IDBI Bank Form No. 15G Download

The key points of IDBI Bank Form No. 15G (under sections 197A(1) and 197A(1A) of the Income-tax Act, 1961) are structured below:

This self-declaration form is submitted by eligible bank customers to claim specific incomes (such as interest on fixed deposits or recurring deposits) without the deduction of tax (TDS) (Form15G.pd… p. 1).

• Individual Status: Can only be furnished by an individual or a person who is not a company or a firm (such as an HUF or AOP) (Form15G.pd… pp. 1-2).
• Age Limit: Restricted to individuals under 60 years of age (Senior citizens must use Form 15H instead) (Form15G.pd… p. 2).
• Tax Liability: The declarant’s calculated total tax on their estimated total income for the previous financial year must be Nil (Form15G.pd… p. 1).
• Income Limit: The total interest income claimed via this form (plus any other 15G forms filed during the year) cannot exceed the maximum basic exemption limit not chargeable to income tax (Form15G.pd… pp. 1-2).

• Identity Details: Requires Name, valid PAN, Customer ID, SOL ID, and Financial Year (FY) (Form15G.pd… p. 1).
• Contact Information: Complete residential address, email, and mobile number (Form15G.pd… p. 1).
• Tax History: Declarant must declare if they were assessed to tax under the Income-tax Act within the preceding six years (Form15G.pd… pp. 1-2).
• Income Breakdown: Requires the specific estimated income for this particular declaration, alongside the estimated total income of the previous year (Form15G.pd… p. 1).
• Other Form 15Gs: Must disclose the total number and aggregate income amount of any other Form 15G declarations filed elsewhere during the same financial year (Form15G.pd… p. 1).
• Investment Details: Needs specific account identifiers like the Term Deposit/Recurring Deposit account number and the exact nature of the income (Form15G.pd… pp. 1-2).

• Mandatory PAN: Under section 206AA(2), the declaration is treated as completely invalid if a valid PAN is not furnished (Form15G.pd… p. 2).
• False Declaration Penalties: Making a false statement triggers criminal prosecution under Section 277 (Form15G.pd… p. 2).
  • If the tax sought to be evaded exceeds ₹25 Lakhs, it carries rigorous imprisonment from 6 months to 7 years plus a fine (Form15G.pd… p. 2).
  • In other cases, it carries rigorous imprisonment from 3 months to 2 years plus a fine (Form15G.pd… p. 2).

• Validity Period: A fresh Form 15G/H must be submitted at the beginning of every new Financial Year to keep the TDS exemption active (Form15G.pd… p. 1).

• Bank’s Responsibility: The bank official verifies the details, signs, and generates a Unique Identification Number (UIN) for each form (Form15G.pd… pp. 1-2).
• Rejection Rule: The bank is legally mandated to reject the form if the aggregate interest income declared in the form exceeds the basic non-taxable threshold (Form15G.pd… p. 2).
• Quarterly Reporting: The bank must systematically report these forms and their matching UINs to the tax department in their quarterly TDS statements (Form15G.pd… p. 2).

If you want, I can:

• Explain the difference between Form 15G and Form 15H
• Provide the current basic income tax exemption limits for filing
• Detail how to track if your 15G was successfully updated by the bank

Download PDF Click here

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