An applicant submits Form 15G to the bank to declare that his interest income from bank deposits is non-taxable. Today, one can easily fill a 15G Form online as well. However, many people commit one mistake or the other while filling the 15G Form online. These mistakes should not be taken lightly, as they can prevent your claim for a tax rebate from taking place. The best thing to do here would be to pay heed to some of the common mistakes people make while filling 15G Form online.
Mistakes to Avoid While filling 15G Form
Here are some of the mistakes you should avoid in Form 15G:
- When you are filling a 15G Form, it is important to enter your Permanent Account Number or PAN card number in the requisite section. The PAN plays an essential role in the 15G Form. In case you do not enter the PAN number, the tax deducted from your income would be 20%.
- When you have made Fixed Deposits (FD) in different branches of the same bank, you’ll have to submit a 15G Form to each of these branches. So, if you have made FDs in multiple branches of a bank, then you will have to individually submit a 15G Form to all of the three branches. Most people commit the common mistake of submitting the 15G Form to a single branch only.
- Timing is an important factor while filling the 15G Form. The ideal time to submit the 15G Form is at the start of the financial year or at a stipulated deposit period. If you delay submitting the 15G Form, then tax might be deducted from your income for the previous financial year.
- Many people get confused between the 15G Form and the 15H Form. Both perform almost the same functions but with a critical difference. The 15G Form is for people who are below the age of 60, whereas the 15H Form is for senior citizens or people who are above the age of 60. So you should not get confused between the two and, based on your age, fill out the right form.
- Fill this form only when you are sure that your interest income earned throughout the year does not go beyond the threshold of income tax zero liability. To check this, you have to make sure that your income from Fixed Deposits is not more than Rs 40,000 in a year and your total income earned within the limits of Rs 5 Lakh. If you are clear on these fronts, then you are good to use the 15G Form.
- Providing any wrong declaration in the 15G Form is a punishable offense under Section 277. You can be prosecuted for providing the wrong information and making a declaration of it. So, it is important to go through each detail you have entered in the Form twice before submitting it to the authorities.
- Do not skip any relevant information. You should go through Form 15G carefully by giving time to each point. Answer the questions asked and give it a reread just to ensure that you have not missed out on any information.
- Signature is mandatory while submitting Form 15G. If you enter all the details correctly but forget to add your signature at the end, then the Form will serve no purpose whatsoever. So, make sure to check whether you have signed the document or not.
So, these were some of the common mistakes people commit while filling Form 15G. All you have to do is keep track of these points while entering the details in your 15G Form to avoid these mistakes.