place' where you are filling out the form and the 'Date of signing'.
Please remember to be careful while entering all the details in Form 15G. Any mistakes can lead to complications or even penalties. The information you provide must be accurate and truthful to the best of your knowledge. Also, PDFLiner helped to get Kotak Mahindra bank statement form download pdf for free.
Submission of the State Bank of India 15G form
The best time to submit the Kotak Mahindra Bank 15G form is at the beginning of a financial year, which in India starts on the 1st of April and ends on the 31st of March. Being proactive in submitting this form will ensure that the bank does not deduct tax at source (TDS) on any interest earnings you accrue during the year right from the start.
Additionally, every time you open a new Fixed Deposit, it is also advisable to submit a separate Form 15G if your total interest income from all sources is going to be less than the minimum exemption limit.
Finally, bear in mind that the 15G form is valid only for one financial year. This means if you have multiple years where you believe the income is not going to be taxable due to being under the exemption limit, you will need to submit this form at the beginning of each financial year.
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Fillable online India Form 15G - Kotak Mahindra Bank