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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
Contract Easily
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Guidelines for Drafting Form 15G of the Income Tax Act, 1961:
Title and Identification: Clearly title the document as "Form 15G of the Income Tax Act, 1961" and include essential details such as the name, address, and PAN of the individual making the declaration.
Applicability: Form 15G is primarily used by individuals (below 60 years of age) to declare that their income is below the taxable limit, and they are not liable to pay tax. It is applicable for interest income from fixed deposits, recurring deposits, and other specified sources.
Complete Information: Provide accurate and comprehensive details in the form, including particulars of the declarant, their income details, and the nature of income for which the declaration is being made.
Verification: Include a verification statement confirming that the declarant meets the specified conditions and is eligible to submit Form 15G. The declarant should sign and date the document.
Common Mistakes to Avoid:
Incorrect Eligibility Assessment: Ensure that the declarant meets the eligibility criteria before submitting Form 15G. Filing the form without meeting the conditions may lead to penalties.
Incomplete or Inaccurate Information: Review the form to ensure all required fields are filled accurately. Incomplete or inaccurate information may lead to rejection by the tax authorities.
Non-Compliance with Income Limits: Adhere to the income limits specified for filing Form 15G. Submitting the form with income exceeding the prescribed limits may result in penalties.
Submission to Inappropriate Authorities: File the form with the correct financial institution or payer. Submitting to the wrong authority may lead to processing delays.
Lack of Supporting Documentation: While Form 15G typically does not require attachments, it's advisable to keep supporting documents, like PAN card and income computation, ready if requested by the concerned authority.
Form 15G is crucial for individuals seeking exemption from TDS on certain income. Following these guidelines and avoiding common mistakes ensures that the form is accurate, compliant, and facilitates a smooth tax declaration process.