When 15G Is Submitted?

If your income is below the taxable cap, you can claim FD interest, by filing Form 15G if you are a regular citizen, or else you can submit Form 15H to your concerned bank if you are a senior citizen. These forms must be submitted at the beginning of the applicable fiscal or financial year.

When Should Form 15G be submitted?

Resident individuals, aged 60 years or more, have to file form 15H at the beginning of each financial year (April) while those below 60 years of age have to file form 15G. “Most senior citizens have savings in fixed deposits, mainly in public sector banks.

What happens if 15G not submitted?

If you do not fill form 15G Tax Deducted at Source will be debited and you will get TDS certificate which you can attach while filing income tax and pay remaining tax (if any).