Form 15G is a form that an individual can submit to prevent TDS deductions on income. All the rules and regulations of this form are written under Section 197A, provision of Income Tax act, 1961. It can reduce the cost and compliance burden of the deductee and tax deductor. Form 15G can be used by taxpayers below the age of 60 years.
- Only resident Indians can apply.
- An individual should be less than 60 years old.
- Tax calculated on the total income is nil.
- The total interest income for the year is less than the basic exemption limit of that year.