Hey, Readers If you are a Fixed Deposit Holder or EPF member then this article Form 15G Download in Word Format will be very helpful for you.
Before going further let’s find out what is Form 15G and How you can get Form 15G Download in Word Format Free:
What is Form 15G?
Form 15G is a kind of declaration in which you have to declare that your income is not taxable. TDS (tax deduction at source) is not deducted from the income you get by submitting this form.
For example, if you get more than 40 thousand rupees interest from the bank in a year, the bank can deduct TDS from it. If you want to prevent yourself from deducting TDS on the interest received, then you should fill out Form 15G and submit it to your bank. Form 15G can be filled and submitted only by people below the age of 60 years.
The EPFO Unified portal recently made it possible for EPF members to withdraw PF online by allowing them to submit EPF Form 15G for PF. Additionally, you can avoid TDS, which is a significant advantage.
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Where is Form 15G Used?
Below we are providing some types of income where you can submit Form 15G also Form 15G Download in Word Format to prevent TDS deduction:-
To stop TDS deduction on interest received from the Bank:
If you get more than 40 thousand rupees interest for a year on FD or RD account opened in the bank, then 10 percent TDS can be deducted from it. To prevent this TDS deduction, you should have already filled and submitted Form 15G. For senior citizens above 60 years of age, there is a rule to deduct TDS if bank interest exceeds Rs 50,000 in a year. To prevent this, they can submit Form 15H.
To stop TDS from withdrawing more than 50 thousand pf before 5 years
If an employee withdraws PF before 5 years and more than 50 thousand rupees, then 10% TDS can be deducted from the amount received by him. To prevent this TDS deduction, he should submit Form 15G at the time of filling out the PF withdrawal form. But, he should keep in mind here that even after including the amount withdrawn from PF, his total annual income should not be eligible to pay tax.
To withhold TDS on interest received on Post Office deposits
If you get so much interest in post office deposit schemes, on which TDS can be deducted, then you can submit Form 15G to stop it. But you can get this facility only when your total income should not be eligible to pay tax even after including the income received in the form of interest.
To withhold TDS on income from Corporate Bonds and Debentures
If you earn more than Rs 5000 in a year from corporate bonds, then TDS can be deducted. But, if including that income, your annual Total Taxable Income is not going to be so much that tax liability is made on it, then you can submit Form 15G or Form 15G Download in Word Format.
To withhold TDS on the amount received from the Life Insurance Policy
If the amount received on the claim of a life insurance policy is more than Rs 1 lakh, then there is a rule to deduct 5% TDS from it. But, if your annual income including that amount is not enough to make tax liability on it, then you can stop the TDS deduction by submitting Form 15G.
To withhold TDS on rent received from Land, Building, Machinery, Plant, etc.
TDS can be deducted if the amount you receive from letting out property or equipment exceeds Rs 2.40 lakh per annum. But, if your taxable income is less than the income eligible for basic tax exemption, the TDS deduction can be stopped by submitting Form 15G or Form 15G Download in Word Format.
How to fill out Form 15G?
As you may know, you can only fill the form if it is in a word file. That’s why I am sharing this Form 15G Download in Word Format.
The information that is filled in Form 15G is divided into two parts. Part I and Part II. Below is the sample Part I of Form 15G Download in Word Format.
In Part I, you mainly have to enter this information- Follow our Guide Below to fill out the Form.
|SN||Form Details||You have to Fill|
|1||Name of Assessee||Write Your Full Name|
|2||Pan of Assessee||Write Your PAN Details|
|3||Status||Write Individual in Status|
|Previous Year (P.Y.)|
|For the year in which you are withdrawing PF, you have to enter the financial year of that year here. If you are withdrawing PF after 31st March 2022, then you will write 2022-23 in Financial Year. You have to write your Financial Year here.|
|5||Residential Status||Residential Status like Indian or NRI|
|6||Flat/Door/Block No.||If you have any Your Flat or Block No.|
|7||Name of Premises||Your Name|
|10||Town/City/Districts||Town or District where you live|
|11||State||Write your state name|
|12||Pin Code||Your Area Pin Code|
|13||Email ID||Valid Email ID|
|Telephone Number/Mobile Number|
|Write down your mobile number, and write the same number which is linked to your UAN account.|
|You are filling this form to stop tax deduction, so Tick the No Box here.|
|Estimated income for which declaration is made|
|Whatever amount of PF money you have, you have to write it here. Go to your UAN Passbook and add all your amounts, in which you have to add the total amount of both your Employee Share and Employer Share and put it here. The pension contribution amount is not to be added to it.|
Estimated total income of the. P.Y.
|You have to calculate and write here the total amount of your financial year’s salary that you have received and the money that has been deducted from your PF along with it. For example, if you left the job after working for 5 months in the Financial Year 2022-23, then you have to add the total amount of your 5 months’ salary and the total amount of deducted PF of 5 months and write it here.|
|Details of Form No. 15G other than this form filed during the previous year, if any :||If you have not filled Form 15G before, write NO here; if it was filled, its details have to be given here.|
Details of income
|Here mention the income for which you are submitting the form|
|20||Identification Number of relevant investment/account etc.|| Write your 22-digit PF number here.|
|21||Nature of Income||Write EPF Withdrawal.|
|Section under which tax is deductible||Write 192A.|
|23||Amount of Income||Here the same amount has to be written which you have written in 16 PARA above.|
After filling out this form, On the following dotted lines, enter the date, location, and your Signature and fill out the Declaration Form.
Now in the Last, Fill up the Part II of the Form 15G Download in Word Format. Here Just write down your Details Like Name, Address, Contact No., Submitting Date, and TAN Number.
Form 15G Download in Word Format
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